Economy Driven by Consumerism

Most of our economy is based on consumer goods. In order for our economy to recover, I'm told, we're expected to start consuming.

Whereas some countries have the bulk of their economy based on tourism or exports such as oil, ours is apparently based on its citizens consuming vast amounts of Stuff.

We consume electricity, durable goods, expendable goods and food. We shop, have elective surgeries, redecorate, upgrade and party.
What happens when there are no jobs, houses are in foreclosure and savings have disappeared?
We have to pull back on consumerism. This is a good thing for the planet. Hopefully our landfills will get a breather from the constant contributions made endlessly.
One job households will have to become the norm instead of the thing our grandparents lived in.
Can we do it? Can we actually say enough to advertisers of new and better electronics, new fall collections and the gluttony of Christmas spending sprees?
But, then what of our economy? When gas was $4 a gallon, we learned to do with less. At some point there's a consumer revolt and prices have to go down to attract buyers.
Thats why we can get clothes for next to nothing at Walmart now. Especially if a person waits til the end of season, when they start switching to the next season's collections, good deals can be had for short term clothing. They won't hold up to long term use, but after awhile we get sick of that style anyways.
But, will this type of spending save our Economy?

I have no answers. For me, I've learned the money I don't spend is the money I don't have to earn.
So if the economy and the good old days depend on me, it just ain't looking good.