What role did consumers play in slowing the economy down in the 1920s?

Consumers are a big part of the economy a country, especially in the US economy where it is driven by consumer spending about 70% of the economic growth. During 1920s or the Great Depression, many banks were bankrupt and, as a result, savers lost savings. Because of this crisis, banks reduced lending. People lost their savings resulting to a reduced consumer spending. Thus, having a great impact on the economy.