Have you found yourself scrolling through Instagram or TikTok and then reaching for your wallet? If yes, then you are not alone.
a survey from Bank rate Turns out that almost half of social media users have admitted to making impulse purchases.
According to a Bankrate report, this is a phenomenon that has caused Americans to lose $71 billion in the last 12 months.
“We’re prepared to do our best, but keeping up with the Joneses could leave you deep in debt,” warned Ted Rossman, senior industry analyst at Bankrate.
Rossman also said that those impulse purchases won’t bring people long-term happiness. In fact, the survey shows that 68% of respondents regretted at least one of their quick purchases.
No matter what a person’s age, no group is immune from impulse buying. With the sophistication of algorithms, social media services can usually identify what a specific user will be interested in.
According to Bankrate, 61% of Millennials are guilty of impulse purchases more than any other generation. 60% of their younger counterparts in Gen Z follow them.
It appears that Gen X and Baby Boomers exercise more restraint when using social media. Forty-two percent of Gen
Experts say people can cut down on impulse buying by identifying emotional triggers.
Bankrate advises, “When you recognize you’re making a purchase in response to a trigger, turn off your phone and come back to the item later to see if you still want it.”