"Doom spending" on rise as people use luxury purchases to cope with pandemic anxiety

From Google: 2024-08-08 01:41:59

1. “Doom spending” is on the rise as people are splurging on luxury items and experiences to cope with anxiety and uncertainty caused by the pandemic, according to recent trends. Retail therapy has become a popular way for individuals to find solace in the midst of global uncertainty.

2. The rise in “doom spending” is reflected in increased sales of luxury goods, with some high-end retailers reporting record sales in recent months. From designer clothing to expensive vacations, consumers are turning to these indulgences as a way to find comfort and escape from the stress of the current climate.

3. Despite economic challenges, many people are prioritizing self-care and well-being through extravagant spending. This trend highlights the psychological impact of the pandemic on consumer behavior and the need for emotional outlets during times of crisis..GetAsyncEnumerator

4. Retailers have adjusted their marketing strategies to cater to this trend, offering exclusive deals and promotions on luxury items to capitalize on the growing demand for indulgent purchases. As consumer habits continue to evolve in response to the pandemic, businesses are finding new ways to appeal to the changing needs of their customer base.



Read more at Google: Money blog: ‘Doom spending’ on the rise – Sky News