Interesting article about the "YOLO" attitude that has permeated Americans' spending habits, especially related to travel and the "experience economy", even though they are faced with high interest rates, decreased savings and a cooling labor market.
People are spending/borrowing/decreasing their retirement savings to travel because of the covid experience, climate change fears, the extremely high cost of homes.
A tough housing market has more consumers writing off something they'd historically save for, while the pandemic showed the instability of any long-term plans related to health, work or day-to day life. So, they are spending on once-in-a lifetime experiences because they worry they may not be able to do them later.
Many of us have experienced the crowds and the higher prices of travel and are aware of the recent high demand for it. After reading the article I have to wonder how sustainable this demand will be in the longer term.