Is spending liberally in the current climate tantamount to burying your head in the sand?
Higher mortgage payments, lower bonuses and the threat of joblessness all mean now may not be the time to book a sojourn on Necker Island.
Some people appear to have arrived at this conclusion already.
The Telegraph has managed to unearth an RBS banker who lost his job last week, but who'd at least curtailed the urge to extravagance before the axe fell.
'Jonathan' told the paper he'd had a presentiment he might be made redundant. "We were due to move to Kensington before Christmas but we're staying in Fulham instead and delayed sending our four year-old to private pre-prep school for a year. We've also kept the car rather than upgrading, cancelled skiing and didn't book the house in the South of France for the summer."
The Wall Street Journal, meanwhile, has unearthed 'Derek', a former Bank of America equity salesman who has taken to cooking his own meals.
Jonathan and Derek may, however, be in the frugal minority. Armani, Tiffany's and Theo Fennell have all reported robust results recently, suggesting some big spenders are still spending big.
This may be a bad idea. "Others I was working with carried on, assuming things would pick up - they've got to make all the cuts now," Jonathan points out.
Cut now, or keep dancing? Air your opinions below.