Psychologists say younger generations turn to so-called "doom spending," in a bid to deal with economic strife.
© Seth Harrison/The Journal News / USA TODAY NETWORK
(New York, NY) – People have various ways of dealing with stress. Some like to exercise and get their heart pumping. Others choose less healthy options like snacking, smoking, or drinking alcohol. Many find music, TV, or reading to be relaxing.
New research shows that shopping mindlessly is one of the fastest risers in terms of stress busting. Experts refer to it as “doom spending.”
Psychology Today reports 96% of Americans say they are concerned about the state of the economy. Over 25% say they “doom spend” in response to the stress. Psychologists define the trend as self-soothing via shopping — typically online. People who sometimes feel pessimistic about their future, or the economy as a whole, seek the ability to take control of the situation by spending and exercising their right as consumers.
In other words, if the world feels out of control, reminding yourself you can afford certain things helps you feel better. But perhaps just fleetingly, like a sugar high. Also, that same spending can mount in to financial problems on the individual level. So what should people do?
Experts suggest the need to create extra “pain points” when it comes to shopping. Going to an in-person store can help, as evaluating items in person can slow things down and lead to more critical thinking concerning purchases. Setting mobile banking notifications on your phone can also help, as receiving the transaction alerts can keep things in perspective.
Finally, research has long shown that people are more hesitant and show more critical thinking about purchases when using cash. Apparently it’s physically harder for people to hand over cash as opposed to a plastic card.
