To think that after all this ppl will relax about keeping up with the Jones's?

[nowaitaminute]

Now I'm going to start off by acknowledging that I know a lot of ppl cannot save etc. But...on a whole do you think after all of this ppl might be more inclined to opt for smaller houses with smaller mortgages, stop getting newer cars with huge payments, stop buying the latest gadgets and subscribing to every subscription going. Try to reduce their expenditures dramatically and try to save some money specifically to tide them over in these kinds of situations. AND at the same time realize that the huge house, flash car and astronomical outgoings are a not necessary and practically worthless in times like these, that they only add to your worries? Just a thought...

I think people may save more, I certainly want to. However I don't actually know anyone that fits your description, even the very wealthiest of my friends have 2nd cars & in London most people have small houses.

Doubtful. Those people are still managing to boast from their home, trust me. I witnessed one such person showing off about her new hot tub and the rabbits she had somehow bought her twins for Easter...

We already did this. Bought a house 50K under the maximum the bank would lend us, so that we could afford the mortgage and living costs on either of our salaries. Then we overpaid every month so there's a big buffer there in case we ever can't meet the payments. We buy cars outright and pay off all credit cards immediately every month.

I think people who can afford to save will already be saving, largely, and those who can't, well... they won't.

Toxic and materialistic people don't tend to just change overnight. They'll be fighting tooth and nail to keep hold of their highly paid jobs and the stress will probably only add to their toxity.

No they won't change. They like keeping up with the latest trends.

I read about this sort of person but don’t really know any in real life. We are a fairly high income household and most of our friends are too, but we mainly all have second hand cars, modest holidays etc.
I have just ordered a hot tub to amuse us through lockdown but as I don’t have social media and haven’t actually told anyone about it (except just now on here) does that count as ‘keeping up with the Jones’ type behaviour?!

It depends. For example I would never commit myself to a £70/month phone contract for 24 months so I can get the latest iPhone, as I figure I’ll never know what will happen to my income and whether I can keep on affording that £70/month. But then again I also see how fortunate I am to be able to save up £1000 so I can buy an iPhone outright every other year and keep on my £10/month sim only contract.

Same with holidays etc - I would never use a loan or anything to pay, but appreciate that I’m again fortunate enough to be able to save enough to afford one every year. If I was looking at saving for years before I could go away, a credit card or loan to pay it off gradually would start to look more attractive.

Same with housing. Easy to say be happy with what you’ve got when you’ve not got 4 kids in a 2 bed terrace with shit garden.

I don’t buy things to keep up with people, I buy them because I want them. I wanted a car that wasn’t a nightmare to put through an MOT. I bought a new phone because I wanted a better camera and I have subscriptions because I want to watch the things on them. I go on holiday in the UK because I like it. I have enough money put away to see me through my stat pay and no pay maternity leave so no, I don’t think I’ll change after this.

I am surprised by these kinds of posts. I don't think people, in general, will change at all once this is over. People have short memories and are for the most part pretty self absorbed. Things will go back to the way they were, until the next time.

(Although I will concede that I never understand why people still pay for Sky/Virgin when you can pretty much get all the other subscription services combined for less per month!)

We've always saved and lived within our means. That's more id a mindset or lifestyle. Fear from a recent and relatively short lived crisis is at best a temporary motivator. The deciding factor will be how devastating a market crash we have.

This hasn’t happened in my social group.
Whatsapp chats filled with new hot tubs, pools, gaming equipment....not from me!

I think the beauty industry will greatly reduce, all the over the top nails, the awful eyebrows etc. And the fashion for tattoos can’t end too soon.

I think it’ll go the other way and more people will try to keep up with the Jones’s.
People are being bombarded with images on social media of people “living their best lives” while self isolating in their huge nicely decorated houses with plenty of room. Sunbathing in huge beautiful gardens. Relaxing in hot tubs. Smiling contended kids because they have the latest must have gadget.
I know social media is not a true reflection on people’s lives but I think especially when isolating now more then ever I want the lives the happy people have, I want the things that make lockdown seem like a holiday, I want the things that will turn my kids into happy little angels instead of bored feral monsters.

I think for those who haven't been massively impacted they will continue in much the same way.

However, those that have been impacted may continue to spend but in different ways. Some will choose to change the style of house they live in; so instead of a 2 bed flat, look for. 3 bed house with garden etc (extra bedroom for home office etc). I don't think lockdown is going to make people want expensive things less, so expensive smartphones, TVs etc. If anything people are going to want this sort of stuff more as they are aware they relied on tv subscription/smart phone etc during the lockdown.

