Despite the cost of living crisis putting an increasing strain on our finances, over the past 12 months we’ve spent an average of more than £200 each on purchases we’ve later regretted.
The research, conducted by Capital One UK, saw 83% of those surveyed admitting to feelings of ‘buyer’s remorse’ after a purchase.
The study also turned up a list of the items that consumers regretted purchasing most, with clothes, exercise equipment and fad purchases dominating much of the list.
Topping the list were clothes that looked better on the model, with 38% of those surveyed naming it as a purchase they regretted. Poorly-fitting underwear came in at number five with one in five wishing they hadn’t bought it, while shapewear that purports to flatten your stomach and lingerie arrived at numbers 11 and 13 on the list respectively.
Gym kit and weights also appeared high on the list, occupying the seventh and eighth place spots, with around 12% of those surveyed mentioning each of them. Around 6-8% of people also admitted to regretting buying exercise equipment such as running or rowing machines that ended up going unused.
Other high-scoring items included underwhelming takeaway meals (32%), toys for children that went unused (21%), unpleasant perfumes (20%), unappreciated Christmas gifts (14%), unsuitable furniture (12%) and fad skincare products (12%).
The full list is as follows:
- Clothes that looked better on the model (38%)
- Takeaways (32%)
- Toys for children (21%)
- Perfume (20%)
- Underwear (20%)
- Unappreciated Christmas presents (14%)
- Gym clothes (12%)
- Weights (12%)
- Home furnishings (12%)
- Skin care products (12%)
- Tummy “holding-in” shapewear (11%)
- Diet juicers (11%)
- Lingerie (10%)
- Holidays and mini-breaks (10%)
- Duvet covers (9%)
- Running machines (8%)
- Candles (8%)
- Pots and pans (6%)
- Rowing machines (6%)
- Tablecloths (5%)
Why do we make so many purchases we regret?
The study tried to get to the bottom of why we make purchases we later regret, asking participants what spurred them into their buying decisions.
Around three quarters (72%) of those questioned said that social media ads encouraged them to purchase products that ended up a disappointment, and around half (54%) blamed Black Friday deals. A further 25% said that the onslaught of offers at the end of the year – between Black Friday, Cyber Monday, and Christmas – put on additional pressure to find perfect gifts for their loved ones.
A similar number (27%) admitted that the fear of missing out on a potential deal had convinced them to make a purchase that they ended up regretting.
How to keep spending down this holiday season
The ever-present temptation to impulse buy and spiralling living costs are a dangerous combination for consumers across the country. Being able to stick to a budget and avoid being lured by flashy deals are really important skills to have in a difficult economic time.
Around 50% of those surveyed mentioned they planned to reduce their present budgets or buy fewer gifts this year. Some ideas raised by the survey for keeping the cost of gift-giving down included buying joint presents like board games, giving to food banks on someone’s behalf, or giving a practical or money-saving gift. If you are worried about your gifts going unappreciated by friends and family, ask them to provide you with a wish list to ensure that you are on the right track with your purchasing.
If you are easily swayed by products advertised to you on social media, try unfollowing brands or avoiding certain apps for the festive period. If something does catch your eye, don’t rush to buy it straight away. Take a long break or even sleep on it before taking the plunge.
Possibly the best habit you can get into for your holiday shopping is to have a budget planned and stick to it carefully. Rather than buying gifts whenever something happens to pop up that reminds you of a friend or family member, set aside an afternoon or evening with a list of people to buy gifts for and a maximum spend per person. Ticking off every person in one go means that you can safely say that your Christmas shopping is completed, instead of leaving it open-ended and risking the temptation of impulse purchases.
There are plenty more ways to keep spending down this holiday season and avoid buyer’s remorse by making small changes to the way you shop. Our article 11 tips for a low cost Christmas contains some easy ideas for ways to cut costs this holiday season, while 11 thrifty tips to save money on your shopping suggests ways to stick to a budget and maintain healthy spending habits all year round.
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