Stock market crash in 1929 led to consumer spending decline.
The stock market crash in 1929 caused people to worry about their future income, so they stopped buying big-ticket items like cars and appliances. This uncertainty was clear from predictions made at the time. As a result, spending on durable goods dropped a lot, while spending on things like food went up slightly. The more the stock market went up and down, the less stuff like cars and fridges were made before World War II.