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.
