Doom-Spending

Doom-spending is a term used to describe the excessive or impulsive spending habits exhibited by individuals, especially those in Generation Z, driven by feelings of hopelessness or a pessimistic outlook on the future. This phenomenon is a response to a combination of personal anxieties, economic instability, and a constant bombardment of negative messages about the future. Faced with global challenges such as climate change, political unrest, and economic uncertainty, many young people today experience a sense of despair that can manifest itself in the form of reckless financial decisions (Furnham, 2019). Doom-spending involves individuals making purchases as a temporary escape, believing that material goods offer brief relief from the pressure and stress of an uncertain future.

The rise of doom-spending can be attributed to societal pressures and the increasing consumer culture, particularly amplified by social media platforms. Platforms such as TikTok have created a new space for consumerism, with influencers and viral trends encouraging spontaneous and sometimes frivolous buying (Voon, 2022). The instant gratification from online shopping or participating in these trends is attractive, especially to those who feel disillusioned with their long-term prospects. This mindset is exacerbated by the notion that saving or planning for the future seems futile, given the unpredictable nature of the world they are inheriting (Sorrell, 2021). As a result, many Gen Z individuals, faced with the weight of this bleak outlook, may choose to embrace doom-spending as a way of finding fleeting joy in a world they feel they have little control over.

What Is It?

Doom-spending is largely driven by psychological and emotional factors, particularly the feelings of despair, powerlessness, and hopelessness that many individuals, especially in Generation Z, experience due to the uncertain and challenging nature of the world they inhabit. In the face of global issues such as climate change, economic instability, and political turmoil, young people often feel a sense of futility and a lack of control over their future (Sorrell, 2021). This anxiety can manifest as impulsive buying behaviour, where individuals turn to material possessions in an attempt to find comfort, distraction, or an escape from the overwhelming stress of their circumstances (Furnham, 2019). In this sense, the act of purchasing items becomes a form of emotional coping, offering a fleeting sense of relief from their concerns, even if it does little to address the root causes of their distress.

The characteristics of doom-spending are marked by a tendency to overspend on unnecessary or non-essential items, often driven by immediate emotional needs rather than practical considerations. In many cases, the items purchased provide little long-term satisfaction, which contributes to a cycle of temporary gratification followed by regret or guilt (Voon, 2022). These impulsive purchases are typically not planned or thought through, but rather are spontaneous decisions made in an attempt to regain a sense of control or to temporarily fill the void left by larger existential concerns. This short-term relief may seem comforting at the moment, but it ultimately leads to greater financial instability and emotional distress, perpetuating the cycle of doom-spending.

What Exacerbates It?

Doom-spending is exacerbated by several external factors, particularly the rise of social media and the pressures of consumer culture. Platforms like TikTok, Instagram, and YouTube have become significant drivers of consumerism, where influencers, "haul" videos, and viral shopping trends contribute to an environment that encourages impulsive spending. These platforms constantly promote the idea that material possessions are key to happiness, status, and belonging. Influencers showcase their purchases, creating an aspirational culture where viewers are led to believe that these items will enhance their lives in some way. These videos, often featuring large amounts of goods purchased in a single shopping spree, normalise overspending and often downplay the financial consequences of such behaviour (Voon, 2022). On TikTok, trends such as "TikTok made me buy it" highlight the ease with which a product can go viral and turn into a must-have, regardless of its actual necessity (Sorrell, 2021).

TikTok Shop, which integrates e-commerce directly into the app, further fuels this impulse-buying culture. The ability to purchase items with a few taps, alongside the presence of constant product recommendations, makes spending seem almost effortless. By integrating shopping into the social media experience, TikTok Shop has normalised the concept of buying as a social activity, making purchases feel less like indulgence and more like a natural extension of the online experience (Smith, 2022). This ease of access, coupled with the speed of delivery, diminishes the need for reflection on purchases, encouraging impulsivity. As a result, users may feel that their purchases are harmless, or even necessary, because they are part of the community's shared experiences.

