You have probably heard of “Doom Scrolling”.
If you haven’t, it is when you get caught on social media just scrolling through video or image after image unable to stop. You check your phone for a moment and before you know it hours have passed and you feel exhausted even though you have just been lying in bed or sitting on the couch.
So, what is doom spending?
Doom spending is when you spend money to ease anxiety about bigger issues (like the economy or war in the middle east) in the aftermath of doom scrolling. We do it in an effort to take back control through spending.
A study recently revealed that 27% of Americans shop to deal with stress, and that number jumps up to 37% for Gen Z Americans. These patterns are also common in South Africa where so many people spend their free time on social media and the news.
Doom spending is now becoming a common problem in South Africa.