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prada intense perfume Retail SpendingIt's hip to be cheap! I know, I have a vice like grip on the obvious. But the trading down trend that is being reported in the media may be more than just a knee jerk reaction to the economic slowdown. This time "cheap chic" may not be fad but a long term shift in attitude. So let's explore the "new frugality" and its implications for the economy, markets and even New York's Real Estate market.In case any of our readers recently woke up from a coma, let's review some recent news from the world over. First and foremost, according to CNN, the Federal Reserve's flow of funds report released yesterday showed consumer debt fell at an annualized $30 billion rate in the third quarter. This is the first time this data series has shown a decline since data started being reported in 1952. households have lost $2.8 trillion in wealth during the quarter, an 18% rate of decline, which has only been eclipsed once in the past 56 years. So how's that for a cold shower? It's no surprise people snapped their pocketbooks shut. The question is: Does the trading down behavior we are seeing along with the spending pullback just represent a reaction to the market crash or a long term change in behavior? Let's check out how people have reacted globally. grocery store chain Kroger KR, told investors "We're seeing particularly strong growth in our private selections and value tiers" on the company's recent conference call. Apparently it is doing brisk sales in beer and other items it sells under private label brands. In fact, the firm found that 14% of its customers traded down to its corporate brand items for the quarter ended Nov 8, according to data collected from its shopper cards.The grocery is also targeting restaurant sales by enticing consumers with more ready to eat meals. In addition, it is using its private label brands like a cudgel to beat down prices proposed by its branded product suppliers. phenomenon, as reported by Talking Retail a UK based grocery industry report, which has recently had articles on Tesco's TESO new Discounter Range of products and the fall off in holiday food spending plans. Of course, if solid food is too expensive there is always soup,