Cynics rightly point out that claims of a “structural shift” in the consumer economy are not new. As a New Yorker columnist pointed out recently, American retail sales have fallen back roughly to 2005 levels: “Does anyone really think that four years ago Americans were misers?”

So it is tempting to conclude that the new age of austerity looks much like the old age of profligacy.

The composition of what shoppers are buying and how they are buying it has changed, but even so, the big supermarkets recently reported that sales of premium own-label lines had started to grow again as consumers began to feel confident enough to treat themselves.

The question will be whether sales of discount lines, which soared during the recession, hold their ground. If so, PwC’s thesis of the squeezed mid-market would appear to hold water.

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