Study: One-in-five Americans are ‘doom spending’
Rising anxiety over potential price hikes due to tariffs and another pandemic is causing some consumers to purchase more items than usual.
One-in-five Americans say they are “doom spending” — purchasing items excessively or impulsively in response to fears or anxiety about future events, according to Credit.Cards.com’s February report, which examines consumer spending habits since President Donald Trump took office. The survey revealed that one-in-four Americans have made large purchases since November in fear of Trump’s tariffs, while while 21% have not but plan to soon.
Of those who made a large purchase, the most common items were electronics (39%), home appliances (31%), and home improvement materials (25%). Furniture (22%) and cars (17%) were also noted.
“It’s too soon to say precisely how the new tariffs imposed by President Trump are affecting consumer spending,” said John Egan, credit cards, insurance and personal finance expert contributor for CreditCards.com. “However, they very well could cause some consumers to rethink their buying habits, especially when it comes to major purchases.”
One of the drawbacks of doom spending is that it could prompt consumers to overspend and strain their budgets, added Egan.
“In addition, doom spending might lead you to pile up credit card debt, which could put you in a financial hole due to interest charges and fees,” he said.
Pandemic Stockpiling
In other findings, three-in-10 Americans are purchasing items in preparation for another pandemic, and 42% are — or will start —stockpiling items, mainly food and toilet paper.
The most commonly stockpiled items include non-perishable food (76%) and toilet paper (72%). Nearly half (49%) stocked up on medical supplies, and 44% purchased over-the-counter medications. Smaller portions secured water filtration systems (21%), home goods or appliances (23%), personal care products (25%), or firearms and ammunition (15%).
Debt
When asked about using credit cards to finance purchases, 28% of Americans say they rely on credit cards for most purchases, 37% use them for some, and 35% do not use credit cards for their purchases.
Looking ahead, of those who use credit cards, 34% say they are likely to worsen or go into credit card debt this year to secure purchases.
Methodology
This survey was launched on Feb. 13, 2025, through the Pollfish platform. A total of 2,000 U.S. residents completed the full survey.
