Consumer spending declined from "summary" of The Great Crash 1929 by John Kenneth Galbraith
The decline in consumer spending was a pivotal factor in the economic downturn of 1929. As people began to lose confidence in the market, they naturally became more cautious with their money. This caution manifested in reduced spending on goods and services, which in turn had a cascading effect on businesses and the overall economy. As consumer spending declined, businesses saw their profits dwindle. With fewer people buying their products, they were forced to cut costs, which often meant laying off workers. This only served to exacerbate the problem, as unemployed workers had even less money to spend, further contributing to the decline in consume...
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