Pandemic shopping changes have fueled impulsive purchases
Certainly, the pandemic has changed the way people spend their money.
According to one analysis by McKinsey & Company.
Americans are spending more on clothing, travel and experiences, the report said, and they are now conditioned to “believe they can get whatever they want, whenever they want.” would like.”
But it also leaves shoppers vulnerable to impulsive purchases.
Another recent one report of online lender SoFi found that 56% of consumers say that more than half of their online purchases are spontaneous, largely due to a change in post-Covid habits and an increase in purchases. now, pay later, has exploded in popularity along with a general increase in In Online Shopping.
BNPL, social media and drunk shopping are budget busters
Learn many times showed that BNPL played a role in encourage consumers to spend more than they can afford on attractive purchases.
According to a report by LendingTree, nearly half of shoppers said they wouldn’t make a similar purchase if they didn’t have a financing option.
Sites like TikTok, Instagram, and Facebook are also driving compelling purchases.
fast online shopping
Jelena Lalic | Istock | beautiful pictures
About half of social media users made an impulsive purchase as they saw it on their feed, Bank was recently found. In a SoFi survey, up to three-quarters of consumers said they bought something they saw on social media.
It’s not just the allure of celebrities like the Kardashians anymore: Seeing influencers and even friends, posting in restaurants, going on vacation, or shopping creates the “Keep Up with the Joness” mentality ” It’s a hard to resist.
Nearly 40% of young adults say they spend more money on experiences than on necessities like paying bills, in part because they want to share it on social media, according to a separate Credit report. Karma.
Two cotton candy friends taking pictures by the Ferris wheel
Martin-dm | E + | beautiful pictures
The increase in spending through social media platforms has also led to an increase in shopping while not fully awake.
With more consumers online around the clock, more than half of adults, or 53%, admit they shopped while intoxicated, SoFi said.
The most popular post-cocktail purchase: clothes, based on social media posts about online shopping while drunk. Amazon is by far the most talked about retailer.
Live with regrets
Buyer remorse is not new. Under these conditions, however, it is more pervasive than ever.
Among those who have used the installment plan, 22% regret their decision, according to one DebtHammer.org survey.
Based on a Bankrate report, 64% of shoppers said they regretted at least one purchase they made because of social media.
And when it comes to shopping while intoxicated, 65% of respondents said they forgot to order an item until it arrived at their doorstep, according to SoFi.
Meanwhile, total credit card debt has rebounded to $890 billion, just below the 2019 record high. Allen Amadin, president and CEO of Consumer Credit Consulting, USA, give these tips to limit spending and pay down debt.
