‘Doom Spending’ Spilling Over Long Past the Holidays; Here’s Why

With many questions surrounding the predicted U.S. economic performance in 2024, ranging from a soft landing to an all-out recession, some consumers don’t appear to be adjusting their spending habits. According to a study late last year from Qualtrics on behalf of Intuit Credit Karma, the phenomenon known as “doom spending,” whereby consumers spend money with little reflection on the economy, has been afflicting predominantly younger generations—such as Generation Z (35 percent, ages 12–27) and millennials (43 percent, ages 28–43)—at the same time most are worried about the future of the U.S. economy (64 percent).  A recent survey from digital personal finance company Achieve also found that half of American consumers expected to take on debt to pay for the holidays last year, proven by an increase of 3.1 percent in spending from November through Christmas Eve, according to Mastercard SpendingPulse.  ...