Another key aspect of social media’s role in doom-spending is the impact of social comparison. Platforms like Instagram often portray highly curated images of wealth, luxury, and success, leaving many young people feeling inadequate if they cannot match these standards. Seeing peers or influencers flaunt their material possessions amplifies the fear of missing out (FOMO) and a sense of inferiority, pushing individuals to overspend in order to "keep up" (Voon, 2022). Social comparison not only leads to feelings of inadequacy but also fosters a belief that happiness and fulfilment can be purchased, perpetuating a cycle of consumerism that feeds into doom-spending.

The psychological impact of doom-spending is further exacerbated by the broader cultural context, particularly Generation Z’s outlook on the future. Economic instability, climate change, political tensions, and the rising cost of living have all contributed to a widespread sense of hopelessness among young people. Faced with the daunting reality of an uncertain future, many Gen Z individuals adopt a "why bother saving?" mentality. The overwhelming feeling that their future is in jeopardy makes planning for it seem futile, and, as a result, they focus on the present, seeking immediate comfort through consumption (Sorrell, 2021). The narrative of global crises – from environmental destruction to economic collapse – reinforces the idea that the future is bleak, and in the face of this uncertainty, the logic of "why not enjoy life now?" becomes increasingly appealing. The desire to make the most of life, regardless of the long-term consequences, can be seen as a way to defy the seemingly inevitable decline of society and the planet.

Lastly, the pressure of consumer culture is a crucial factor in the rise of doom-spending. The modern obsession with material wealth and success, often seen in the "keeping up with the Joneses" mentality, encourages young people to view spending as a means of gaining social validation. This desire for validation, whether through designer clothes, expensive gadgets, or experiences, leads to excessive spending, not out of necessity but to project a particular image of success and happiness. This pursuit of social status can be especially intense in the age of social media, where every aspect of one’s life is shared and scrutinised by others. As social comparison becomes a more significant driver of behaviour, doom-spending is reinforced as a way to seek approval and recognition in an increasingly materialistic world (Furnham, 2019).

The Consequences: Financial and Emotional

Doom-spending can have significant financial consequences, particularly for Generation Z, who may not have the financial literacy or stability to manage impulsive purchases. As individuals increasingly turn to material goods as a coping mechanism for anxiety, despair, or uncertainty, they may find themselves accumulating debt, often using credit cards or buy-now-pay-later services that provide immediate gratification but defer the financial burden (Sorrell, 2021). The lack of savings and financial insecurity that arises from this behaviour can lead to long-term consequences, especially as younger generations face an unpredictable economic environment. Without sufficient financial planning or savings, many young people may find themselves living paycheck to paycheck, unable to afford essentials or prepare for future emergencies (Furnham, 2019). This financial instability can become a vicious cycle, with each purchase offering short-term satisfaction but exacerbating feelings of financial anxiety in the long run.

Moreover, the immediate relief of buying something impulsively is often followed by feelings of guilt, anxiety, or regret. Many young people experience what is known as "post-purchase dissonance," where they feel conflicted about their decision to spend money on unnecessary items (Voon, 2022). This emotional toll can lead to a negative feedback loop: the fleeting satisfaction of purchasing something is replaced by a sense of unease or self-blame, which prompts further purchases in an attempt to alleviate these feelings. The cycle of temporary happiness followed by regret reinforces the pattern of doom-spending, where the desire for instant gratification perpetuates the underlying issues without offering any meaningful resolution.

Beyond financial concerns, doom-spending also takes a significant emotional and mental toll. While material goods may provide short-term relief from feelings of despair or isolation, this satisfaction fades quickly, leaving individuals feeling emptier than before (Sorrell, 2021). This creates a paradox where individuals buy things in an attempt to feel better, only to find that the temporary high is short-lived, prompting them to search for the next purchase to fill the void. This cycle of consumerism can exacerbate feelings of depression, anxiety, and loneliness, as the satisfaction from consumption does not address the underlying emotional needs. In fact, the constant pursuit of external validation through material goods can worsen the sense of isolation, as it becomes harder to form genuine connections or find lasting contentment. As the sense of emptiness grows, the search for the next purchase becomes an increasingly futile attempt to escape negative emotions, further reinforcing the emotional toll of doom-spending (Furnham, 2019).

