A third group is relatively untouched by the downturn. The individuals in this group have paid off their mortgages and, while their investment portfolios may be down sharply, they still have an adequate cushion. Nonetheless this group is also cutting back because engaging in conspicuous consumption seems like bad manners when so many other people are suffering. However, he says, people in this group are still traveling to places where they can be reasonably confident no one they know will see what they are spending.