The recent 2008 financial storm that hit the global markets has touched almost every economy around the world, in turn affecting consumers. During such economic downturns, it is expected that consumers will try to manage their expenses efficiently due to future uncertainty and fears. This paper is an effort to understand the theoretical framework of the financial crisis, its causes, consequences, and impact on the behavior of Canadian students’ purchasing patterns. Purchasing decision-making is a complicated process and is linked to many internal as well as external factors that can directly impact consumer buying behavior. The situation gets more complicated when financial crisis and recession are linked to involved uncertainties. Consumer buying behavior and decision-making processes are discussed along with major individual, social, psychological, and situational influencing factors.