I think it will also depend on what happens with house prices and interest rates. If house prices plummet i think people will be more likely to stretch themselves to get that nicer house because it's only 20k over budget as opposed to 50k over budget without realising additional upkeep.

Actually thinking about we... we bought a house far cheaper than one we could actually afford (well, get a mortgage for), so we didn’t overstretch ourselves. I’m now regretting that slightly as the extra space would have been lovely at this moment! I think in a year or so we’ll aim to move somewhere bigger and more rural, with lots more outside space.

I live in a "leafy suburb" in South London op, and I definitely recognise the sort of people you are talking about. It's having a new car, leased of course, certain items that demonstrate wealth just to portray a certain image, and alot of them can't afford it, it's just a superficial thing. I think it will make alot of people think about what is really necessary in life, myself included. I spend way too much money on eating out/activities etc. In saying that, people have short memories so we may all lapse back into our old ways when things feel normal again..

I think people who can afford to save will already be saving, largely, and those who can't, well... they won't.

Agree. As another poster said, I don’t know anyone personally who always has the latest gadgets or buying a new car. Those I know of are usually those who can’t afford to do and try because they assume that is what those who seemingly have money do judging by the way they post on social media, buying something ridiculously expensive while moaning how skint they are.

I think the buying the latest of things whilst skint is likely to have to change. So for example the arse is going to fall out of the luxury car lease market. What looked like an affordable enough treat spending maybe a couple of hundred a month more than you strictly needed to is going to stop seeming that way to a number of the people previously doing it. But with housing and things you use at home, could go either way.

On the one hand, people who've pared costs down are obviously in a better position to weather recession. There are likely going to be a number of families in the next year or two blessing that they got the mortgage they could afford on one income, or regretting that they didn't.

On the other hand, if we're all going to be spending much more time at home over the next year or two, as looks likely, people are going to be motivated to try and make home as nice as possible, however that looks on their budget. We generally keep costs quite low but have made a couple of big ticket purchases recently. Sales of things like large garden trampolines and decent quality laptops apparently have increased. It may also be that when things calm down enough for people to be buying houses again, there's more of a priority on size and garden over other factors such as location, if there's the spectre of further outbreaks looming over us for the next few years as some have suggested.

I think a lot of people are going to build and fill "amazing" bookshelves once this is over so that they can have a fabulous backdrop next time they are stuck working from home.

No in all honesty I don’t think so; the recession didn’t make much difference and I don’t know that this will change things in the long run. People react differently things like this; some will prepare for something like it happening again and others will want to enjoy life while we’re here to do it.
To be honest my house is what is saving my sanity at the moment so I’m glad we didn’t opt for something smaller. Although I do acknowledge that I’m in a profession where there will always be jobs.

I'd like to hope that those who are able to will now save for a rainy day instead of assuming that the Government will bail them out. I heard one woman talking about the government bailouts and she said that she had savings but didn't want to use them! Is that because she'd far rather keep the money she's saving for a holiday/new car than put food on the table and keep the roof over her head?

We don't have expensive phone contracts/netflix or the likes/ expensive cars/multiple exotic holidays etc but we don't have as much disposable income as you'd expect for our salary as our monthly outgoings on insurance to protect ourselves/family/income/ assets are quite high.

I'm sadly not convinced the mindset will change.

I might be being sceptical but I think people are inherently the way they are and this pandemic won't change anything long term if you've not been badly affected by it. My husband and I brought our house with the mindset that we didnt want a huge mortgage, we buy our cars outright, we save every month and dont have luxury holidays. We actually love camping but not everyone has the same taste as us. I do think it's a mindset rather than a choice to live a within your means.

Failing to see any connection with tattoos, @leckford
Maybe nails etc as people will have been without in lockdown, it tattoos?

I’m not sure OP.

I think lots of people may realise that you can save loads if money by colouring your own hair - this kind of thing. Even cutting your kids hair. They may wonder who on earth they’ve been paying for this for years!

People are probably cooking more for to lack of Deliveroo etc and this may encourage new habits, I guess.

But as for houses, if there was ever a time to appreciate that you live in a spacious house with a lovely garden, it’s now! People are probably thinking “Hallelujah for that mortgage!” and taking a “mortgage holiday” if possible.

As soon as travel is permitted, people will be off, many having had credit vouchers to rebook holidays at a later date..