,While social media feeds can be a good resource to discover all types of new products, it’s important to exercise caution and not let impulse buying creep up on you. — Dreamstime/TNS
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Social media has become an integral part of our lives, especially when it comes to younger generations. Its impact is far-reaching, influencing us in countless ways, from our body image to our political views to buying decisions.
Speaking of the latter, millennials seem to be especially prone to allowing social media content to guide their spending.
While social media feeds can be a good resource to discover all types of new products, it’s important to exercise caution and not let impulse buying creep up on you.
Here’s what to consider before hitting “add to cart” because a social media post told you so.
Millennials are most likely to feel the impact of social media on their buying choices
According to a survey from CreditCards.com from last week, 72% of millennials say social media impacts their buying decisions. This is the most likely age group to be influenced by social media in their spending, followed by 66% of Gen-Z, 49% of Gen X and 45% of baby boomers.
Millennials tend to trust posts from their friends and family, with this type of content influencing 38% of millennials when it comes to shopping. Only 20% of millennials report making purchases inspired by posts from celebrities or influencers.
At the same time, this doesn’t mean millennials ignore ads. In fact, advertisements are the second most influential type of social media content, impacting buying decisions of 31% of millennials.
Whatever type of content compels you to spend your hard-earned money, it’s always wise to pause and make sure it is indeed a good idea.
How to handle impulse buying in the age of social media
Social media isn’t all bad news for your wallet. It can help you discover new products and learn what people you trust think about them.
Still, it can also give you a little bit too much inspiration to spend.
I’m guilty too. A few months ago, I kept buying books I saw on TikTok when I already had more books than I could read in months, so I had to put myself on a “book buying ban”. Another time I bought a gua sha tool I saw in an ad on the same platform, and I barely use it now.
Not the proudest moments of my life.
To avoid this kind of behaviour, I suggest asking yourself the following questions before you make a purchase.
1. Is this product from a legitimate seller?
It’s unfortunate to spend money on a product you’ll regret buying, but it’s worse when you don’t even get the product or the product you receive isn’t what’s advertised.
Such scams aren’t rare on social media, especially when you buy right through the platform. Do your research on the seller before parting with your money. Look for reviews from other buyers, check the comment section under product posts and go to commenters’ profiles to see if they’re real. If anything sparks doubt or if you can’t find any information at all, it’s best to avoid shopping from the seller.