Suffering from buyer’s regret? You’re not alone
The winter sales are over for another year – and while many people are proudly showing off their best bargains, other shoppers are regretting those panic purchases.
Customers overspent an average £78 on items over the festive period, research from Santander suggests.
Walking to work, cancelling gym subscriptions and spending less on going out are just some of the ways people now are cutting back.
But for some, the temptation to grab a bargain can have more serious consequences.
Research from the Money and Mental Health Policy Institute has highlighted people’s regrets.
The speed and convenience of making purchases with a simple click of the “buy” button can be hard to resist.
And the survey found that one in 10 shoppers always, or often, regretted purchases made online.
Increased spending can also be a symptom of mental health problems.
According to the institute, this type of spending isn’t driven by greed but by people’s emotions – such as boredom, depression or loneliness.
Almost half (48%) of people living with mental health problems were said to have made purchases they regretted while alone.
Now, the institute has launched a free tool to help people control their spending.
The “shopper stopper” allows customers to set the opening hours of online stores, enabling them to block access at times they find purchases particularly hard to resist, such as the middle of the night.
Consumer champion Martin Lewis, who founded the institute, said: “Many people shop to make themselves feel better in periods of depression, to give things to others or feel needed, or to fill the time when they’re bored or lonely.
“But the boost it gives is transitory, while the financial pain it can cause lingers on and on.”
More details about the tool can be found by visiting shopperstopper.co.uk