Consumer sales are starting to tank.  Just look at the auto companies (all the numbers are drops in sales):

 

Standard

·         Ford Motors 34%

·         Honda reported a 24%

·         Toyota U.S. 32.3%

·         Chrysler U.S. 33%

·         Volvo 51.8%

·         General Motors 15.6% (expected 26%)

·         Nissan Sales 37%

·         Volkswagen sales 9.4%

·         Hyundai Motor’s U.S. 25%

·         Kia U.S. sales slide 27.8%

 

Luxury

·         Audi U.S. 5.4% 

·         Lexus sales 37.7%

·         Porsche 45%

·         BMW U.S. sales 25.8%

·         Mercedes-Benz 16.4%

 

 

As you can see these are very significant drops from already low sales levels.  This is just the first major consumer spending downturn to emerge, as consumers will put of large purchases before they start cutting trips to the mall and their favorite restaurant.  I expect significant drops in consumer spending moving forward, as everyone comes to grip with their panic and realizes how bad everything is.

 

This suggests that now is a good time to really start paring back any purchases to ensure you have adequate funds available for any emergencies.