Well, according to the news and trend reports that's exactly right. They are. Reconsidering. What else have we been reconsidering based on the economy? I've reconsidered going to my incredibly amazing derm because he doesn't take insurance. I've considered switching out my car when the lease is up (though I love my Audi) because maybe it's just me, but the thing seems to be a bit of a gas guzzler. Forget about the cost to my pocket, I've got to consider the cost to the environment. I have definitely reconsidered buying some of the outrageously expensive face creams I've used over the years. I've tried a new product by Origins that I really like and it's 2/3 less expensive. And for my hair care I opted out of the hyper expensive brand arena. For my hair it's L'Oreal Paris all the way (they are a client, but I'd use them anyway).
If I'm doing this, I'll bet a ton of other people are doing it - watching their wallets. So yes, that baby boom of the boom years may be on the decline, but so are a lot of the ways we spent our cash when money was flowing (or credit was readily available for just about everyone).
Note to brands - you may not want to push a value message, but you had better consider how best to let people know you are a value, because no matter how deep the pockets EVERYONE is tightening up. LOL!