Doom Spender: Anatomy of an Impulse

Many of us feel a momentary sense of relief when shopping. But some of us can’t control our tendency to shop and end up spending all the time. There is a concept that describes this situation: “doom spender” or ‘apocalyptic spender’.

So what does this behavior mean and what are the underlying reasons? Let’s take a look together.

Getting to Know the Doom Spender

Many studies show that people associate their spending with emotional triggers. A 2017 study found that people often make spending decisions based on the impulses of “short-term gratification” and “self-reward”. In other words, people prioritize instant relief and are indifferent to potential financial problems they may face in the future.

Another study shows that people are sensitive to pressures from social media and social circles while spending. In other words, the thought of “How can I stop while everyone else is buying something?” is among the reasons that push people to spend. This is further reinforced by the search for social approval and a sense of competition. At the end of the day, this tendency snowballs into an inextricable vicious circle.

Living as if there is no future: Why Do We Spend?

1. The Lure of Instant Gratification

There are various studies showing that spending causes dopamine to be released in our brains and that this is associated with feelings of happiness. Of course, it would not be right to say that there is nothing wrong with spending in moderation and in line with needs. However, in the consumer culture we live in, the attraction of instant gratification prevents saving behavior. This leads to uncertainty about our future financial situation.

Another study proves this thesis. It shows that spending stimulates the brain’s reward center, which is why people sacrifice long-term savings for instant gratification. In other words, things today are not going as our ancestors said, “Hide the hay, and they will come.”

2. Social Pressures and “FOMO” (Fear of Missing Out)

One answer to the question “Why do we spend?” comes from social pressures and FOMO (Fear of Missing Out), i.e. ‘fear of missing out on opportunities’. Here, social media, where we spend hours every day without realizing it, takes the lead. It is undeniable that social media, which is so central to our lives, has a huge impact on the way we appear to others.

A 2018 study found that young people’s tendency to spend on social media increases with pressure and competition from their friends. In this case, “FOMO” (fear of missing out) and spending with the thought of “I have to catch up” becomes a common behavior for many doom spenders.

3. Postponing the Future

In today’s socioeconomic, psychological and social conditions, we have a “live for today, don’t think about tomorrow” mentality. However, many of us either do not see or ignore the potential for this approach to lead to financial crises. To refer to a 2019 study, people’s inability or inability to connect with their future selves leads them to spend and ignore saving.

Conclusion

As a result, our spending is shaped not only by material, but also emotional and social dynamics. Risking our long-term financial health in the pursuit of instant gratification is a choice we often make, whether we realize it or not. However, it is possible to break this cycle with awareness and small steps. The future is shaped by the decisions we make today, so being more conscious about our spending is the greatest favor we can do for ourselves and our future.