Australians set to suffer post-purchase blues this Christmas
Two thirds of Australians have felt regretful after spending too much money shopping.
Australians are expected to spend a staggering $50 billion this Christmas, according to Australian retail Association data. And while this shopping is all fun-and-games in the lead up to the silly season, it's likely to lead to a great deal of buyer's remorse come January.
New research by AMP reveals over two thirds (69%) of Australians admit to suffering post-purchase blues after shopping. This is described as a feeling of regret, worry and remorse after spending a bit too much at the check-out.
Sound familiar?
With 71% of Australians admitting to spending more money than they should when retail shopping, it's not surprising that so many are feeling a tad guilty afterwards. Worse still, 88% of Australians admit to making impulse purchases, which likely explains why over half of Australians have no idea how much they actually spent on Christmas presents last year.
Director of retail solutions at AMP Michael Christofides says the festive season can prove too tempting for a lot of us when shopping. "Christmas is about gift giving and celebration and it’s very easy to get caught up in the moment. We might see an item that would make the perfect gift for a friend or family member that’s a little bit over our budget but make the purchase anyway."
Christofides warns that this overspending, impulse purchasing and lack of budgeting will create the perfect storm for post-purchase blues at the end of this silly season. "With over half of Australians not knowing how much they spent on Christmas gifts last year, our impulse habits are setting us on course for more overspending again this silly season."
The worst offenders
Young millennials are the most likely to experience buyer's remorse, with 88% experiencing post-purchase blues after shopping, compared to only 51% of Baby Boomers aged 55-64. Women are also more likely to experience regret after a shopping spree than men (78% versus 60% respectively).
If this all sounds a little too familiar, check out our five top tips to curb your holiday spending this silly season.
The latest in savings
- Put your savings on autopilot: 4 money hacks for lazy people
- Westpac launches new 3.00% p.a. savings rate, but what’s the catch?
- Xinja cuts savings rate: Where can you get the best interest rate now?
- AMP Saver account launches market-leading 2.65% p.a. savings rate
- Volt bank and 86 400 both cut savings account rates
