What’s the Buzz About? The Rise of “Doom Spending” and Why It’s Addicting
Feeling a bit blue from the latest election drama or the UK budget dump?
You’re not the only one who’s got the nerves knotting in their stomach. Across the pond and across towns, people are turning to one quirky, not‑so‑healthy coping strategy: doom spending.
What the term actually means
Call it “shopping therapy,” “spending for comfort,” or whatever your favorite coffee‑shop slang is – the idea is simple. You find yourself clicking “Buy Now” to drown out worries, even when your bank account says “NO.” The trend is especially hot among millennials (born 1981‑1996) and Gen Z (born 1997‑2010).
Why it’s stuck in a loop
- The rise of social commerce – think TikTok influencers showcasing the latest gadgets – makes it feel like a normal thing to splurge.
- “Doomscrolling” is real, too: endless negative headlines drain your mood, and the next best thing appears to be a shiny pair of trainers or a slick car.
- Crucially, “buy‑now‑pay‑later” belts such as Klarna, PayPal Credit, and others make the purchase feel “instant” and “painless.”
Numbers that make you go “oh no!”
A Credit Karma study found that 43% of millennials and 35% of Gen Zs indulge in doom spending to feel better. But it’s not just about toys; the trend spills over into pricey items: holidays, cars, and even luxury “nice‑to‑haves” that flex in your Insta feed.
Why traditional buying matters now more than ever
- Hands‑on purchase—walking into a store, paying in cash, looking at the real price tag—instills a new kind of caution.
- It forces a pause: “Do I really need this?” rather than “Just hit buy.”
Legal moves: How the U.S. is doing its part
The U.S. has introduced a “click‑to‑cancel” bill, making it harder to auto‑renew subscriptions without consent. Though policies differ between the U.S. and U.K., the goal is the same: cut the cycle that turns a casual wish into a financial commitment you’ll regret.
How to beat doom spending on your own
- Map your spare income. Know exactly how much extra you have for ‘fun’ before you start shopping.
- Set alerts. Let your bank send you instant notifications for every transaction.
- Keep a spending log. Write down every “small” purchase in a paper notebook (or a discreet app). Seeing it written down can be like a sharp jolt of reality.
- Cash is king. Try out cash-only strategies. The physical act of giving away money is harder than a swipe.
TL;DR
When news feels heavy, it’s tempting to buy a nice thing to cheer up. But the purchase cycle often ends in regret, especially when triggered by social media. Tighten your budget, keep tabs on every spend, and remember—cash feels real, and so does the article “you’ve overspent.” Let’s break the doom‑spending loop together!
