There’s nothing quite like retail therapy, or so seems to be a guiding principle in about half of American shoppers’ lives.
New data from Best Money found that 52% of consumers make “unplanned purchases” after a “stressful week,” while 63% said they did so as a way to “reward” themselves.
But it’s not just stress that’s driving people to spend. The survey, which included responses from 1,200 consumers across the country, reported that 1 in 3 Americans shopped out of boredom, while others often spend due to loneliness and sadness.
The study also found that 54% of those surveyed said they either had a spending budget but just couldn’t adhere to it or didn’t have a budget at all.
Meanwhile, 73% of shoppers admitted to being in credit card debt, averaging $8,550, and about 1 in 4 Americans attributed that debt to several small purchases that resulted from wanting something as opposed to really needing it.
In contrast, only about 1 in 9 people seemed to be in debt because of larger purchases that they wanted to make but didn’t need to.
Retail news that keeps industry pros in the know
Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.