Covid changed how we spend: More YOLO splurging but less saving

Doom spending. Soft saving. YOLOing. Whatever you call it, it’s clear covid has changed the way Americans think about spending.The 28-year-old writer leaves her Dallas apartment every chance she gets: To see Beyoncé in Atlanta, Usher in Chicago and for girls’ trips in Jamaica and Mexico. When a favorite artist announces new tour dates, Vinson starts rallying friends and snapping up tickets, flights and hotel rooms for their next hurrah.

“When you live through a crisis, it gets ingrained in your brain,” said Ulrike Malmendier, a professor of behavioral finance at the University of California at Berkeley. “The official economic reports might say everything is coming back to normal, but we are different people than we were before the pandemic.”

Carolyn McClanahan, a financial adviser in Jacksonville, Fla., is seeing this firsthand. Her clients are generally saving less than they were before the pandemic, she said. Instead of solely planning for retirement, they’re focused on “maximizing life now” to make room for more travel, concerts and fun.

Meanwhile, Live Nation — the parent company of Ticketmaster and the world’s largest entertainment company — posted a record $23 billion in sales last year and expects this year to be even bigger. But he isn’t splurging across the board. Lee still drives a 20-year-old Toyota Corolla and has cut his restaurant spending by half. Instead, he has stocked his freezer with soup dumplings, chicken wings and other prepared foods to hold him over on evenings when he doesn’t feel like cooking.

But the biggest surprise: the rush of travelers in their mid-20s, far younger than Blume’s usual clientele.

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