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Doom Spending: Election Anxiety and Economic Uncertainty Fuel Compulsive Buying
Analysis of the rise of "doom spending" among consumers due to election-related stress and economic uncertainty.
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United States
Us PoliticsHealthLifestyleConsumer BehaviorEconomic AnxietyFinancial HealthSpending HabitsPolitical Anxiety
CnnWheaton CollegeCredit KarmaAxiosThe Harris PollGallupBrookings InstitutionBankrateFederal Reserve
Kelsea PalmCourtney AlevDonald TrumpKamala HarrisAja EvansSertan Kabadayi
- How can consumers curb doom spending?
- To curb doom spending, experts suggest self-awareness about spending habits, disconnecting from the constant online negativity, and adopting alternative coping mechanisms like exercise or socializing.
- What is doom spending and why is it increasing?
- Doom spending, or compulsive buying during times of stress, is increasing among consumers, particularly Gen Z and millennials, due to anxieties about the economy and politics.
- What are the long-term consequences of doom spending?
- While doom spending provides temporary emotional relief, it poses a significant threat to long-term financial health by increasing credit card debt and exacerbating financial instability.
- What factors are contributing to the rise in doom spending?
- Factors contributing to doom spending include economic uncertainty, high inflation affecting food and housing costs, and the constant stream of negative news online, amplified by social media.
- What role did the 2024 US Presidential election play in consumer spending?
- The 2024 US Presidential election played a role, with consumers' spending habits influenced by their political affiliations and feelings about the outcome, regardless of whether they were pleased or displeased.