I think there are quite a few people who can afford less than they are used to.
This raises questions of what are basic needs. Food, housing and heating obviously are.
But is going on a holiday every year a basic need? Being able to smoke? Have a subscription to Netflix? Presents around Christmas? Dining in restaurants? Have a pet?
Especially the holiday causes a lot of discussion where I am. I think you can argue that you need time off work every year, but travel?