Will consumers still consume?

Yes. For some product categories it’s going to come down to price alone because the brand has not given them a reason to pay more money for a product.  

http://newmediaandmarketing.com/the-sobering-reality-of-the-changes-in-consumer-behavior/consumers-consumer-behavior/

The stark contrast:

Maui’s volcano, Haleakala (House of the Sun) National Park