Gordon Brown has called for belts to be tightened and WPP's own predictions are for a slowdown in consumerism and a new thriftiness worldwide.
However, let us not forget that, while consumers may well cut down on high-ticket items, they do not give up spending altogether. Discount grocers are performing well - after all, people still need to eat.
And, as people cut back on more expensive forms of entertainment, they find other ways to enjoy themselves.
We can expect television viewing to stay healthy, as consumers make more of evenings in. Magazine consumption and cinema audiences should also stay reasonably strong. As long as there is good content on offer, we will see good ratings and readership figures.
And most sectors will have products that will do okay during the potentially difficult months to come.
Good value and affordability will become pre-eminent, and marketers that can offer both these qualities are well-advised to continue to promote their products, as there are significant advantages in share and cut-through that can be gained at great media value.
In fact, consumers will not live entirely frugally, in a vision of Scottish Presbyterianism fondly imagined by our Prime Minister.
Take the Lipstick Index - it is well established that purchases of cosmetics tend to be inversely correlated to the health of the economy. As the economy goes down, lipstick sales go up.
A spokesman for Estee Lauder says: "We definitely see a spike in lipstick sales when the rest of the retail climate is challenged. What we have learned from the index is that it is the small luxuries that do well. Lipstick offers an easy pick-me-up or splash of colour in an otherwise dreary moment."
Furthermore, strong red and purple-coloured products tend to do better in times of trouble, as women seek to cheer themselves up with a touch of glamour.
When economic times are grey, there is a definite marketing opportunity for small indulgences, especially those of a slightly rebellious nature. The vamp in us all doesn't want to hear too much doom and gloom and will seek an outlet.
For advertisers with enough flexibility to deliver value-for-money products to suit that mood, there is the chance to do well, despite the general gloom.
Sue Unerman is chief strategy officer at MediaCom sue.unerman@haymarket.com.