One missing point could be: if there's a downgrade, why it's happening? Are they making less money? or rising rent or mortgage? The macroeconomic trend doesn't really have an impact on those individuals, as long as don't have to downgrade to cover other costs.
There are many online memes on consumption downgrade: Quit avocado. Ride bikes instead of taxis. Drink beer instead of cocktails — and make sure that beer isn’t craft. Give up the gym, and take up dancing in public squares like a grandma. Eat meat not tofu...https://twitter.com/LiYuan6/status/1032409466241671169 …
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