Impulse spending drops; most common impulse buys are ….

A strong job market and lowering inflation are making Americans more confident about the economy.
Impulse buying is down in 2023, according to an annual survey commissioned by Slickdeals.

Americans are spending less on impulse purchases than they have in recent prior years.

Thirty-eight percent of  U.S. adults have decreased the amount of impulse spending this year, as compared to 14% in 2022 and 16% in 2021, according to an annual survey commissioned by online shopping platform Slickdeals and conducted by OnePoll. The average person is spending $151 impulsively per month, down from $314 in 2022, $276 in 2021 and $183 in 2020.

In other study findings, clothing (55%) tops the list of the most common impulse buys, followed by food/groceries (50%), household items (42%), shoes (32%), takeout (23%), books (21%) and toys (20%). The two with the least impulse categories are tecnology (19%) and coffee (18%).

The number of impulse purchases per month also saw a dip this year, with the average respondent making only six impulse purchases per month. That number is down from twelve purchases per month both in 2022 and 2021 and nine per month in 2020.

Other findings from the Slickdeals survey of 2,000 Americans are below.

• Seventy-seven percent of respondents have been conscientious about their budget this year because of inflation — 39% said they spend more impulsively on necessities than luxuries (19%).  

• Thirty-six percent of respondents admit most of their purchases were impulsive, compared to 73% in 2022.

• One-third (35%) of respondents said some of their impulse buys were done to escape the feeling of FOMO (fear of missing out), a steep decrease from 2022, where 67% made purchases to be part of the "in" crowd.

• While 32% of respondents in 2022 reported they would only make impulsive purchases if an item was on sale, 58% this year would make the same claim. Over half (53%) always or often look for deals or coupons before making a purchase.

• Seven in ten have saved money as a result of holding back on their impulse shopping habits, an increase from what was reported in previous studies (58% in 2022).

• Forty-eight percent said they shop the most from their phones (up from 33% in 2022), only 43% are more likely to spend impulsively while shopping from bed — a sharp decrease from 71% last year.

"With shoppers stating that they are more likely to make impulse purchases on necessities than luxuries, while simultaneously reporting a decrease in impulse spending, we may be seeing a shift in how consumers define an impulse purchase," said Vitaly Pecharsky, head of deals for Slickdeals. "Shopping opportunistically when there's a sale on something you need like toilet paper or pantry snacks can ultimately save you money in the long run."

To learn more about the survey, visit here

 

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