PHILADELPHIA (WPVI) — Many people find themselves scrolling social media and then impulse buying when they see an ad. We have information from WalletHub and tips on how to curb that compelling need to purchase.
A recent survey reveals some interesting data when it comes to social media and unnecessary spending.
Almost 75% of people polled admitted they’ve bought something from social media they didn’t need. And 63% said they regret purchases made on social media.
The good news is we have a few tips that will hopefully make you think before you click “buy”.
“Two in three Americans believe that social media promotes overspending,” said Cassie Happe of WalletHub. “46% of people think social media is bad for their debt. That convenience can easily get them into trouble.”
One of the biggest issues is late night scrolling.
“We have lower willpower in the evenings we’re drained from a long day,” said Happe.
So how do you avoid those impulse buys? First, be mindful that the ads on social media may not be all they’re cracked up to be.
“Often times sales are a little deceptive in that it’s not really a deal compared to maybe shopping elsewhere.”
So do an internet search for that particular product. You may find you can buy it for less on a different website.
“Exactly. And that just goes back to really being a savvy consumer.”
Also consider turning off or muting ad notifications, unfollow companies that tempt you and if you do see a promotion that compels you to buy, take a step back and wait.
“Maybe sleep on it and come back the next day and see if you really still want to make that purchase and limit your late night scrolling,” said Happe.
Another interesting data point is that nearly one in five Americans would describe their social media purchases as “scams”.
So again, that would be another reason that should give you pause before you buy.
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