Younger Generations Spend Despite Debt to Cope with Isolation

Doom spending is spending money despite economic concerns to cope with stress. 33% of men and 21% of women admit to doom spending.

Younger generations, especially women, are going into debt due to increased doom spending. 44% of women ages 18-29 have delayed major life events due to debt.

Consumers spent $145.5 billion more in February 2023 than February 2022, while personal savings fell, showing continued splurge spending.

Doom spending stems from psychological effects of COVID-19, like lack of human connection, and provides a sense of empowerment.

To avoid doom spending, keep a spending journal, limit social media, have a list of free activities, start saving, and engage in community-building.