Britons spend about £162 a month each on impulse purchases and don’t think about the impact on their bank balance. That’s the conclusion of a new survey from the Money Advice Service (MAS) which dubbed the approach YOLO (you only live once) shopping.
As many as 61% of the 2,000 people surveyed admitted spending up to £2,000 a year without thinking and it’s more likely to happen just after they’ve been paid. What do they buy? Fashion items, gadgets, meals out and even holidays.
It gets worse. Women are more like to be YOLO shoppers than men, spending to increase happiness levels or to make their kids happy. They’re very susceptible to special offers and discounts and are more likely to suffer buyer’s remorse afterwards.
Not that men are exempt – but their YOLO shopping happens after they’ve been drinking or had a good day at work. They’re also susceptible to peer pressure about the latest gadget.