NEW YORK (PIX11) — Connecting with friends may be the first thing that comes to mind with social media, but more and more it’s also about shopping, specifically impulse buying.
A new Bankrate report shows in the last year Americans spent a whopping $71 billion on impulse purchases of products they saw on a social media platform. The average impulse buyer spent $754.
Almost half of all social media users admit to making an impulse buy online, but not all generations are equal when it comes to making the snap purchase.
The worst offenders are millennials and Gen Z. Gen X and baby boomers show a bit more restraint, according to the study.
The study also found impulse buyers often regretted their purchase.
So how do we resist the lure of those tempting ads or something you see on another person’s account? Experts say to follow the 24-hour rule, meaning take a day to think about it before making a buy.
The Bankrate study shows that men are more loose with their money than women when it comes to impulse buying on social media. Men spend almost double the amount women spend on each impulse purchase, according to the sutdy.