Are you enjoying online shopping lately? See how much Aussies spend on trending buys!
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In today's digital age, the allure of social media is not just about connecting with friends or catching up on the latest news.
Social media has also become a virtual shopping mall, tempting Australians with an array of products tailored to their tastes.
However, this convenience comes with a cautionary tale.
Recent findings suggested that a significant number of Aussies have succumbed to the temptation of impulse buys.
According to research, a person spends an annual average of $420 on items that catch their eye on social media.
While $420 might not seem like a staggering amount, when multiplied across the population, it could amount to $3.5 billion spent across the country.
Personal finance expert Sarah Megginson warned against the risks associated with social media shopping.
'There's more chances of getting scammed that way because there's so much that pops up on social media that is not verified,' Megginson shared in an interview.
She also noted that online shopping habits have recently evolved, and shoppers may not be as diligent with their checks and balances.
Finder recently ran a survey which included responses from over 1,000 individuals.
The study revealed that 40 per cent of the survey's participants made a purchase immediately after seeing it on social media.
According to the survey, the most popular items purchased online are clothing, followed by beauty products, electronics, and accessories.
As for the demographic, Gen Zs are the most influenced by social media shopping, with 68 per cent admitting to making purchases.
Millennials followed closely at 52 per cent, Gen X at 29 per cent, and Seniors/Baby Boomers at 15 per cent.
Despite being less likely to make these purchases, Gen X-ers have spent an average of $400 a year, compared to Gen Z, who spend an average of $293.
Megginson pointed out the reason why these items are enticing.
'The level of targeting that happens is wild,' she said.
'When you're in a shopping centre, there might be only five or 10 stores that you're interested in out of 100.'
'Whereas online, you're getting fed hundreds of shops a day, and it's really hard to come up against that and not be influenced,' she added.
Advertisers could filter out social media users through their specific interests, income levels, and even addresses, making it challenging to resist the personalised shopping experience.
For seniors, it's crucial to stay vigilant when browsing social media.
Remember that these platforms are designed to sell, and every ad could be a pitfall for your finances.
Before purchasing any items online, ask yourself if it's something you genuinely need or if it's just an impulsive reaction.
We would love to hear from you: have you ever been enticed by a social media ad? How do you make sure that you are making wise decisions when buying items online? Share your experiences and tips with us in the comments section below!
Social media has also become a virtual shopping mall, tempting Australians with an array of products tailored to their tastes.
However, this convenience comes with a cautionary tale.
Recent findings suggested that a significant number of Aussies have succumbed to the temptation of impulse buys.
According to research, a person spends an annual average of $420 on items that catch their eye on social media.
While $420 might not seem like a staggering amount, when multiplied across the population, it could amount to $3.5 billion spent across the country.
Product ads have been prevalent on several social media platforms and online marketplaces. Image Credit: Pexels/cottonbro studio
Personal finance expert Sarah Megginson warned against the risks associated with social media shopping.
'There's more chances of getting scammed that way because there's so much that pops up on social media that is not verified,' Megginson shared in an interview.
She also noted that online shopping habits have recently evolved, and shoppers may not be as diligent with their checks and balances.
Finder recently ran a survey which included responses from over 1,000 individuals.
The study revealed that 40 per cent of the survey's participants made a purchase immediately after seeing it on social media.
According to the survey, the most popular items purchased online are clothing, followed by beauty products, electronics, and accessories.
As for the demographic, Gen Zs are the most influenced by social media shopping, with 68 per cent admitting to making purchases.
Millennials followed closely at 52 per cent, Gen X at 29 per cent, and Seniors/Baby Boomers at 15 per cent.
Despite being less likely to make these purchases, Gen X-ers have spent an average of $400 a year, compared to Gen Z, who spend an average of $293.
Megginson pointed out the reason why these items are enticing.
'The level of targeting that happens is wild,' she said.
'When you're in a shopping centre, there might be only five or 10 stores that you're interested in out of 100.'
'Whereas online, you're getting fed hundreds of shops a day, and it's really hard to come up against that and not be influenced,' she added.
Advertisers could filter out social media users through their specific interests, income levels, and even addresses, making it challenging to resist the personalised shopping experience.
Here are the popular impulse buys according to Finder's survey. Source: Finder, Yahoo Finance
For seniors, it's crucial to stay vigilant when browsing social media.
Remember that these platforms are designed to sell, and every ad could be a pitfall for your finances.
Before purchasing any items online, ask yourself if it's something you genuinely need or if it's just an impulsive reaction.
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