Another way younger generations are responding to the chaos of today is doomspending. “We've seen that Gen Z is a generation defined by instant gratification. Of course, they would love to own a home one day, but for now, that doesn’t always feel attainable. What does feel within reach is booking the holiday they’ve always wanted, or treating themselves to new beauty products or clothes. These are the things bringing happiness in the here and now, especially for those just stepping into the workforce full time.” Blessing Dosunmu, The Youth Lab
The clue is in the name - doomspending is spending money impulsively or excessively as a way to cope with stress, uncertainty, or negative news about the future. And according to the Financial Times, it’s “shockingly common”. Data from Ipsos in 2024 showed that 1 in 2 UK adults engage in this behaviour, rising to 67% among Gen Z and Millennials. Our bet is an upward trend on this behaviour for 2026. While it can serve as a short-term emotional reward, it often leads to greater financial anxiety in the long term. But in the context of today’s chaos, “treating yourself” can feel like the perfect antidote - offering a sense of control when everything else feels unstable. And of course, in our digitised culture of over-consumption, it’s so easy to make an impulse shop - TikTok Shop's global Gross Merchandise Value (GMV) reached approximately $64.3 billion in 2025, marking a 94% year-over-year increase from 2024, spurred on by the $560 billion Buy Now Pay Later (BNPL) marketplace. More broadly speaking, and highlighted in our Youth Culture Uncovered 2026 findings, many young people see traditional milestones of success - home ownership, pensions - can feel increasingly out of reach or irrelevant. Instead, more immediate, modern milestones like travel or experiences rooted in community and connection feel more aligned with their economic reality. After all, why save for a future that feels so uncertain when a memorable trip to [insert amazing foreign destination] delivers purpose and meaning in the now? |