The rise of social media has seen a surge in 'doom spending' as people look to escape from bad news - but it comes with a 'nasty sting in the tail' in terms of debt
The phenomenon of ‘doom spending’ is on the rise in Britain, where individuals are spending money for a bit of cheer amidst grim political and economic news. The surge in ‘buy now pay later’ schemes, widespread across online shops and the high street, has been instrumental in encouraging shoppers to make impulsive purchases without the immediate pang of guilt.
He added that influencers’ marketing could prompt unnecessary purchases as a momentary pick-me-up, perpetuating a cycle of brief satisfaction followed by renewed yearning. He warned: "Doom spending is becoming an increasingly easy trap to fall into. Online shopping gives us that buzz with just one click of a button, while staggered payment options from the likes of Klarna and PayPal Credit make it deceptively swift and painless."
Mr Jinks has suggested several measures that consumers can adopt to manage their spending. These include meticulous financial planning to determine any available "spare" income each month.
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