No Buy, Low Buy, Slow Buy: How Consumers Are Preparing for an Economic Downturn

Since inflation started soaring in 2021, Americans have been worried about their ability to maintain their current standard of living. Now, with former President Donald Trump’s new tariff policies taking effect, financial concerns are rising once again—prompting many people to rethink their spending habits.

Consumers Cut Back on Non-Essential Spending

According to a recent study by Intuit Credit Karma, conducted in April 2025 with over 2,000 U.S. adults, a staggering 83% of consumers said they would seriously consider cutting back on non-essential spending if their financial situation worsens in the coming months.

On TikTok, saving money hacks have exploded in popularity, especially among young adults, with hashtags like #NoBuy, #SlowBuy, #LowBuy, and #Underconsumption going viral. These financial trends all share a common goal: making the most of what you already own and resisting the urge to buy more—or anything at all.

What Are the “No Buy, Low Buy, Slow Buy” Challenges?

“No Buy 2025”: Commit to avoiding all non-essential purchases for an entire year—including clothes, books, electronics, and entertainment.

“Low Buy” and “Slow Buy”: Encourage a more mindful approach to spending, like following a “48-hour rule” before making any discretionary purchase, or limiting spending altogether.

🎯 The main goal of these challenges is to reduce overspending—or “doom spending”—as recession fears grow.

Research by H&R Block’s Spruce also found that 68% of Gen Z consumers are influenced by financial trends on social media, with over a third turning directly to social platforms for financial advice.

Why Are Saving Challenges So Popular?

Americans are feeling the pinch of rising prices. Multiple reports show that many have exhausted their savings and are relying on credit cards to cover daily expenses.

Eugenio Aleman, chief economist at Raymond James, explained:

“Consumers are going to have to pay for the price increases caused by these tariffs. There’s no way around it. The alternative is to reduce consumption, especially discretionary items.”

A Gallup survey found that 53% of U.S. adults believe their financial situation is getting worse, while only 38% said it’s improving. Additionally, 57% worry they won’t be able to maintain their standard of living.

Another report by Bankrate revealed that 43% of adults say money negatively affects their mental health—at least occasionally—causing anxiety, stress, worrisome thoughts, sleeplessness, and even depression.

How to Improve Your Finances Sustainably

While TikTok’s latest finance trends may offer short-term savings boosts, financial experts emphasize that sustainable financial health starts with sound, long-term habits.

Daniel Milan, managing partner at Cornerstone Financial Services, advises:

“Ignore what others are doing with their money. That’s a foundational principle for any household.”

He recommends starting with a budget:

“People don’t like that word, but instead of jumping on the latest trend, sit down and map out what you’re actually spending.”

By identifying excess spending—differentiating between wants and needs—consumers can cut unnecessary costs. Milan shared that after getting married, he personally reviewed his finances and eliminated overlapping subscriptions and bills, saving $800 per month.

“That kind of exercise can be extraordinarily powerful from a cash flow perspective,” he said.

Conclusion

From “no buy” to “slow buy,” saving-focused challenges are becoming a natural response to economic uncertainty. With tariffs rising, inflation persisting, and recession fears looming, adopting mindful spending and personal financial control is essential for long-term stability.

Source: CNBC