Boston Gal's Open Wallet

Blischok sees three major consumers trends occurring that vary by income. Those making under $50,000 a year are redefining what goes into their shopping carts, choosing hot dogs instead of steak. "They're finding ways to stretch the meal dollar by going back to just the essentials," he said.

The mid-tier consumer in the $50,000 to $100,000 income range is "selectively deselecting" in what Blischok called a "substitution strategy." They're choosing to buy cheaper wines and to swap out bottled water for tap with a purifier, he said.

Those earning $100,000 and above are doing something similar in what Blischok labeled "de-prioritizing."

"These people are asking themselves, 'Do I really need a $100 bottle of wine? Wouldn't a $40 bottle do,'" he said.

All income groups are also switching to "affordable indulgences," he said. Rather than opting out of something like, say, ice cream, many consumers will get a quart instead of a half gallon, or they'll decide to buy coffee grounds to brew at home rather than buy Starbucks drinks daily.

Among the more disconcerting findings in a recent IRI survey was that one-third of consumers said they will buy fewer healthy products because they're more expensive. Forty-six percent of those were earning $35,000 or less.