This is a question for retailers and service providers within the bitcoin economy. Now that $3 has been relatively stable for a while now, are peers spending some of their coin or is holding for speculation still as strong as ever?
Rationally speaking, this is a false dichotomy. If I am holding bitcoin for speculation, and at the same time I want to buy some stuff with bitcoin, nothing prevents me from buying more
bitcoin just for spending. This will not affect my savings stash.
This dichotomy would only be true if I had almost all my liquid wealth in bitcoin, which isn't true for most people at the moment.
Emotionally speaking it's a different story... I think that there are a few people who are so consumed by greed that they forgo purchases paid in bitcoin. But I don't think this effect is huge.