The Role of the Economic and Social Systems

The role of economic and societal systems in doom-spending is deeply rooted in the concepts of aspirational consumption and the accessibility of online shopping. Modern advertising and retail strategies have been designed to encourage aspirational consumption, where the act of purchasing certain products is associated with achieving status, happiness, or a sense of self-worth (Furnham, 2019). Through slick marketing campaigns and influencer endorsements, brands create the illusion that owning specific goods or services will elevate an individual’s life, making them feel more successful or fulfilled.

The idea that consumption leads to happiness is perpetuated by the media and societal expectations, where material possessions are seen as markers of success, beauty, and social inclusion. For many, buying high-end products or trendy items becomes a way of signalling social status, especially within peer groups that place value on outward appearances. This aspirational culture can be particularly influential for Generation Z, who are bombarded with messages that reinforce the notion that self-worth is tied to consumption (Sorrell, 2021). As a result, young people may feel compelled to spend money on goods that they believe will elevate their social standing, even if they cannot afford them, exacerbating the cycle of doom-spending.

Additionally, the accessibility and ease of online shopping further contribute to compulsive spending. With smartphones and social media ads constantly within reach, products are now available at any time, making impulse buying simpler and more immediate than ever before. The convenience of online shopping means that consumers can purchase items without leaving their homes, often without the immediate consequences that in-store shopping might provide. Social media platforms like Instagram, TikTok, and YouTube have integrated shopping features that make it even easier for users to click on ads or influencer links, driving immediate sales. This constant availability of products, paired with personalised ads based on user behaviour, creates a compulsive shopping experience that encourages frequent spending (Voon, 2022). Furthermore, the use of targeted advertising plays a role in shaping consumer desires, often by highlighting products that seem tailor-made for an individual’s tastes and preferences, making it difficult to resist the urge to purchase.

These systems create an environment where spending becomes habitual and often unconscious. The ability to purchase items instantly, with just a few clicks on a smartphone, diminishes the need for reflection or consideration, which can result in impulsive and unnecessary spending. In this sense, economic and societal systems, through their encouragement of aspirational consumption and the ease of online shopping, perpetuate doom-spending by making it easier for individuals to buy into the idea that material goods will resolve their emotional or social needs. This accessibility, coupled with the constant bombardment of advertisements, fuels the sense of urgency that underlies doom-spending behaviour, leading many, especially within Generation Z, to overspend in an attempt to meet both internal and societal expectations.

Where Does this Leave Generation Z?

Doom-spending has far-reaching consequences for Generation Z, particularly in terms of economic insecurity and mental health. As young people increasingly engage in impulsive purchasing behaviour driven by feelings of despair or hopelessness, they risk creating long-term financial instability. The lack of savings, growing debt, and an inability to manage personal finances effectively can delay crucial life milestones. For many within Generation Z, the financial strain caused by excessive spending can postpone significant events such as purchasing a house, starting a family, or even saving for retirement (Furnham, 2019). With mounting debt and no substantial financial cushion, it becomes difficult for individuals to build a foundation for their future, leaving them financially vulnerable as they age. As they continue to struggle with these financial pressures, the goal of achieving traditional milestones may seem increasingly out of reach, contributing to a sense of frustration and insecurity about their long-term prospects.

Moreover, doom-spending is inextricably linked to rising levels of anxiety, depression, and stress, which only worsen as young people feel trapped in their financial and emotional struggles. The cycle of instant gratification followed by regret and guilt exacerbates feelings of inadequacy and hopelessness. As the satisfaction from purchases fades, the emotional void grows, prompting further spending in an attempt to alleviate negative emotions (Voon, 2022). This not only compounds the financial burden but also intensifies mental health challenges, as individuals find themselves in a never-ending loop of seeking comfort through consumption. Research suggests that financial stress is strongly correlated with mental health issues, and for Generation Z, the combination of economic instability and a bleak outlook on the future can be overwhelming (Sorrell, 2021). In this way, doom-spending creates a vicious cycle where the short-term relief from buying goods is offset by long-term consequences for both financial wellbeing and mental health.

