A growing trend among young people sees them prioritizing luxury purchases like travel and designer clothing over saving, a phenomenon experts are calling 'doom spending'. This trend is fueled by constant exposure to negative news and anxieties about the economy.
Some young people are splashing out on luxuries like travel and designer clothes instead of saving, in a trend that's being characterized asIt's happening because young people are chronically online and feel like they're constantly receiving"bad news," she said."It makes them feel like Armageddon."
"We used to have this program by the government that would lend us money to invest in real estate and at a really low rate, but with the change of government, that is not available for us anymore so we will need to pay more," she said. The habit originated from a sense of dissatisfaction with his work as well as peer pressure, he said."It's just all the sense of trying to escape."
She said a relationship with money is like a relationship with people: it starts during childhood and sees people form different types of attachments.
Doom Spending Young Adults Economy Financial Anxiety Luxury Purchases
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