Doom Spending Rises Among Americans as 2024 Election Approaches
As the 2024 presidential election approaches, a new trend called ‘doom spending’ is emerging among Americans, particularly Gen Z and millennials. A report from Intuit Credit Karma reveals that 27% of consumers are spending despite economic concerns, driven by rising living costs and inflation. With 60% of respondents feeling more anxious than last year, experts highlight the psychological impact of the pandemic and social media on spending habits. As uncertainty looms, it’s crucial for consumers to adopt sound financial strategies to navigate these challenging times.
December Personal Income and Spending Report Defies Expectations
The December personal income and spending report has defied expectations, indicating a strong end to the year. Despite initial forecasts of a looming recession, real personal spending rose by 2.2% in 2023, surpassing most predictions. The resilient spending trend continued…