Spend and grow rich?

I have been thinking a lot about the recent talk about consumption taxation (CT) vs. income taxation (IT). Personally I favor the CT approach because I spend a smaller percentage of my income and save a larger percentage. It may not work out well for people who happen to fall in the inverse situation and I am sensitive to that.

But a larger question comes to mind; doesn't a CT approach inhibit spending - the very catalyst of a capitalist society? Won't a CT scheme encourage more saving and less spending? Wouldn't that depress the overall economy and over the long term hinder GDP growth?