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Many Americans “Doom Spend” to Deal with Stress

Worried shoppers seek comfort by making buys.




Many Americans “Doom Spend” to Deal with Stress
PHOTOGRAPHY: Drazen Zigic/

More than one in four American shoppers are engaging in “doom spending,” a recent survey conducted by Qualtrics for Intuit Credit Karma found. The study defines “doom spending” as spending money to cope with stress related to concerns about the economy and foreign affairs to cope with stress.

“Much like [online] doom scrolling, we’re seeing people mindlessly shop to soothe concerns about the economy and foreign affairs, which could take a toll on their financial well being,” said Courtney Alev, Consumer Financial Advocate at Credit Karma.

Other findings within the survey include:

  • More than a quarter of Americans (27 percent) “doom spend” to cope with stress.
  • 96 percent of Americans are concerned about the current state of the economy.
  • Nearly one third (32 percent) of Americans have taken on more debt in the last six months amid increased spending (27 percent).

The survey was conducted online within the United States by Qualtrics between Nov. 3-Nov. 9 with responses from among 1004 adults ages 18 and up.

Click here for more from the survey.


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When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”

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