Americans Spend An Average of $450 A Week On Impulse Buys

2/21/2018
Slickdeals

A survey of 2,000 Americans about impulse spending, and found that respondents spend an average of $450 every month and that adds up to $5,400 annually, or $324,000 over the course of their lifetime.

 

According to the respondents, one in five purchases are purchased impulsively. The top purchases are on food and groceries, clothing, household items, takeout and shoes. The majority of impulse spending happens in the store or restaurant.

 

Three in four Americans buy the candy at the register before they checkout. 32 percent impulsively buy food after passing a nearby restaurant. One in four Americans buy a pair of shoes when they see them in the store.

 

"Impulse purchasing in the traditional sense can put a dent in your personal finances, but there is a way to turn the tables. You can buy impulsively and get the rush of getting a great deal, but do it sensibly by buying things you'll need later on," Slickdeals CEO Josh Meyers said.

 

"For instance, you can buy a birthday or Christmas present for family and friends months in advance, or you can stock up on household essentials with promotions and discount codes from big name retailers such as Target, Walmart and Amazon."

 

People tend to impulse buy more when they're happy and excited as opposed to sad or stressed. More importantly, the majority of impulse buys tend to be for oneself, with 54 percent of impulse buys meant for yourself.

 

The main reason for impulse purchases is because of the deals on that product. 64 percent reported that they shop impulsively if there's a deal. In fact, 40 percent went out and bought something because of a coupon in the mail and 33 percent bought something after receiving a coupon in their email inbox. 21 percent reported that they tend to impulse buy while being online.

 
 
 

In a world of increasing availability of coupons, discounts, and deals, it can be difficult and time consuming to figure out if you're getting the absolute best deal.

 

"At Slickdeals, we equate impulse purchasing with saving money. We use crowd-sourcing from our 10 million users to uncover the very best deals on any given day," said Meyers.

 

"It's an effortless way to save money on products you will need in the future -  why wait until you run out of something, only to pay full price, when you can anticipate your needs in advance and save money in the process?"

 

Although impulse buying can be fun in the moment, Meyers advises consumers to be mindful and to looks for deals and coupons to save money on the things you need.

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