Why Consumers Tend to Purchase Less If They Have Less

Multiple Choice

Why consumers tend to purchase less if they have less wealth (or more debt) , even if their income remains constant?

A) Consumers are irrational.
B) Consumers may feel richer, so they increase their savings in order to emulate the wealthy.
C) Consumers may feel poorer, so they want to increase their savings.
D) Consumers may already have bought all they want.