The urge to impulse-shop during the holidays runs strong among Americans, but even stronger among a particular age group, according to a new survey.
About 83% of Millennials admit to having made an impulse purchase in the past, according to the Chase Blueprint Holiday Impulse Purchases Survey. And when they shop online or on pay day, this urge exceeds that of all other age groups.
According to Chase, holiday shoppers younger than 50, as well as parents of school-age children, are more likely to engage in impulse buying decisions, including 85% of shoppers between 30 and 49. Younger holiday shoppers (under 40) use the Internet for impulse purchases more than older holiday shoppers: 28% among millennials, compared to 18% for those 60 or older.
So why do millennials buy impulsively?
Forty-six percent of millennials made impulse purchases because they just got paid; more millennials cited this as a reason than any other. The older the holiday shopper, the less likely they are to engage in impulse buying due to this reason.
The survey also showed that millennials were more likely than older generations to express regret or dissatisfaction following an impulse purchase. In addition, millennials were more likely to avoid shopping when emotional, in an effort to avoid impulse buys.
Other findings include:
Twenty percent of women are susceptible to impulse purchases when they’re in need of “retail therapy,” compared with 9% of men.
Sixty-eight percent of female shoppers are susceptible to impulse purchases because of sales and discounts, compared to 61% of male shoppers.
When it comes to the types of impulse purchases holiday shoppers admit to making, women are more likely than men to impulse buy on clothing (61% compared with 43%), while men are more likely than women to impulse buy on electronics (50% compared with 27%).