Date of survey: October 2017
Feeling pangs of post-purchase remorse after all that spending? You’re not alone: More than 3 in 5 Americans experience debt regret — and most wish they’d saved up instead.
Of those of us who carry debt, 46% say they regret it was shopping that put them in their predicament, representing nearly half (49%) of all women and 40% of men.
And there’s not too much difference among the generations: 37% of baby boomers, 46% of Gen Xers and 48% of millennials with debt regret say that shopping helped put them there.
Why sit around, digesting all that Thanksgiving Day indulgence, when you could be tearing down the stores for the latest Black Friday deal?
For Black Friday 2017, 47.80% of Americans planned to do just that, holding off on buying what they want until the busiest shopping day of the year. And they planned to spend an average $550 doing so.
Of those who planned to fight the crowds, men planned to spend an average $651, with women lagging slightly at $463. Baby boomers planned to spend an average of $438, followed by millennials at $557 and Gen Xers at $604.
Sale purchase regrets
It’s hard to resist a good sale on Black Friday or any ol’ day. But at least 43.50% of Americans end up regretting buying on sale.
Those of us who’ve regretted a discounted purchase ended up spending an average $431 on it, with men saying they spent $526 and women spending $343.
Breaking down the numbers by generation, Gen Xers have had misgivings mounting to an average $585, followed by boomers at $413 and millennials at $236. Our purchases were most commonly technology or electronics purchases at 30.23%, with clothing and accessories at 23.39% and household items at 14.67%.
Some 65.15% of us who admit to buying on sale say that they wouldn’t have made a purchase if it wasn’t discounted.
Oh, December — ’tis the season to spend! More than 211 million Americans planned to shop up the 2017 holidays, dropping an average $664 on gifts over the season. Interestingly, men planned to spend more on gifts than women: $725.17 compared with $609.49.
When it comes to generations, Gen X planned to spend the most at an average of $782.40 each. Up next were millennials at $609.03, followed by baby boomers at $576.39.