Doom spending is defined as the self-soothing behavior of purchasing products, despite personal financial strain, to relieve psychological stress, particularly among millennials and Gen Zs.
The rise of social commerce is fueling the growth of doom spending. Many of us engage in 'doomscrolling', consuming endless negative news, leading to impulsive purchases.
A study by Credit Karma revealed that 43% of millennials and 35% of Gen Zs engage in doom spending to improve their mood, highlighting a significant trend.
Purchasing behavior is evolving, as consumers are not just buying trinkets, but also making larger, non-essential expenditures like cars and holidays to alleviate stress.
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