SALT LAKE CITY — Love it or hate it, social media has become a key component of our everyday lives. The average American now spends nearly 2.5 hours a day scrolling, but we’re not just spending time on social media. We’re spending money – a whole lot of it.
Last year, Americans bought $90.6 billion worth of stuff on social media, according to Capital One.
“In this environment where we have targeted ads and the influencer culture, that makes it very, very easy to make impulse purchases without realizing or even how frequently you’re spending,” said Chip Lupo, an analyst at WalletHub.
Lupo of WalletHub shared the results of WalletHub’s new Social Media Shopping survey.
Social shopping regrets
And in a space where things get sold like a cup to hold dipping sauces that clips to your car’s air conditioner vent, slippers shaped like baguettes and sequin cushions bearing the mug of actor Danny Devito, you might expect a little regret.
Okay, there are a lot of regrets.
“54% regret the purchase that they made through social media,” Lupo said of WalletHub’s findings.
One in five Americans say their social media purchases turned out to be scams. Two in three say they’ve bought something they didn’t need. And four in five say they’d spend less money if they just got rid of their social media accounts.
“We’re not suggesting that you quit social media,” Lupo said. “I mean, good luck!”
Curbing your social shopping
If you do want to curb your social shopping, Lupo does suggest going through three months of bank and credit card statements. Highlight each social media-driven purchase and total it up.
“Maybe that’ll be a wake-up call,” he said.
Other ideas include quitting following brands or influencers pitching items that are too tempting to you. Wipe out your stored payment info from your phone or app so it takes more clicks to buy something. And make a budget that includes social media shopping.
“You see how much you’re spending,” Lupo said. “That’s a pretty good deterrent.”
You might also try waiting a day or two before you buy something you’ve found on social media. That extra time will allow you to ask yourself whether you can afford it, and/or if you’ll regret the purchase later.
Even if it is a pair of French bread slippers.
