Record Shopping Despite Inflation May Be Mental Health Related: Analysts

Record-high shopping levels over the Thanksgiving weekend and record-high credit card debt prove that Americans are not concerned about the nation’s current economic issues, with consumer prices and interest rates continuing to climb. Some are pointing to this sometimes wreckless spending as a psychological condition that emerged from the COVID-19 lockdown, called “You Only Live Once” (YOLO).  “The spending could be the pent-up demand or even psychological issues since the pandemic,” Sherman Standberry, a CPA and managing partner with My CPA Coach in Atlanta, Georgia, said to The Epoch Times.  “A lot of mental health issues came out of the lockdown and affected how people spend money so carelessly now.  Also, we’ve seen a behavior change with homeownership, which is not a possibility for many in how they spend their money. They may be losing hope for the future and that’s why they’re spending with this YOLO mentality.”  ...