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1 in 5 Americans Are Doom Spending as Economic Uncertainty Rises
Monday, April 28, 2025
Survey Finds Nearly Half Are Stockpiling or Making Big Purchases Due to Fear of Rising Prices
AUSTIN, Texas, April 21, 2025 /PRNewswire-PRWeb/ -- A new CreditCards.com survey of 1,000 U.S. adults conducted in April finds 1 in 5 Americans are engaging in "doom spending" -- making purchases driven by fear or anxiety about the future. Additionally, 37% say they've stockpiled goods since November 2024, and another 14% plan to start. Nearly half (48%) have made a large purchase over $500 during that time.
"Economic uncertainty often causes people to cut back on spending. But amid the threat of tariffs on U.S. imports, some people might stockpile, make big purchases or engage in 'doom spending."Stockpiling is more common among Kamala Harris voters (44%) than Trump voters (31%), and most say fear of rising prices played a role -- 51% say it was a major factor and 28% say it played a small role. Commonly stockpiled items include food (74%), personal care items (60%), toilet paper (48%), water (47%), and home goods (43%). Others report stockpiling medical supplies (39%), over-the-counter medications (26%), and firearms or ammunition (13%).
"Fear of rising prices causes many people to stockpile all sorts of items, from toilet paper to electronics," says John Egan, credit cards and personal finance expert at CreditCards.com. "While it makes sense to stockpile certain items to avoid tariffs, only buy what you actually need and will actually use. Otherwise, you might wind up overspending."
Since November, 48% of Americans say they've made a purchase over $500, including electronics (22%), home improvement materials (18%), appliances (14%), cars (12%), furniture (12%), and homes (4%). Again, fear of rising prices was a common motivator -- 36% say it played a major role, 22% say a small role. Harris voters (67%) were more likely than Trump voters (51%) to cite this concern.
Spending patterns continue to shift in April. While 45% say their spending will remain the same, 15% expect to spend more and 41% plan to cut back. At the same time, 28% of Americans say they're likely to go into or worsen their credit card debt this year, including 9% who say it's very likely.
Doom spending remains consistent with February levels. Five percent say their recent spending definitely qualifies, 13% say probably, and another 19% are unsure. Doom spending is more common among Harris voters (26%) than Trump voters (14%).
"Economic uncertainty often causes people to cut back on spending. But amid the threat of tariffs on U.S. imports, some people might stockpile, make big purchases or engage in 'doom spending,'" Egan says. "Unfortunately, these behaviors can lead to piling up credit card debt. Ideally, you should use cash for purchases in situations like this and set aside as much money in savings as you're able to."
This survey was conducted online by YouGov between April 11 and April 14, 2025, using a nationally representative sample of 1,000 U.S. adults. The adjusted margin of error is approximately 3.57%.
For media inquiries, contact jennifer@creditcards.com.
Access the full report here: https://www.creditcards.com/statistics/1-in-5-americans-are-doom-spending-as-economic-uncertainty-rises/
Media Contact
Jennifer Miller, CreditCards.com, 000-0000, jennifer@creditcards.com
View original content:https://www.prweb.com/releases/1-in-5-americans-are-doom-spending-as-economic-uncertainty-rises-302433052.html
SOURCE CreditCards.com
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