Shoppers look over the merchandise at the discount department store T.J. Maxx in New York, Tuesday, Nov. 18, 2008. Call it The New Frugal. By necessity _ and out of fear that economic conditions could get even worse and stay that way for a while _ thriftiness is making a comeback in America. ()

Frugality is making a comeback.

Fearful that economic conditions could get worse and stay that way, Americans are showing an enthusiasm for thriftiness not seen in decades.

This behavioral shift isn’t simply about spending less. The New Frugality emphasizes stretching every dollar. It means bypassing the fashion mall for the discount chain store, buying secondhand clothes and furniture, or trading down to store brands.

There’s more business for repairmen and less for salesmen. Consumers are clipping more coupons and swiping their credit cards less.

Not long ago, yoga teacher Gisele Sanders shopped at the Nordstrom’s in Portland, Ore., and didn’t think twice about dropping $30 for a bottle of Chianti to go with dinner. That was before her husband, a real estate agent, began to feel the brunt of slowing home sales.

Now Sanders, 53, picks up grocery-store wine at $10 or less per bottle, shops for used clothes and plans to turn down the thermostat during winter.

That scrimping may be good for family budgets, but it’s bad for the nation’s overall economy — and that has the potential to reinforce the miserly mood. Yet with home prices, 401(k)s and job stability suffering, such frugality is likely to be more than a fad.

“People are learning again to say ‘No, not today,”‘ said Candace Corlett, president of the consulting firm WSL Strategic Retail.

The trend is evident in where cash registers are ringing, and where they are not.

Wal-Mart, BJ’s Wholesale Club and Goodwill thrift shops are thriving, while Saks and Abercrombie & Fitch are struggling. Likewise, as casual dining chains such as O’Charley’s and Red Lobster see fewer customers, McDonald’s is serving more, including people who have given up $4 Starbucks drinks in favor of the fast-food chain’s coffee menu. Even Spam has made a comeback.

Tellingly, Wal-Mart said recently it has seen a 2 percent jump this year in shoppers from households earning at least $65,000.

Retail sales fell 2.8 percent in October, the fourth straight monthly drop, as unemployment hit a 14-year high of 6.5 percent.

The National Association for Business Economics on Monday projected that the overall U.S. economy, after shrinking at the annual rate of 0.3 percent in the July-September period, will contract at a rate of 2.6 percent in the current October-December quarter.

The housing bust, credit crunch and stock market plunge have eaten away at the retirement savings and confidence of consumers who for years operated on a buy-now, pay-later ethos. That is forcing families to bring their spending in line with their income and to rethink priorities.

Economists and consumer experts say it’s difficult to predict how long the pullback will last, particularly among generations of consumers who have never seen such a sharp economic downturn.

People are not only buying cheaper, they’re buying less, said Joachim Vosgerau, an assistant professor of marketing at Carnegie Mellon University’s Tepper School of Business who specializes in consumer behavior.

“It seems like this trend is only going to continue,” Vosgerau said.