人工智慧概述
末日消費是指為了應對焦慮、壓力或對未來（例如經濟不穩定或住房負擔不起）的悲觀情緒，而衝動地購買非必需品的習慣。這是一種宿命論式的短期情緒療癒（購物療法），人們，尤其是Z世代和千禧世代，即使擔憂黯淡的財務前景，仍然會進行消費。
末日消費的關鍵特徵：
壓力誘發：通常在接觸負面新聞或財務焦慮後出現。
因應機制：當購屋等長期目標看似遙不可及時，人們會利用末日消費來獲得掌控感或即時滿足感。
財務影響：可能導致長期的財務損失，包括債務和儲蓄減少。
心理因素：類似“末日刷屏”，末日消費是一種逃避現實、應對絕望情緒的機制。
它經常與「先買後付」服務和社群媒體的使用聯繫在一起，超過四分之一的美國人承認這種行為是為了應對壓力。
AI Overview
Doom spending is the habit of impulsively spending money on non-essential items to cope with anxiety, stress, or a pessimistic outlook on the future, such as economic instability or housing unaffordability. It is a fatalistic, short-term emotional fix (retail therapy) where individuals, particularly Gen Z and millennials, spend despite fearing a bleak financial future.About Schwab +4
Key Aspects of Doom Spending:
- Triggered by Stress: Often follows exposure to negative news or financial anxiety.
- Coping Mechanism: Used as a way to feel in control or gain immediate gratification when long-term goals like buying a house seem impossible.
- Financial Impact: It can lead to long-term financial damage, including debt and reduced savings.
- Psychology: Similar to "doom scrolling," it is an escape mechanism to manage feelings of hopelessness.
It is frequently linked to the use of "buy now, pay later" services and social media, with over a quarter of Americans admitting to this behavior to deal with stress.
《旁觀者》
· 花掉你沒有的錢。買你不需要的東西。花到你的透支額度快要耗盡，然後再花一些。
這就是我們這一代——大致出生於1997年至2012年之間——所說的「末日消費」：揮霍金錢來讓自己感覺好一點。可以把它想像成有Z世代專屬標籤的購物療法。
Credit Karma最近的一項研究發現，37%的Z世代和39%的千禧世代承認自己有「末日消費」。另有47%的Z世代表示，由於對世界和經濟的擔憂，他們無法理性地存錢。
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人工智慧概覽
中國正採取更保守、有針對性的政府支出策略，其2026年經濟成長目標設定為歷史新低，僅4.5%至5%。儘管面臨超過300%的高債務佔GDP比率（儘管尚可控制），北京仍致力於經濟結構調整，優先發展高科技製造業、人工智慧和綠色能源，而非傳統的、以債務驅動的房地產和基礎設施投資。
巴倫周刊
巴倫周刊
+3
中國保守支出策略的關鍵面向（2025-2026）：
降低成長目標和謹慎的財政立場：2026年4.5%至5%的成長目標是1991年以來的最低水平，這表明官員們樂於接受更緩慢、更可持續的成長步伐，並避免為了追求更高的成長目標而進行魯莽的支出。
債務再融資而非刺激：政府支出的大部分用於為地方政府的表外債務進行再融資，而非全力扶持新的經濟成長項目。
定向產業政策：北京沒有採取廣泛的刺激措施，而是利用定向補貼和稅收優惠來推動「產業自力更生」和技術升級。
保守的消費支持：儘管努力提振國內消費，但與國際標準相比，直接向家庭發放的現金補貼仍然較低。政府透過家電和汽車以舊換新等溫和措施來鼓勵消費。
國防與戰略支出：雖然整體支出較為保守，但2026年國防預算預計將成長7%，達到1.91兆元人民幣，延續了現代化趨勢。
中國電力項目
中國電力項目
+9
背景因素：
房地產危機：房地產行業的崩盤大幅減少了地方政府的收入，而地方政府的收入歷來依賴土地出售。
高儲蓄率：華人家庭儲蓄率約為可支配所得的32%，反映出由於信心不足和社會保障體係有限而導致的謹慎、「厭惡債務」的心態。
財政赤字：儘管政府採取了較保守、更有針對性的支出方式，但財政赤字仍居高不下，2026年的預測顯示，赤字佔GDP的比重可能達到4%。
BBC
本質上，北京正在放棄「不惜一切代價追求成長」的模式，轉而選擇管控債務風險，投資於長期戰略性產業，而不是依賴大規模、廣泛的刺激方案。
Réngōng zhìhuì gàilǎn
China is adopting a more conservative, targeted approach to government spending, marked by a record-low 2026 economic growth target of
4.5% to 5%. While facing a high, albeit manageable, debt-to-GDP ratio of over 300%, Beijing is focusing on restructuring its economy—prioritizing high-tech manufacturing, AI, and green energy over traditional, debt-fueled property and infrastructure investment.Key Aspects of China's Conservative Spending Approach (2025-2026):
- Lowered Growth Target & Cautious Fiscal Stance: The 4.5% to 5% growth target for 2026 is the lowest since 1991, signaling that officials are comfortable with a slower, more sustainable pace and are avoiding reckless spending to hit higher numbers.
- Refinancing Debt Over Stimulus: A significant portion of government spending is being directed toward refinancing off-balance-sheet debt for local governments rather than fully propping up new economic growth projects.
- Targeted Industrial Policy: Instead of broad stimulus, Beijing is using targeted subsidies and tax incentives to drive "industrial self-reliance" and technological upgrades.
- Conservative Consumer Support: Despite efforts to boost domestic consumption, direct cash handouts to households remain low compared to international standards. The government is encouraging consumption through moderate measures like trade-in programs for appliances and cars.
- Defense & Strategic Spending: While overall spending is conservative, the 2026 defense budget is set for a 7% increase to 1.91 trillion yuan, continuing a trend of modernization.
Contextual Factors:
- Property Crisis: The collapse in the real estate sector has drastically reduced local government revenue, which was historically driven by land sales.
- High Savings Rates: Chinese households are saving around 32% of their disposable income, reflecting a cautious, "debt-averse" mentality due to weak confidence and a limited social safety net.
- Fiscal Deficit: Despite a more conservative, targeted spending approach, the government deficit remains high, with 2026 projects indicating a potential 4% deficit-to-GDP ratio.
In essence, Beijing is pivoting away from the "growth-at-all-costs" model, choosing to manage debt risks and invest in long-term strategic sectors rather than relying on massive, broad-based stimulus packages.
Spend what you don’t have. Spend on what you don’t need. Spend until your overdraft is gasping for air, and then spend some more.
This is what my generation – those of us born roughly between 1997 and 2012 – calls ‘doom spending’: the act of spaffing the cash to make ourselves feel better. Think retail therapy with a strategic Gen Z hashtag.
A recent study by Credit Karma found that 37 per cent of Gen Z and 39 per cent of millennials admit to doom spending. A further 47 per cent of Gen Zers say they can’t rationalise saving money due to fears about the world and the economy.
Zak Asgard
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