Are you counting the cost of impulse buying?

The Black Friday sales are in full swing and countless brands are demanding our attention and trying to get us to spend money.

But while snapping up bargains in the sale can give us a short-term high, it can often lead to regrets further down the line.

New research by banking app thinkmoney has found that nearly two-thirds of us (59%) believe we’ve made at least one bad buy.

In fact, the average Brit admits to making 21 purchases they regret just this year - and spending over £600 in the process.

What items do people regret buying?

Unsurprisingly, clothes are the item that people regret buying the most, with 29% saying they wish they hadn’t bought certain pieces.

Meanwhile, 17% said they regret buying shoes, and 8% have had second thoughts about buying perfume.

Takeaways were found to be another common regret (24%), along with air fryers (12%) and mobile phones (10%).

What’s driving impulse purchases?

Many people’s buying habits are being heavily influenced by social media.

More than a quarter (27%) said their decisions were affected by app like Instagram, Snap and TikTok.

That’s particularly true among younger people.

Nearly one in three (31%) millennials and four in ten (40%) Gen Z people said social media influences what they buy.

But encouragement to spend money is coming from plenty of other places too.

For instance, almost a quarter (23%) said the advice of friends was the most important factor, followed by tips from family (22%) and traditional TV advertising (21%).

Warning for Black Friday shoppers

"We are more time poor than ever, and that is a huge driver of spending,” said Vix Leyton, a consumer expert at thinkmoney.

“Add to that the pathway from seeing something to buying it is now just a few clicks, so you can go from scrolling to checkout in under a minute. 

“That is brilliant when you genuinely need something, but it is a problem when you are tired, stressed or trying to cheer yourself up.”

Leyton described Black Friday as “a perfect hook for people in this mindset”, as we’re being actively encouraged to buy something before the offer runs out.

However, she stressed that shoppers must take the time to “weigh up how much you want what is in your basket”.

“And don’t forget to check how easy things are to return when the buzz wears off,” Leyton added.

“Future you will thank you.”

Don't blow your budget

With so many discounts around, it’s really easy to end up spending more than you can afford and regret it later.

So we’ve put together some tips on how to make the most of Black Friday this year.

With just a little planning and thought, you can shop smart and enjoy all the great deals guilt-free.