Scroll-and-shopping may have once worked for the toughest (or frugalest) of us. Whether we’re asking every chair within a 1-mile radius on Facebook Marketplace if it’s “still available,” grabbing some cute-looking earrings from some influencer, or buying slime as an adult, The online shopping craze hits us all in some form. or otherwise – hitting young viewers especially hard.
Those who grew up online find themselves most susceptible to online shopping. A new survey shows that a majority of Gen Z (60%) and Millennials (61%) admit to making impulse purchases based on social media in the past year. bank interest rate One survey of more than 3,500 people. Older generations are not immune to the temptation of the latest advertising gizmo or novelty poster, but say they are less affected by it; 42% of Gen Xers and 34% of Baby Boomers admit to making impulse purchases online this year.
“Young people are particularly vulnerable to experience,” said Ted Rossman, senior industry analyst at Bankrate. wealth. “While we did not specifically ask respondents about the types of impulse purchases they make, I suspect experiences such as travel, dining, concert tickets and sporting events are key factors,” he said, adding that he suspects clothing and related expenses for weddings and parties Activities such as
While no one seems to be alone in making an impulse purchase, many shoppers regret their split-second choices. But those who make the fewest impulse purchases and spend the least are the most likely to regret it: Baby boomers spend an average of $418 per year on social media impulse purchases, accounting for 62%. Meanwhile, Millennials spent the most, $1,016, but regretted the least (55%). Gen Z spent the second-highest amount — $844 — but regretted it more than Millennials (58%).
Impulsive spending stresses everyone out
This isn’t the first time younger generations have spoken out about feeling extra financial pressure from social messages.More than half of Gen Z and almost as many Millennials admit social media encourages them to buy things they can’t afford Deloitte’s 12th Annual Generation Z and Millennials Survey 2023. This is despite people reporting high levels of financial anxiety and concerns about the cost of living today.
These impulse purchases may be part of a culture of hospitality developed by younger generations to combat the existential and financial fears of growing up during late capitalism and climate change.Compared to the crushing student loan burden and daunting task of buying a home, these small purchases are often just a drop in the bucket—maybe that’s why eternally unhappy millenials Feel least guilty.
But online shopping can sometimes bring about more dangerous changes, affecting our mental health and financial well-being. Deloitte’s survey found that this kind of financial behavior is sending Gen Z and Millennials into an anxiety spiral, and another Bankrate study last year found that impulsive spending in sponsored social media posts leaves consumers with a negative view of their finances. .
Bankrate’s latest survey found similar results, with Gen Z and Millennials most likely to believe social media promotes unrealistic lifestyles and that posts are made to make someone appear more successful than they actually are. Although only 12% of respondents admitted they were responsible for the same behavior, more than half of all generations acknowledged this sentiment. Millennials and Gen Z are also the most likely to have a negative perception of their own finances after seeing other people’s posts on social media and say social media has a negative impact on how they manage money.
While sponsored ads may seem fun and inspiring, there’s not much to “like” or “heart” about the impact social media has on our wallets.
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