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Shoppers' behaviour suggests the opposite.
Shoppers' behaviour was driven less by wage packets than by the availability of cheap credit.The longed-for rebalancing away from such ephemeral sources of growth has not materialised.
A sea change in shoppers' behaviour is under way, the scale of which some retail executives and analysts have likened to the arrival of self-service supermarkets in the 1960s.
Just days after announcing a new round of price cuts intended to fend off growing competition from fast-growing discounters including Aldi and Lidl, the Sainsbury's chief executive, Mike Coupe, said the pace of change in shoppers' behaviour had accelerated rapidly over the summer.
The switch in shoppers' behaviour has caused Tesco, Sainsbury's and Morrisons to announce huge write-downs on the value of their property portfolios, as they struggle to work out how to use the millions of square feet of land they have acquired but no longer need.
It later emerged that Target had been analysing shoppers' behaviour to analyse whether a customer was expecting a baby.
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High street shops are studying shopper behaviour by tracking their smartphones or movement.
The economic downturn has combined with a huge switch in shopper behaviour towards buying goods online to bring down many well-known high street names.
Dave Hobday, the managing director of Worldpay UK, said: "We're on the cusp of a seismic shift in shopper behaviour, and predict that everyone from farmers' markets to buskers will go cashless.
In essence, retailers should flex their store experience depending on the number of days left to Christmas, because shopper behaviour and needs change day by day, hour by hour.
That kind of granular look at shopper behaviour could pay huge dividends in terms of helping formulate evolving retail strategy.
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