Some young people are splashing out on luxuries like travel and designer clothes instead of saving, in a trend that's being characterized as "doom spending" on social media. Doom spending is when a person mindlessly shops to self-soothe because they feel pessimistic about the economy and their future, according to Psychology Today. It's happening because young people are chronically online and feel like they're constantly receiving "bad news," she said. These young people are then translating these bad feelings into bad spending habits, Baeckström added. And Fernández said she's not alone in doom spending.

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Persons: they're, Baeckström, Stefania Troncoso Fernández, spender, Fernández, she's, It's Organizations: King's Business, CNBC, Intuit, America Locations: Colombia