The contrast between short-term pleasure and long-term wellbeing is stark when considering doom-spending behaviour. The temporary relief that comes from purchasing an item impulsively provides a fleeting escape from stress or uncertainty, yet the long-term impact on financial stability and mental health can be devastating. Without a strategy for managing their finances or addressing the emotional triggers that drive spending, Generation Z may find themselves caught in a cycle of financial insecurity, mental health struggles, and a growing sense of despair about the future (Furnham, 2019). While the immediate satisfaction of buying something new may feel like a solution, it does little to resolve the underlying issues of emotional distress or financial instability. In the long run, the pursuit of short-term pleasure through consumption only serves to undermine long-term wellbeing, leaving many in Generation Z facing an uncertain and challenging future.

Solutions/Ways Forward

Addressing the issue of doom-spending requires a multifaceted approach that includes financial education, mindful spending practices, and a shift towards value-based living. One of the most effective ways to combat doom-spending is through a stronger emphasis on financial literacy. Generation Z is often not equipped with the knowledge or tools to manage their finances effectively, particularly in a society where instant gratification is encouraged and credit is easily accessible. By incorporating financial education into school curriculums and offering accessible resources, young people can learn essential skills such as budgeting, saving, and understanding the long-term consequences of their spending habits (Furnham, 2019). With a solid foundation in financial management, individuals are better equipped to make informed decisions, avoid unnecessary debt, and plan for their future. Financial literacy empowers young people to resist the pressures of consumerism and take control of their financial wellbeing.

In addition to education, encouraging mindful spending practices is crucial in helping Generation Z break the cycle of doom-spending. Strategies such as using budgeting apps, tracking expenses, and setting clear financial goals can promote greater awareness of spending habits and foster a more deliberate approach to purchasing. By taking the time to reflect before making a purchase, individuals can evaluate whether the item truly aligns with their needs or if it is being bought out of impulse or emotional distress (Voon, 2022). One effective method for cultivating mindfulness is the "30-day rule," which encourages individuals to wait 30 days before buying an item that isn't a necessity. This simple tactic can help to curb impulse buying and allow time for reflection, helping to prevent the emotional triggers associated with doom-spending from leading to unnecessary purchases.

Finally, shifting the focus from materialism to value-based living offers a more sustainable path forward. Generation Z can benefit from rethinking their values and finding fulfillment in non-material pursuits. Rather than focusing on acquiring things to boost their social status or self-worth, young people can explore ways to find meaning and satisfaction in relationships, personal growth, and community involvement. Activities such as volunteering, engaging in creative projects, or building deeper connections with others can provide a sense of purpose that material possessions cannot (Sorrell, 2021). Encouraging a shift in mindset from "more is better" to "quality over quantity" can help individuals break free from the cycle of consumerism, leading to greater long-term fulfillment and a reduction in doom-spending behaviours. This approach promotes a healthier, more balanced way of living, where happiness and satisfaction are not tied to the acquisition of goods but to the enrichment of one’s life experiences and relationships.

Conclusion

Doom-spending is a complex phenomenon driven by both emotional distress and external societal pressures. Generation Z, facing economic instability, environmental concerns, and political uncertainty, often resorts to impulsive purchases as a way of escaping feelings of hopelessness and gaining temporary relief from stress. While these purchases provide short-term satisfaction, they come with long-term financial consequences, contributing to mounting debt, insecurity, and worsened mental health. Social media, particularly platforms like TikTok, exacerbate this behaviour by promoting consumerism through influencers and viral trends, which encourages impulsive buying and fosters a sense of inadequacy when compared to others. The constant availability of products and the pressure to keep up with peers or influencers can make spending feel like an unavoidable response to feelings of anxiety and uncertainty about the future.

Works Cited:

• Furnham, A. (2019). The Psychology of Money: Understanding Financial Behavior. Routledge.
• Smith, A. (2022). 'TikTok Shop and Impulse Buying: How Social Media is Changing Consumer Habits,' Journal of Digital Marketing, 18(3), 65-78.
• Sorrell, S. (2021). The End of Growth: Adapting to Our New Economic Reality. Earthscan.
• Voon, C. (2022). 'The Impact of Social Media on Consumer Spending Habits', Journal of Digital Marketing, 15(2), 78-95.