The pandemic has led to a shift in American spending habits, with people saving less and prioritizing experiences like vacations, concerts, and entertainment. This trend, dubbed the 'YOLO economy,' reflects a desire for dreamy experiences over traditional expenses like dining out. The shift towards indulging in experiences is seen as part of the 'Great Resignation,' where Americans prioritize personal lives over work, marking a significant societal change.
Living beyond our means is apparently worrisome behavior. Such old-fashioned thinking! “One concerning part of Friday’s report was mismatch between spending & income said Sosnick. While higher spending boosts economy S-T, it’s unsustainable to spend more & make less” @business https://t.co/MXOujd3khO
My colleague @YelenaMaleyev dug into the changes in consumer spending as a share of GDP. One factor that has puzzled economists in recent years has been the persistence of spending on goods relative to services, even as we seemed to have snapped up just about everything…
🇺🇸 Covid changed how we spend: More YOLO splurging but less saving https://t.co/kQwCkUGreE
Covid changed how we spend: More YOLO splurging but less saving https://t.co/7SVO4mg1te
The post-Covid YOLO economy of people traveling more, attending concerts in other cities & immersing themselves in experiences is another form of the Great Resignation. Americans continue to prioritize their personal lives over work, something that is a huge societal change. https://t.co/t2WR3DRAJq
“Whatever you call it — doom spending, soft saving, YOLOing, ‘you only live once’— the coronavirus pandemic has changed the way Americans spend money.” https://t.co/TJhcPJ02r4
The pandemic changed how Americans spend. They're saving less and spending big on experiences -- vacations, concerts, sporting events, entertainment. It's the "YOLO economy" writes @abhabhattarai People want dreamy experiences, not a dinner out. https://t.co/x21aX82eym