'Doom spending' | The new trend among young people explained - is it retail therapy or something more insidious?

Spending money as a way to soothe ourselves isn’t necessarily a new phenomenon. ‘Retail therapy’ has long been a phrase used to describe the act of shopping with the primary goal of boosting your mood.

However, a new, more insidious term has been coined to describe an anxiety-fueled purchasing trend being widely acted out by young people: ‘doom spending’. According to a recent study, 43% of millennials and 35% of Gen Zers doom spend to make themselves feel better.