Younger Generations Turn to 'Doom Spending' to Cope With Economic Anxiety

Doom spending is excessive spending on luxury items to cope with anxiety over finances and the economy. It's more common among Gen Z and millennials.

Doom spending compensates for unaffordable traditional milestones like homes, due to high costs and interest rates. It can provide a sense of control.

Social media and buy now, pay later apps enable and encourage doom spending behaviors and instant gratification.

Curbing doom spending involves self-reflection, limiting social media, finding other fulfilling activities, financial planning.

While valid economic worries drive doom spending, some see it as manifesting younger generations' rampant consumerism.