From Fortune:



Young people today are splurging on luxuries rather than saving up for the future as the American dream of homeownership feels out of reach. The cost of homes has risen to million-dollar plus, and older couples often outbid them. As a result, they are spending money to enjoy the semblance of the adulthood they were promised. Some are even stating that they feel the future is not guaranteed and is crumbling before their eyes, so enjoying what they have now is the way to go. They are also voicing doubts over investing in the future due to a looming recession, ongoing wars, and climate change. Young people are not alone in their habits and even older generations are turning to retail therapy as a coping mechanism to manage their worries about the macroeconomy and foreign affairs. More than a quarter of Americans are “doom spending” to relieve stress about the high inflation, cost-of-living increases, unaffordable housing, and unaffordability of basic necessities. Financial experts recommend assessing one’s income and debt and making a plan for spending money moving forward. They also recommend using cash and deleting stored card information on browsers to make shopping more mindful.



Original: Gen Z are so annoyed that they can’t get on the housing market that they’re ‘doom spending’ on nice things that make them feel like grown-ups