With employment low and economy concerns rising many investors are nervous about consumers dialing back on discretionary spending. But is it really a danger to the nation’s economy for consumers to be thriftier about buying clothing, accessories, and electronics?

At first glance it may seem to be. Consumer spending does make up over 70% of the nation’s GDP (gross domestic product). And certainly those heavily invested in companies like Coach and Starbucks have good reason to reevaluate their individual portfolios. Be that as it may, consumers shouldn’t worry that they’re harming the economy by being more frugal.

Consumer spending does make up more than half of the GDP, but consumer spending encompasses much more than electronics and lattes. Most of that percentage is made up of necessities, not luxuries. And spending on luxuries and entertainment items has been dropping steadily for decades without being a factor in the country’s overall economic stability.

For example, in the fifties new automobiles contributed 5.4% to the GDP, and only contribute around 1% today. This isn’t a change that took place overnight; it has been a slow, steadily shifting trend. As for electronics, spending on video and audio equipment was actually higher in the 1930s than it is today.