My quick trips to the mall usually involve the intention of buying one thing and then leaving right after. However, when my eye spots a 25% deal on the new shoes I’ve been wanting, my initial intention is immediately crushed, leaving me with a mountain of items, and 200 less dollars in my pocket.
Impulsive spending is a common occurrence in our day-to-day lives, leading us down the loophole of purchasing something we may not truly even need.
The rise in impulse buying over time has been leading to more severe issues such as spending more money than what you are earning in the first place.
According to CBS News, 8 in 10 Americans have responded that their household debt is higher or roughly the same, compared to a year ago. Around 5 in 10 say they currently have credit card debt, 4 in 10 have auto loans, and 1 in 4 have medical debt.
Now, this increase in debt rates over time is not solely due to impulsive spending, as other factors such as income rate could potentially affect it.
However, the rise in inflation mixed with consistent spending has been a key player when it comes to this issue.
But how can you blame us? When sales and new deals pop up, most of us think we are saving money, but it turns out that it actually doesn’t mean this.
Medium states that, “…Sales can actually save you money if you use them correctly. You shouldn’t look at what’s on sale and buy it because it’s “saving money.” In reality, it’s actually costing you money if it’s something you weren’t previously going to buy.”
At the same time, many of us have multiples of the same items in our own house. Whether it’s lip gloss, water bottles, or other types of products, our increased spending on items that we already have can be detrimental when it comes to saving up our money,
The environmental drawbacks that come from our consumer habits are an added implication to our spontaneous expenditures.
According to the Twin Cities Habitat for Humanity, 45% of greenhouse gas emissions are due to the manufacturing and production of goods for consumers.
Even regardless of the emissions that are produced in the manufacturing process of items, our wastage coincides with the detrimental environmental effects.
Every day, millions of items are thrown away or just disregarded once they become out of style.
Emerging trends can also be a factor as to why individuals are spending so much as well.
This leads to the debate about fast fashion and how these clothes usually have minimal use before they are discarded.
According to Porch Group Media, there is a key social group that is making these types of purchases.
About half of Gen Z and millennials make purchases on social media platforms compared to 38% of adults. TikTok is a common platform where Gen Z shopping tends to be the most popular.
Women also tend to be at the forefront when it comes to shopping statistics.
According to Capital One Shopping, “Globally, women spend an amount equivalent to more than twice the amount of all consumer spending in the United States. Women spend an average of 58 minutes per shopping trip, while men spend 45 minutes. 89% of women and 41% of men claim responsibility for daily household shopping.”
There isn’t necessarily a defined social group that spends the most on impulsive purchases, as everyone can communally do so at times.
But it’s clear to see that if we stop our impulsive shopping, we can make the Earth and our pockets much happier.