Final answer:
The economic recession had a significant impact on consumers' mindset, leading to a decrease in consumption expenditures and a shift towards frugality.
Step-by-step explanation:
The impact of the economic recession on consumers' mindset was significant. During the recession, many consumers experienced job losses, declining incomes, and uncertainty about the future, which led to a decrease in consumption expenditures. News of the recession and troubles in the economy also made consumers pull back on their spending. In addition, the recession changed social attitudes, where frugality became more valued over demonstrating wealth.