Recently, I bought a Cuisinart food processor at Macy’s. It was an impulse item, and unfortunately, it’s sitting in the garage because I don’t have much counter space, and it’s difficult to use.
Over half of Americans have spent $100 or more on an impulse buy, 54 percent, according to a CreditCards.com survey, including 20 percent who have spent at least $1,000. In total, 84 percent of Americans have made impulse purchases.
The most common recipient of an impulse buy is one’s self, 47 percent; followed by 21 percent who cited a child; and 16 percent who said their spouse or significant other.
Nearly eight in 10 Americans made most of their impulse purchases in a store. Only 6 percent made most of their impulse buys on a smartphone or tablet; 13 percent said a computer.
“While Americans have thrown money away freely in the past, this holiday season they were rather frugal,” said Matt Schulz, senior industry analyst for CreditCards.com, a credit card comparison website.
In the past three months, the most common impulse purchase was under $25, Schulz said.
“Only one in four Americans made an impulse purchase over $100 this holiday season,” he said. “With a volatile economy, Americans are spending more cautiously.”
Additional findings from the survey:
Millennials are the most likely to make an impulse purchase for themselves, 30-49 year-olds are the most likely to do so for a child, and 65-plus-year-olds are the most likely to impulse buy for their spouse or significant other.
One in five seniors say they’ve never made an impulse purchase, more than any other age group. Just 8 percent of people under age 50 have never made an impulse purchase.
Only 7 percent of millennials made most of their impulse buys on a smartphone or tablet.
One-third of those who make $75,000 or more have made an impulse purchase of $1,000 or more, making them the highest spenders of the survey.
Although impulse buying can be fun at times, Schulz said consumers should be mindful and not make a habit out of it. In the end, impulse buying can lead to devastating debt, he said.
Recently, I bought a Cuisinart food processor at Macy’s. It was an impulse item, and unfortunately, it’s sitting in the garage because I don’t have much counter space, and it’s difficult to use.
