Social media can be a powerful influence, and it’s really good at getting people to make impulse buys, according to a new survey. The research from Bankrate finds that 48% of social media users say they’ve made an impulse purchase of something they saw on social media, and 68% of them admit they regret at least one of those purchases.
The poll of 36-hundred U.S. adults also reveals:
- People who impulsively bought products seen on social media in the last year spent an average of $754.
- In the last 12 months, Americans have spent $71-billion on impulse buys based on what they saw on social media.
- To put that amount in perspective, that’s more than the gross domestic products of countries including Slovenia, Ghana and Jordan.
- Younger people are more likely to buy something impulsively after seeing it on social media, as 60% of Gen Z has in the last year, compared to 42% of Gen X and 34% of baby boomers.
- Millennials have spent the most on social media impulse buys, with an average of $1,016. That’s nearly twice as much as the average for Gen X ($522) and more than twice the average for baby boomers ($418).
- Men also tend to spend more on their impulse purchases related to social media. Guys spent an average of $999 on theirs in the last year, nearly twice as much as women, who spent an average of $518.
- While it may lead people to spend money, users are aware that social media isn’t always realistic. More than half (57%) of users think people post to look successful, but only 12% admit doing that themselves.
- Social media can also make people feel bad about their finances, with 20% of users admitting they’ve felt negatively about their financial situation after seeing other people’s posts.