In today’s world of online shopping, have you ever made a purchase you regret? If so, you’re not alone, seeing as the average American spends over $2,000 a year on purchases they come to regret.

A study of 2,000 Americans examining their spending habits and behaviors found the average respondent spends $202.34 a month on unnecessary purchases ‒ that’s a whopping $2,429.16 a year.

It was also revealed 76 percent are guilty of making an impulse purchase. Of those, it only takes the average respondent nine hours before regret over a whimsical buy sets in.

That’s not all, three in four (76 percent) admitted to making financial decisions that they wish they could take back.

Conducted by OnePoll on behalf of First Internet Bank, member FDIC, the survey found that 38 percent still think they’re “very good” with money.

In spite of thinking they’ve got their finances under control, 59 percent have hidden the cost of the items they’ve purchased from others.

And 56 percent revealed they’ve hidden purchases from family and friends out of pure embarrassment.

One of the central things that encourages people to overspend is online shopping. Sixty-four percent think they’d save a lot of money if they stopped shopping on the internet.

Results found that the average person would save $103.55 a month if they didn’t make non-essential purchases online.

Of those who’ve made an impulse buy, the most common instinctive purchase were “clothes I don’t need” (49 percent).

Other top spends that people made off the cuff included: ordering in food/drinks (39 percent), big ticket technology like laptops or televisions (37 percent), shoes (35 percent) and small ticket technology like chargers or headphones (35 percent).

“What makes online shopping so attractive in today’s world – convenience and immediate gratification – also are what make them prime contributors to buyer’s remorse,” noted First Internet Bank Chief Operating Officer Nicole Lorch.

There are definitely certain times and places that prompt more impulsive buys. Fifty-two percent admitted to making purchases on a whim.

Half (52 percent) will even perform little mental gymnastics and think of a future event they might use the item for.

Boredom or a late night out (both 44 percent) will increase the likelihood of an impulse buy going through. Others blamed their last-minute spends on their insomnia (36 percent).

Sixty-nine percent of respondents blamed online shopping as their number one impulse buy location.

Shopping in-person came in second with 63 percent, while mobile/app stores rounded out the top three (55 percent).

“At one time or another, we’ve all bought something we later questioned,” Lorch added. “First Internet Bank provides financially sound answers to help make the right financial choices. From determining the monthly budget that works for you, to investing your savings in a high-yield money market, our goal is to help customers manage their money wisely – and most importantly, without remorse.”

Top impulse buys

1. Clothing: 62 percent
2. Food: 58 percent
3. Shoes: 56 percent
4. Drink: 52 percent
5. Jewelry: 50 percent
6. Big ticket technology: 46 percent
7. Small ticket technology: 45 percent
8. Books: 43 percent
9. Video games: 41 percent
10. Tickets to events: 40 percent
11. Apps: 37 percent
12. Magazines: 37 percent

Top impulse spend regrets

1. Clothes I don’t need: 49 percent
2. Ordering in food/drinks: 39 percent
3. Big ticket technology: 37 percent
4. Shoes: 35 percent
5. Small ticket technology: 35 percent
6. Vacations: 34 percent
7. Video games: 32 percent
8. Loaning/giving money: 32 percent
9. Fad item: 31 percent
10. Ride-share apps: 27 percent
11. Bags: 23 percent

Reasons for purchase embarrassment

1. It was too much money: 59 percent
2. I thought they’d laugh at me: 53 percent
3. It didn’t fit correctly: 48 percent
4. It was a private purchase: 48 percent
5. It didn’t look as advertised: 47 percent
6. I already regretted the purchase: 46 percent

Elements that increase impulse buy

1. Being on vacation: 52 percent
2. Thought of future occasion: 52 percent
3. Peer pressure from friends: 47 percent
4. Boredom: 44 percent
5. Late night out: 44 percent
6. Insomnia: 36 percent

Outlets most likely to inspire impulse buys

1. Amazon: 55 percent
2. Walmart: 45 percent
3. Ebay: 37 percent
4. Target: 37 percent
5. Best Buy: 36 percent
6. Nike: 33 percent
7. Nordstrom Rack: 28 percent
8. Adidas: 26 percent
9. Macys: 25 percent
10. Sephora: 24 percent
11. ASOS: 23 percent
12. Forever 21: 23 percent
13. Wayfair: 23 percent
14. Nordstrom: 23 percent
15. Overstock: 22 percent. (Source: The New York Post)

Story Date: October 17, 2019