I analyzed two years of my own spending habits on alcohol to find a five-figure financial surprise. Read more…
Thanks to the digital age, we now have more ways to shop than ever before. However, such convenience and choice comes with the potential to fall prey to spending more than we initially intended. According to a recent finder.com survey, 88.6% of American adults have succumbed to impulsive online shopping, with each person spending on average $81.75 per session. That equates to a whopping $17.78 billion spend.
In July 2017, we commissioned a study of 2,245 Americans conducted by global research provider pureprofile to learn more about impulsive shopping habits. Of those surveyed who make impulsive purchases, regret is their number one post-shopping issue. It’s apparent that we need more than simple willpower to say ‘no’ to unnecessary spending.
Enter Icebox, an innovative, easy-to-use tool that can help you curb your impulse purchases. Developed and released by finder.com, the free Icebox Chrome extension aims to reduce the feelings of regret that nearly half of Americans (44.5%) say they experience as a result of impulse spending, encouraging you to put your purchases on ice for up to 30 days. Combat your impulsive shopping by installing Icebox today!
How often do we impulse spend?
|Frequency of impulsive online purchases||Proportion of impulsive online shoppers|
|Every 3 months||17.9%|
|Every 6 months||9.1%|
|Every few years||3.0%|
A demographic breakdown of how much we’re spending
Interestingly, more men (67.2%) admitted to impulsive online spending than women (62.6%). Men are also more likely to have a daily impulsive shopping habit (11.0%) compared to women (4.8%). Men spend more money on their online impulsive shopping per session than women, with average purchases sitting at $105.35, compared to $70.97 for the ladies.
|Frequency of impulsive online purchases||Female||Male|
|Every 3 months||19.7%||14.1%|
|Every 6 months||8.9%||9.3%|
|Every few years||2.7%||3.5%|
Those married or in a domestic partnership (30.9%) are the most likely to be making impulsive online purchases weekly, followed by single people (28.9%), those separated (25.0%), divorcees (21.4%) and widows (12.2%). When it comes to spending up big, those separated making the most expensive splurges, with average spending at $113.00 per session, followed by those who are married or in domestic partnerships ($97.89), single people ($69.28), divorcees ($60.84) and widows ($47.94).
What do we experience post-impulse splurge?
Online vs. in store: Where are we splurging the most?
What’s triggering us?
August 15, 2017
Consumer advocate helping people improve their personal finances.
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