Will 2024 Be a “No-Buy Year”?

Here’s a potential trend that could cause retailers to break into a sweat: as 2023 draws to a close, some social media influencers are pledging to do away with impulsive spending habits in 2024 as part of a “no-buy year,” Business Insider reports.

As an example, the news service pointed to the widely followed sentiments posted in November by a TikToker who goes by @nobuy2024, who said she would be starting her “no-buy year” in December, as she had “a borderline shopping addiction” and wanted to document her journey to achieving financial stability. She was also hoping to connect with others who were “trying not to be influenced by consumerism in the year of 2024,” she said.

These TikTokers could be reflecting a broader trend, as Americans in general are keeping a closer eye on their money and financial habits, Business Insider notes.

Such a movement, if it becomes more widespread thanks to such factors as the resumption of student loan payments and rising credit card debt, would clearly have an impact on the retail industry. Stay tuned as the New Year progresses – Shop! will keep any eye on this budding movement.

Meantime, click here for the full BI story.