Here's a presentation with some great observations on life after the credit crunch, collated by Ines Seidel.
In summary, there's the things we already know like there are more fears, and people are cutting down and shopping more frugally, but what I really like is that she has drawn out some personal things like the fact that people are discovering family as they look for more free things to do, and kids are learning to accept no for an answer.
For fashion retailers however, there's a great point in here about the need for clothing that will survive trends and frequent use over the next couple of years.