This study looks at how people's expectations about their income affect their spending habits during economic crises. The researchers used data on both expected and actual income changes to identify whether income shocks were temporary or long-lasting for individuals. They found that people's consumption behavior during the 2012-2013 crisis was influenced by these income shocks, but not during the 2008-2009 crisis. This suggests that understanding how people perceive their income stability can help explain changes in overall spending patterns during economic downturns.