96% of Americans worry about economy; 27% engage in "doom spending" to manage stress.
"Doom spending" refers to the trend among Gen Z and millennials of indulging in luxury purchases, such as travel and designer items, as a coping mechanism for economic pessimism. A 2023 Intuit Credit Karma survey revealed that 96% of Americans are worried about the economy, with over a quarter engaging in this behavior to manage stress. Experts suggest addressing one's relationship with money and focusing on saving to improve long-term financial stability.
September 23, 2024
8 Articles