Thursday, December 11, 2014AUSTIN, Texas -- Three in four Americans admit to having made a major purchase on impulse, CreditCards.com finds. And nearly half of those said they regretted doing so.
An impulse purchase was defined as any unplanned or unnecessary decision to buy a product just before buying it, says CreditCards.com, which sponsored the survey. A major purchase was defined as spending $100 or more. Nearly 90% of millennials said they had made an impulse purchase compared to just 56% of seniors.
The survey also found significant differences among Americans on what triggers these purchases, how much they spend and whether they ended up regretting them. For example:
Men were nearly three times more likely than women to impulse buy while "intoxicated." Women were twice as likely as men when they’re "sad." The most common emotions at the time of purchase? "Excited" and "bored."
Republicans were more likely than Democrats to say they regretted an impulse purchase, and women more so than men.
College graduates were more likely to make impulse purchases than those who haven’t graduated. And residents of suburbs were more likely than urban or rural residents.
Nearly one in three Americans has spent $100 or more on an impulse purchase, but men were the bigger spenders. They were almost three times more likely than women to have spent $1,000 or more on an impulse buy.
Respondents were about as likely to make impulse purchases whether in-person or online. Cash was the top payment means to make an impulse purchases (33%), just barely ahead of debit (32%) and credit (30%) cards.
No matter how one pays for an item, it's important to not let one’s impulse buying get out of hand, said Matt Schulz, senior industry analyst at CreditCards.com. "Making small impulse purchases every once in a while is probably no big deal and can even be fun," he allowed. "However, if they're too costly or happen too often, they can devastate a budget, so be careful."
Those who suffer buyer's remorse should keep in mind that some credit card issuers offer guaranteed returns on purchases, even after it's too late to return them to the store. Each issuer has its own limits and rules, so Schultz advises calling the card's customer service number for more information.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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