Disney, which has consumer entertainment and media properties, is particularly vulnerable if consumers cut back on discretionary purchases like travel and movies.

Many people buy a car (probably their single biggest discretionary purchase) based on slamming a door, kicking a tire and judging the handshake of a salesperson.

"Most of those are discretionary purchases like books, software and DVD's," he said.

"Firearms are the last discretionary purchase people give up."

One problem is the threat of a recession, since most of its products are discretionary purchases that can be put off during hard times.

Wine is the kind of discretionary purchase that provides a good indication of how flush people are feeling.

And as the primary financial adviser to a host of relatives, he issued the same orders: Eliminate all discretionary purchases.

Any discretionary purchases, such as clothes or things for the house, went out of the window.

It is a discretionary purchase that can be put off.

Every single person with a 24 year 6% mortgage pays "abnormal" prices for every discretionary purchase they make.