- 44% of Americans surveyed are considering or already taking part in a “low-buy” challenge, and 42% are opting for a stricter “no-buy” commitment.
- A quarter (25%) of challenge participants haven’t been able to save money as a result because it’s going toward covering necessities.
- 42% of Gen Z and 38% of millennials admit to recently panic buying, defined as stocking up on goods in fear some items will soon rise in price or become unavailable.
Faced with rising costs, many Americans are reevaluating their spending habits and trying to cut back through a “no-buy” or “low-buy” lifestyle, while others are blowing money to cope with concerns about the economy.
According to a new study by Intuit Credit Karma, 44% of Americans say they are currently taking part in, or considering taking part in a “low-buy” challenge in the coming months, and 42% say the same about a “no-buy” challenge. For the purpose of this study, a “low buy” challenge involves placing certain restrictions around your spending and a “no buy” challenge is committing to not shopping for anything except for items you need to replace.
Cutting Back, but still coming up short
The most commonly cited reason for participating in a no-buy or low-buy challenge is to build savings, with 41% of respondents indicating this as their primary motivation. Other leading reasons include paying down debt (37%) and affording the high cost of basic necessities (30%). However, despite these disciplined spending restraints, a higher cost of living is still eating into budgets and leaving little to no room for actual savings. When asked how much participants have managed to save through these no-buy and low-buy strategies, the most common response (shared by 25%) was that they haven’t saved anything at all, as their money continues to be absorbed by day-to-day necessities.
Resetting after TikTok, tariffs, and emotional spending
Gen Z is leading the charge when it comes to no-buy and low-buy challenges, with over half reporting they’re either participating in or considering a no-buy (53%) or low-buy (50%) approach. Top motivators are to build savings (42%) and pay down debt (26%), however, this could reflect an effort to course-correct some of their recent spending sprees. Gen Z is the most likely generation to admit to “doom spending” as a way to cope with economic stress (41%), and “panic buying” or stocking up on goods out of fear of price hikes or product shortages (42%). They’re also the generation most influenced by recent TikTok discourse, with 43% saying social media content related to tariffs has impacted their spending and prompted purchases on shopping apps like DHGate, or buying name-brand products from advertised wholesalers they saw in trending TikTok videos.
“No-buy and low-buy challenges can be a helpful way to assess your spending habits and uncover just how much is going toward non-essentials,” said Courtney Alev, consumer financial advocate at Intuit Credit Karma. “That said, the most effective budget is the one you can realistically stick to. As long as you’re consistently paying down debt, contributing to savings or an emergency fund, and only spending on non-essentials after covering the basics, you’re on the right track. A no-buy or low-buy challenge can also help curb emotionally-driven spending, but if you choose not to follow this approach, I recommend developing the habit of pausing to ask yourself thoughtful questions before making discretionary purchases. Consider whether the expense could disrupt your monthly budget, lead to debt, or force you to sacrifice essential needs, and if the purchase will genuinely add value to your life.”
Methodology
This survey was conducted online within the United States by Qualtrics on behalf of Intuit Credit Karma on May 13, 2025, to May 18, 2025, among 1,015 adults ages 18 and older.