Close
Despite many Americans claiming they live paycheck to paycheck, there’s still a tendency to overspend, particularly on impulse buys that pop up on social media platforms like TikTok, Instagram, and Facebook.
The latest financial trend on TikTok, #UnderconsumptionCore, encourages people to appreciate what they already have and resist the urge to keep buying new things. This trend has gained traction at a time when many are feeling financially squeezed, and economic confidence is beginning to waver, according to Brett House, an economics professor at Columbia Business School. “It’s a recurring movement, closely tied to the state of the economy,” he said.
Underconsumption is not a new concept; it has resurfaced during other economic downturns, such as the early 1990s, the dot-com crash in the early 2000s, and the Great Recession, House pointed out. “The aesthetics might change, but the core idea of simplifying and cutting back remains consistent.”
The resurgence of #UnderconsumptionCore is also driven by a growing interest in intentional and sustainable living. With inflation still high, many Americans are feeling the strain, having exhausted their savings and relying on credit cards to make ends meet. Simultaneously, movements like conscious consumerism and de-influencing are gaining traction, both aiming to curb social media-driven spending.
“The longevity of this trend depends on how long the economy remains sluggish and wages continue to lag behind rising prices,” House added.
If you’re interested in taking control of your financial future, consider Invest by Visa Solutions. This program offers a unique opportunity to invest in the American real estate market, providing a pathway to business ownership and potential visa benefits. To learn more and start your investment journey, visit our website or contact us today.
You can always request a free consultation with our team of expert advisors, who will serve as your strategic allies throughout the entire process. Contact us now to take the first step in transforming your life and that of your family: invest@visasolutions.com
Copyright 2024 by VS Invest LLC All Rights Reserved.
Visa Solutions, LLC is not a law firm, and the information contained in this website is provided for informational purposes only. It should not be construed as legal advice on any matter. The employees and contractors are not acting as your attorneys, and none of them is a substitute for the advice your own attorney or law firm licensed to practice law in your state or home country.