The holidays are approaching but will you make impulse purchases for yourself while shopping for others? A new survey shows 76% of people buy items we didn’t intend to.
Sometimes packages show up and the buyer doesn’t even remember what they bought.
"At my house we call it ‘Primenesia’ because we order and when purchases arrive, we forgot what we ordered just two days ago,” said Nicole Lorch.
Lorch is an Executive Vice President at First Internet Bank which just commissioned a study on purchase regrets and according to its findings we admit to spending over $200 dollars a month on stuff we don't need. That's more than $2,400 a year.
Food ranked second in the survey on impulse buying regrets right behind clothing, but the list is long.
The ease of online shopping has definitely contributed to buyer’s remorse. 64% of people surveyed say they would save money if they stopped buying stuff on the internet. Many say they do it because they're bored or have insomnia. And 56% admit they've actually hidden purchases from family and friends out of embarrassment.
In stores, retailers are good at messing with your mind getting you to impulse buy even when you try to stick to your list.
"It's a weird thing. It's almost like you black out for a second and you're just putting stuff in the cart,” said Lorch. “I try to get a hand cart to avoid that from happening.”
She says sticking to a budget and being aware of your bank balance is key, but even a professional finance person like her admits she impulse buys too.
"I know when I look at my own dining budget every month and how I've exceeded what I meant to spend - that for me is the biggest regret,” Lorch said.
According to the survey, the top impulse buys after clothing and food are shoes, drinks and jewelry. And the places where people impulse buy the most are Amazon, Walmart, Ebay, and Target.