TikTok has given birth to a new trend of the financial kind.
The famous (and controversial) social media platform recently helped a new financial trend that encourages people to be resourceful with the things they have while not looking broke rise to virality and popularity.
TikTok is also home to various trends and challenges that entertained people worldwide for better or ill.
The Latest Financial Trend On The Internet
The world economy may be improving in certain countries, but most are still wading through difficulties that make living more difficult than it already is.
Thanks to inflation and the economic uncertainty going around, many tech companies laid off many of their employees, while streaming services increased their subscription fees to either save or earn money.
Despite the difficulties, there are ways to make oneself and their lifestyle look luxurious and classy despite their limited means. A new financial trend called "bougie Broke" is encouraging people to be resourceful with what they have to appear classy while having limited means.
The trend originated from a TikTok video posted in 2022 by user Josh Jacobs, saying, "Have you ever been broke, but no one believes you because you don't look like a broke person? The thing is, like you broke, but like a bougie broke, like you broké (brokay)."
According to Business Insider, Jacobs' video got shared almost 300,000 times since it was posted, getting it viral and influencing people to use his phrase and voice to showcase their own "bougie while broke" lifestyles.
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According to Business Insider, Jacobs' video got shared almost 300,000 times since it was posted, getting it viral and influencing people to use his phrase and voice to showcase their own "bougie while broke" lifestyles.
To be specific, the bougie broke financial trend encourages people to be creative and resourceful with what they have to help them appear classy despite having limited means, usually with DIY tricks.
For example, one TikTok user revealed they move furniture around if they feel the urge to go furniture shopping to give them that brand-new look. Another user recommended fitting a room with LED lighting and sensors to "make it luxury but on a budget."
The Sunday Times, a UK publication, talked with other people that embraced the bougie-broke lifestyle. They recounted having their partners buy stuff from budget stores to avoid being seen there and serving budget champagne super cold as an alternative to the real one.
The Effect Of Inflation And Economic Uncertainty
The rise of financial trends like bougie broke is a symptom of the worsening economic situation worldwide following the easing of restrictions after the COVID-19 pandemic, especially in the UK.
The UK's national statistics office found that nearly half of all adults in Great Britain said they found affording rent or a mortgage somewhat to very difficult between June and July 2023. Meanwhile, Michelle Kilfoyle of the Economics Observatory that the prices of food and non-alcoholic drinks in the UK rose at their fastest rate since 1977 in the past year.
There is something good coming out of the trend other than being resourceful and creative. Emily Irwin, the managing director of advice and planning at Wells Fargo's Wealth & Investment Management, told CNBC that the bougie broke trend helps in dismantling the long-standing taboos around discussing money.
As a result, more and more people are empowered to start such a conversation.
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