Of all the people you hear about walking away from their houses in the 80's, how many were back on track with a similar property within 10 years? I suspect most, but I really have no idea.
I think dining, travel, and clothing are probably the biggest culprits (plus cars for those not living in the heart of TOR, VAN, or MTL) - most of which can be largely traced back to the housing problem in one way or another.
More competitive job markets + higher housing costs = delayed financial stability = delayed marriage + children --> young professionals working long hours coming home to shoeboxes that are ill-equipped for social gatherings --> lots of money spent dining out.
Also a desire to travel (escaping shoebox in winter) before it becomes harder and more $$ with kids.
Social media plays a big role, but it seems things were trending this way long before it became so prevalent.
It's a bit harder to rationalize the 'need' for multiple pairs $100+ yoga pants and multiple $500+ jackets... I'm certainly not complaining about getting to see the former, and I really appreciate all of my technical outerwear, though I never pay more than 50% MSRP and actually use them in the wilderness (I think I've gotten 3 different Patagonia pieces repaired three times each under lifetime warranty over the last ~10 years). All of that is just to say that the existence of expensive items like this isn't necessarily stupid, but wearing pristine Arcteryx to and from the office is...
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