B2 – Upper Intermediate
Amid rising interest rates, reduced savings, and persistent inflation, some Americans are still spending unrestrainedly. This year’s Black Friday saw U.S. shoppers spending more money compared to the previous year, showing a trend of increased spending despite tough economic conditions. Thus, economists are on pins and needles.
Read the article to learn more about Americans’ ‘YOLO’ spending sprees and why economists are confounded about it.
Vocabulary Questions:
- What is a “brick-and-mortar store”? “On Black Friday, sales at brick-and-mortar stores were up 1.1% from last year; online alone, US shoppers spent a record $9.8bn (£7.72bn) online alone. Consumers spent another $12.4bn (£9.77bn) on Cyber Monday – an eye-popping 9.6% increase over last year.” Make a sentence with this term.
- Define “chug on”. “If 18 months ago, you’d have said the Federal Reserve Bank could raise interest rates by 500 basis points, and the consumer would chug on, relatively unfazed, I would have been extremely surprised.” Make a sentence.
- What does “square the circle” mean? “Given how much of our life is related to work, how can analysts square that circle?” Use this in a sentence.
Discussion Questions:
- What drives Americans’ ‘YOLO’ spending spree?
- How do you feel about ‘YOLO’ affecting spending habits amid economic uncertainties?
- Have your spending habits shifted towards a ‘YOLO’ mentality, and what factors contributed to this change?
- How do you balance embracing the present (‘YOLO’) with maintaining financial responsibility in today’s economic landscape?
- What societal or cultural changes do you think lead individuals to adopt a ‘You Only Live Once’ spending approach?
2 replies on “Americans’ YOLO Spending Baffles Economists”
Discussion Questions:
1. What drives Americans’ ‘YOLO’ spending spree?
Maybe there are many factors but they are Youngs they have jobs, more or less well paid, and specially the have change their mindset about work, save and free time. We are in a paradigm’s change from the rise-and-grind (hustle culture) to the YOLO culture, and this new mindset affect and drive their habits.
2. How do you feel about ‘YOLO’ affecting spending habits amid economic uncertainties?
I think it’s a personal decision, it’s ok to live and enjoy the present, but you have to be self-confident enough to deal with the future… Probably when you are young you usually think everything is possible and nobody will stop you… the reality, sometimes, is not as sweet as you think.
3. Have your spending habits shifted towards a ‘YOLO’ mentality, and what factors contribute to this change?
Well, from my perspective, the covid-19 pandemic have affected us a lot, I think. In my case I appreciate more the present, and maybe I try to spend a little more than before in things that I like it (p.e: music concerts, restaurants, wine, parfums, etc.) But without losing my mind, of course.
4. How do you balance embracing the present (‘YOLO’) with maintaining financial responsibility in today’s economic landscape?
I think it is important to do an exercise between income and expenses, for me, the most important think is never borrowing money to banks neither to friends, etc… and also never lend money to anybody.
5. What societal or cultural changes do you think lead individuals to adopt a ‘You Only Live Once’ spending approach?
Many factors, one of them and very important was the covid-19 pandemic, but also all the wars that surrounding us: Russia-Ukrainian war, the conflict in the Middle East, and all the uncertainty we are living nowadays. Also the younger people most of them were the only child in the family and they were spoiled because of that… the got everything they wanted and now maybe the want more than they can afford.
Job well done sharing your thoughts on this subject.
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