A large fraction of discretionary spending in the modern American economy is conspicuous consumption intended to impress other people, especially face to face. For example:
But what if you just aren’t in the mood to drop by the Copacabana with the other goombahs? If you don’t feel comfortable crowding into the Copa, maybe you don’t need to buy a new tux and you don’t need to have pay $20 to each hand out.
But I don’t see me wanting to hit up the Bright Lights, Big City until about then.
What I don’t see is the science of economics having much advice to give in the meantime when the hedonic value I’d get out of a new suit or new car would be considerably below what I’d have expected in 2019.