Brits will make 42 impulse purchases over the course of this year, costing £943.44 on average per person, with more than half shoppers spending on impulse food and snacks, states a recent report.
Industry data shows that not only are consumers spending more overall, but they are also shopping more spontaneously. To find out the extent of impulsive spending across the UK, specialist bank Vanquis surveyed 2,000 members of the public to gain insight into how much money is being spent on non-budgeted items.
According to the survey, the average Brit will make 42 impulse purchases a year, costing £944.16, on average, or £78.68 per month.
Those aged 25-34 will typically spend over £131 each month on impulse buys. The survey also finds that 28 per cent of the public will make impulse purchases at least once a week.
Furthermore, it emerged that 51 per cent say they regularly impulse buy food and snacks, 43 per cent will regularly buy new clothes on impulse, 31 per cent buy takeaway and meals out impulsively, 20 per cent will impulsively buy beauty and skincare products and 14 per cent say tech gadgets are a common impulse buy.
The survey also shows that social media is driving impulse spending. More than half (56 per cen) say social media has influenced them to make an impulse purchase, 17 per cent say social media frequently influences them while 87 per cent of young people (16-34-year-olds) have bought something on impulse because of social media.
Despite 5 million working Brits reporting financial, health and housing insecurity, consumer spending doesn’t appear to be decreasing, adds the survey report.
Tim Schwarz, head of brand at Vanquis, commented on the findings: “With social media increasingly shaping what, how and when people spend, the path to purchase is becoming faster and more instinctive, especially for younger consumers.
“Impulse buying is becoming an even bigger part of the retail landscape, which creates an important opportunity for retailers to lean into this spontaneity.
"Those who can create seamless, easy shopping experiences and meet consumers where those impulses happen will be best positioned to boost their sales.”