Americans are feeling anxious — so they're 'doom spending'

Doom spending, or the practice of spending money to soothe fears about broader issues like politics or the economy, shows up everywhere from YouTube and TikTok videos to Reddit to personal finance discussions and data in surveys.

Kelsea Palm was feeling out of sorts as the presidential election was approaching. So, she did what many Americans do when they’re feeling anxious: She went shopping.

The Wheaton College senior and her friend hit shops in Massachusetts the weekend before Election Day, and while Palm prides herself on shopping responsibly, she wound up impulse-buying a purse to ease her stress.

“It was a new thing that made us feel like we had some sort of control over our lives. We can vote, but what else can we do? We can get a bag that’ll make us happy,” she told CNN.

Palm is among the increasing number of consumers who cope with feelings of anxiety by “doom spending.”

Doom spending, or the practice of spending money to soothe fears about broader issues like politics or the economy, shows up everywhere from YouTube and TikTok videos to Reddit to personal finance discussions and data in surveys.

Gen Z and millennial consumers are also more likely to say it is better to treat themselves now rather than hold off for a future “that feels like it could change at any moment,” according to an Axios Vibes survey in June conducted by The Harris Poll.

While this kind of catharsis might work to temporarily allay worries, experts say doom spending poses a danger to consumers’ long-term financial health.