From Fortune:



Young people, specifically Gen Z and young millennials, are struggling to afford traditional markers of adulthood such as homeownership and starting a family, leading to a pattern of “doom spending.” This means they are spending on luxury items rather than saving for the future, as homes are unaffordable and will likely be outbid by older adults. This phenomenon is attributed to the looming recession, ongoing wars, and climate change. Furthermore, this financial stress is not restricted to young people — according to Credit Karma, more than a quarter of Americans are also “doom spending” to cope with worries about the economy and foreign affairs. The suggested solution is for stressed consumers to assess their finances and make a plan for how they will spend their money moving forward.



Original: Get 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