I am in a similar situation in that I don't know anyone in real life who is frugal (except my mother).
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My Dh joking sometimes that if all shoppers would be like me, retailers would go bancrupt, but they are making money, that means, people are spending.
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Well, I don't have any data on this, but I don't think retailers would go bankrupt. At least not all of them. Many would simply have to evolve their merchandise to fit the needs of the consumers. For example, no one is stopping brand name clothing outlets from making cost-cutting measures to offer greater discounts and "plain jane" brands.
More importantly, some industries will always be in business, especially in a financially conservative environment. For example, the banking sector should benefit more if more people saved. Other industries that sell essential goods and services should not be impacted either.
If anything, I'm tempted to say that frugality would serve our economy some good! Even though consumerism would be down for the short-term, it would also greatly increase our buying power, thereby strengthening overall confidence in our dollar.
At least, that's my opinion of it anyway.
