'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.
The 23-year-old recently purchased a condo in Streeterville as an investment, with plans to renovate the unit and either sell or rent it out.
That line right there tells you basically all you need to know about this person's opinion. "Doom spending" isn't what's keeping the vast majority of 23 year olds from purchasing a condo as an investment.
I have friends that get drawn into ads and who are promoted to make a purchase, which I find to be silly and immature.
"Those silly poors, enjoying life with what meager luxuries they can afford! I'm smart because I have money to buy multiple properties, which I clearly deserve because I was born into it."
Economic writers always seem to find the richest people they know to interview about things. How about this guy talks to someone with negative net worth and a minimum wage job instead?
Id settle for a condo to live in.
I wonder how many average 23-year-olds can afford a condo?
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.
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."
I've seen this and known the end was coming since I was a teenager 25 years ago.
Who care about consumer spending when I've been watching the current biosphere die off for my whole adult life?
I'm supposed to save for a future in a society that's pretty obviously collapsing as the biosphere deteriorates?
I don't have zero hope for the future but the idea that this current infinite expansion system can continue is obviously wrong.
Who care about consumer spending when I've been watching the current biosphere die off for my whole adult life?
I'm supposed to save for a future in a society that's pretty obviously collapsing as the biosphere deteriorates?
The only type of news I consistently paid attention to over my teenage and adult life was environmental news. These two questions strongly inspired me to do something in my life for myself instead of blindly following in other people's footsteps.
When I was in my mid 20's, I abandoned the idea of retirement. Took all my money out of stocks and retirement plans. Sold or donated the majority of what I owned and went off to explore and have experiences. I don't regret it but I'm still filled with so much sadness with how much damage and loss is happening all around us.
In my mid 20's, I blindly predicted that ecological collapse would happen when I would be in my 80's. That number has been dropping rapidly with more news coming out about the current state of the environment. Everything is casually happening faster than expected.
They managed to run Doom on spending?
Lmao, it can truly run on anything.
Another year another propaganda buzzword to keep the masses blaming themselves.
Welp I feel called out as I design a server with GPU passthrough 🤯