In late December 2008, I asked the full 100-member HomeTrend Influentials Panel if they would go back to their old spending habits when the economy improves.  More than half (55%) said that they would not go back to their old spending habits.

I asked the exact same question in June of this year.  The percent of HIPsters who say they will not go back to their old spending habits when the economy improves has gone up considerably.  Almost three quarters (73% to be exact) say they will not go back to their old spending habits. 

What I am hearing from the HIPsters is consistent with findings from other market research studies. 

• A 2008 Booz & Co. study of 1,000 households reported that the respondents would continue to eat at home more and cut spending on hobbies and sports activities even when the economy improves.
  

• Two-thirds of respondents to a very recent study by Performics, an online marketing services firm owned by Publicis Groupe, said that the recession had "fundamentally changed the way they think about saving and spending money" and 8 out of 10 said the recession will have a lasting impact on them.

Why are Americans making fundamental and long-term changes in their spending habits?  I'll let the HIPsters answer for themselves.  Here are just a few of their answers to the question "Why did you say that you will not go back to your old spending habits when the economy improves?

"We found out that it is possible to live on a little less."

"It's "just money" -- i.e. what we thought we were all worth was just about paper, not reality. And goods are just money also. Not necessary to a fulfilling life. We try and "run" money now, not let money "run" us."

"We were spending above our means and we really didn't need to."

"We've learned how to work with less, we'll continue doing just that. If we have extra, we'll put it in savings."

"It's been a good lesson for me that I don't need to spend quite so much and I've been happy with many of the less expensive choices that I've made."

"We have found that we can really do without some of the things we were spending our money on."

"Because the habits are now established, painless, and save me money. That's good no matter what's going on in the economy."