Press Release

For immediate release

Clever online shopping tool launched to combat the UK’s £1.06 billion impulse spending problem

27th November 2017- Icebox is an online shopping tool newly launched in the UK to help consumers adopt more considered purchases.

Launched by price comparison site, finder.com, Icebox is a Google Chrome plugin that allows consumers to put their online basket items ‘on ice’ for more time to consider their purchases. The Icebox plugin either replaces the ‘buy’ button or works as a pop-up on over 400 of UK’s top online stores including ASOS, Next and Topshop.

78.2 percent of Brits admit to impulsive online spending

The launch of Icebox follows research from finder.com that revealed 78.2 percent of British adults have fallen prey to impulsive online shopping, totalling to the tune of £1.06 billion of spending each year. According to a study of over 2,000 adults, Brits spend around £32.69 on average during each impulse spending session. Over one in five Brits (22.9 percent) make impulsive purchases every week.

Of those admitting to an impulse online purchase, over one in four (25.7 percent) said they felt a sense of regret post-purchase. Icebox allows consumers to not only shop around, but to also set the cooling-off period for time to think about whether they should buy their desired items.

Jon Ostler, CEO of finder UK said: “So many of us are guilty of that late-night impulsive online purchase that we may not have had the budget for. Icebox is a useful tool for smarter shopping, giving you the opportunity to shop around for the best prices as well as keeping it on ice until your next pay day. Icebox is featured on UK’s top online retailers to revolutionise how people can window shop online.”

Please find key demographic stats below and the complete report can be found here: https://www.finder.com/uk/impulse-buying-stats

  • 78.2 percent of Brits make impulsive purchases online
  • Of these shoppers, 64.9 percent do so at least once a month, 22.9 percent impulsively shop weekly
  • On average, Brits spend £32.69 during each impulsive shopping session

Gender

  • Interestingly, men impulsively shop online more frequently than women, with 66.4 percent of men doing at least once a month compared to 63.4 percent of women
  • 9.5 percent of men splurge every day compared to 4.8 percent of women
  • Males spend £36.97 per online impulse session, compared to women who spend £28.61
  • Women have a greater sense of post-purchase regret, sitting at 29.3 percent compared to 21.8% for men

Generation

  • Millennials shop online more frequently than any other generation, with 81.3 percent doing so at least once a month. Gen Xers follow at 68.3 percent, and Baby Boomers come in last at 49.6 percent
  • Nearly 1 in 5 Millennials (18.7 percent) conduct an impulse shop every day, compared to 5.1 percent of Gen Xers and just 1.8 percent of Baby Boomers
  • Millennials lead the way with online impulsive purchases at £38.33 per session on average, followed by Gen Xers at £31.39 and Baby Boomers at £30.51
  • Millennials are also most likely to feel contentment after their impulse purchases, sitting at 49.0 percent, followed by Gen Xers at 40.0 percent and Baby Boomers at 31.8 percent
  • Gen Xers are most likely to experience regret (30.5 percent), followed by Millennials (33.5 percent) and Baby Boomers (16.0 percent)

Region

  • Those residing in the North East lead the way for daily online impulse buys (16.3 percent), followed by London (11.5 percent) and the East Midlands (8.3 percent)
  • Those residing in London (£49.84), West Midlands (£37.72) and the North East (£37.31) spend the most per session online
  • Those spending the least per online session reside in the South West (£24.73), Wales (£25.88) and East of England (£26.25)
  • Of qualifying regions, those most likely to experience contentment: the North East (45.7 percent), Scotland (44.5 percent) and London (43.5 percent)
  • Regions most likely to experience regret: Wales (33.8 percent), London (29.5 percent) and the South West (29.1 percent)

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Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com's review pages for the current correct values.

About finder.com

finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.

Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.

finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia's most visited personal finance website (Source: Experian Hitwise).

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