Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

BRITS SPENDING £3.1BILLION ON IMPULSE PURCHASES EACH MONTH 

BRITS SPENDING £3.1BILLION ON IMPULSE PURCHASES EACH MONTH 
  • 91% of the British public admit to making impulse purchases every month
  • Some of the strangest last-minute buys include £120 worth of cheese and a furry rabbit
  • Shoppers blame late night browsing and irresistible deals for their habits

The British economy is benefitting from Brits’ lack of will power when it comes to piling up their baskets and straying from their shopping list, new research reveals.

From adding to their wardrobe to filling up their fridge, the average person spends £47.84 on spontaneous buys every single month meaning as a nation we’re spending up to £37 billion on these types of purchases over the course of a year.

A study conducted by delivery management company, Whistl, has delved into the impulse buying habits of the British public and revealed that a huge 91% of the nation make impulse purchases every month.

Top five items that are bought on impulse each month include:

  1. Clothes (56%)
  2. Food and drink (49%)
  3. Home accessories (34%)
  4. Shoes (27%)
  5. Jewellery (22%)

However, some shoppers are making more unusual purchases, as some of the weirdest impulse buys revealed in the research included, a furry rabbit, £120 worth of cheese, a castle for a pet cat, and 100 condoms.

Looking at where Brits are going to splash their cash, supermarket trips seem to be their Achilles heel, as over half (59%) admitted that this is where they are adding the most extras to their baskets. Online retailers including Amazon and eBay were named as the next best places to go to indulge.

Insomnia and a pint appear to be the backbone of the British retail economy, with over a third (39%) of Brits admitting late night browsing online leads them to these types of purchases and 24% said having a drink got them pressing buy now. Others claimed a special offer makes them more likely to buy on impulse.

When it comes to the delivery time, some impulse buyers aren’t as eager as they first appear with over a quarter (28%) of those surveyed saying they are happy to wait a week for their impulse buys. However, a third are not so patient and are only willing to wait two to three days to receive their purchases.

Melanie Darvall, Director of Marketing & Communications at Whistl said: “Today, more and more Brits are used to being able to get hold of anything they want or need at the touch of a button. From adding an extra bottle of wine to your basket at the supermarket to splashing out on a new pair of heels that are 30% off ‘just because’. These types of purchases can soon add up but it’s great to see so many shoppers being savvy when it comes to getting the best prices and quickest delivery.

“Impulse buying has always played a key role in the retail mix and with the rise of online shopping, retailers must offer a seamless experience with easy navigation, fast payment and a choice of delivery options.”

 To find out more about the research please visit: http://www.whistl.co.uk/news/brits-spend-over-3-billion-on-impulse-buys-every-month/

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post