So the International Monetary Fund warns that this recession will be around for some time. So what implications does that have for society? How will that shape the way we live?

In its latest report, the IMF says that recessions associated with financial crises have been more severe and longer lasting than recessions associated with other shocks. Recovery from these sorts of recessions have been slower. Similarly, recessions that are highly synchronized across the world tend to last longer.

So what impact will that have on society. Earlier this month, I did a blog entry looking at how it was creating a new kind of consumer, one that focused on value and that rejected behaviors of the past that had embraced excess.

Some other interesting trends are emerging. A Booz & Company study of 1800 British consumers has found that most consumers think the economic climate will get worse before it gets better over the next six months. The study found that 63% of consumers had already reduced spending over the last six months, and 51% planned to make further cuts over the next six months.

It's also having an effect on attitudes. As reported here, the New York based Luxury Institute has found that consumers who can still afford luxury goods are preferring socially responsible brands. The Luxury Institute says, that much of it is tied up with the view that flaunting your wealth in this climate is bad taste and insensitive. And as USA Today reports, economic survivalists are out in force with many now focusing on stockpiling freeze-dried food, survival kits and emergency supplies, with more setting up home gardens sewing, canning food, sewing garments and moving to simpler, less cluttered locations.