According to a survey conducted by credit provider Vanquis, shoppers on average make seven significant impulse purchases each year. The survey found that 50% of respondents make impulsive purchases as a way to treat themselves, while 31% make spontaneous purchases to improve their mood. However, many of these impulse buys are later regretted by the shoppers. The top items that people most commonly regret buying include bikes, footwear, cosmetics and beauty treatments, and games consoles/gadgets. On the other hand, purchases such as kitchen accessories, washing machines, phones, and TVs were reported to be the least regretted. On average, individuals spend around £184 per year on items they end up regretting. Mathematician Bobby Seagull has calculated that shoppers should wait an average of two days and 21 hours before making a purchase they desire, in order to minimize regret. Seagull’s calculation was based on finding the tipping point where more people were satisfied with their purchases rather than regretting them. The data for the survey was collected by Censuswide, who surveyed 4,000 individuals across the UK in July. For the purposes of the survey, “big” impulse buys were defined as purchases costing a minimum of £150. Seagull emphasized the importance of consumers thinking twice before making a purchase to ensure they are getting the best value for their money, especially during times when every penny counts.
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