Woman Says Young People Are “Doom Spending” Because It’s Impossible for Them to Own Homes

Retail therapy doesn't really sound like a scientifically-backed treatment for anxiety or mental health issues, yet Ariana Grande wrote an entire song extolling its virtues.

But the idea of going out and spending your money on a bunch of things you probably don't need doesn't exactly sound like a healthy way to go about life, especially if there are probably better things you should be dropping your cash on, like property, maybe?

The problem with that, a TikToker named Maria (@firstgenliving) says, is that home ownership is a pipe dream for so many Americans who've been watching the value of the money they earn drop precipitously since 2021.

She's talked about this problem in a viral TikTok she uploaded to her account in early December 2023 that's racked up thousands of comments and over 222,000 likes.

She begins her video by stating: "When older people ask me how young people are affording nice things that they wouldn't even buy for themselves I tell them it's because we can't afford anything else. Home ownership or starting a family is so out of reach that we're using that down payment or kid money on whatever it is we can't afford that'll bring us a semblance of the kind of adulthood we were promised."

She also went on to highlight the alarming spikes in the cost of home ownership in the United States, which JP Morgan Chase reported as being at an all-time high as of November 2023, as one of the reasons why so many people in her age group are turning to exorbitant spending practices.

These purchases that are often characterized as being superfluous, Maria says, are a coping mechanism many folks in her age group have adopted to distract themselves from the fact that homes are becoming prohibitively expensive.

"When houses are a million dollars plus and an older couple will likely outbid us anyway, we're gonna relinquish any lingering delusions about home ownership and instead use that money to give our dogs the most enriched puppyhood they can have," she said.

One of the viewers who responded to Maria's video referred to this type of shopping/specific kind of consumerism as "Doom Spending." This type of fiscal outlook individuals put into practice for their lives has been bluntly called "a problem" by CNBC, which isn't surprising given its bleak (or metal AF) moniker.

The outlet writes: "Nearly all Americans, 96%, are concerned about the current state of the economy, according to a recent report by Intuit Credit Karma. Still, more than a quarter are 'doom spending,' or spending money despite economic and geopolitical concerns, the report found."

The concept is simple but, socio-economic-wise, also tragic: consumers will hear about some devastating tragedy in the world, like the Uyghur genocide and the fact that there are millions of them currently in concentration camps right now and decide to get themselves a $40 stainless steel Stanley Cup or a trip to Harry Potter world for three nights that could've gone towards a down payment on a home.

Again, however, like Maria says, it's probably a home they'll never get to have. Of course one might argue it's better for folks to save their money, or maybe put them in high-yield interest savings accounts, but it appears that there's a massive portion of the American population that is participating in the trend.

Psychology Today wrote in December of 2023 that as much as 27% of Americans are "spend[ing] money to cope with stress from things like the economy and [their] finances..."

Fortune mainly attributes the mental impetus towards doom spending, as Maria does, to current anxieties in the country that many have towards ever being able to own a home themselves.

There were a few viewers who responded to Maria's post that explained the reasoning behind their own doom spending habits: "My mother asking me when I'm gonna stop traveling and buy a house. I can't afford a house but I can travel," one wrote.

Someone else said that constantly hearing about negative world events and reports on the unparalleled nastiness of human beings, coupled with zero confidence in head governmental leadership, has folks questioning whether or not they're even going to have a future to enjoy.

"Future is not guaranteed, is crumbling before our eyes. Enjoying what we have while we can is the way to go," another person wrote.

Someone else explained their own latest "doom spending" purchase: "lol spent $2000 on a couch bc I live in a studio as a 28 yr old full time attorney bc it’s all I could afford," they said.

Perhaps the most succinct reasoning one of the users gave for their doom spending habits came from one commenter who penned: "I get sad and order things because new fun things equal temporary happiness"