'Doom spending' takes hold among younger consumers
'Doom spending' takes hold among younger consumers
The stress of managing high living costs and food is leading some to cope by actually spending more, survey finds.
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Michelle Griffith, Chicago-based senior wealth adviser at Citi Personal Wealth Management, said it’s concerning. Many consumers she’s talked to don't have hope that they can achieve the American dream. “There will be a time when inflation and prices will continue to go down. The Fed is already talking about that. You see that on the horizon now,” Griffith said. “What I want [consumers] to recognize is inflation is cyclical. It doesn't stay the same, and doom spenders have to keep that in mind.”
Hey Michelle, the price gouging won't go away on its own, and it's not cyclical. Hate to break it to you. Also the Fed are a bunch of jackasses, with extremely limited tools.
Also, I have never seen prices go down except for gas. The Fed wants around 2% inflation every year.
She's a pretty shitty wealth advisor if she thinks these things.
And inflation isn't like loan or mortgage rates. It going down didn't change the inflation that built up. It's cumulative. Those few years of 5-7% inflation made everything more expensive by that amount. And our wages didn't increase by that amount. So effectively we all earn about that much less for no reason.
Sorry off topic but your name is amazing!
Isn’t that a line from Moana?
Really?! I haven’t seen it but maybe lol
This also just misses the point entirely. Young people expect society as we know it to end within our lifetimes. Even if inflation does down for a bit, the ocean is still gonna be acidic af.
The inflation already went up, Michelle. Prices aren't going to drop.
The cost of groceries goes up - it never goes down. Electric rates are going up and it seems everything is going up. Medical care is horrible expensive and it's not going to come back down again. I don't know what planet she's on.
The rich, out of touch planet, I'm guessing. I call it "Opulantis."