When to avoid the shopping
AUSSIES who shop late at night on their mobile phones have been warned they’re likely to spend too much this Christmas.
Behavioural economist Phil Slade – who specialises in the psychology of spending – says social media feeds are spurring shoppers to spend up big.
Two-thirds of people regularly shop online.
Almost 60 per cent use digital platforms to research a purchase.
“With likes, followers and comments, it’s not unusual for individuals to become engaged in a ‘false feedback loop’, driving an ongoing need for new purchases that can be photographed and shared online,” Mr Slade said.
“(The problem) is the speed and ease (people) can access their money online to make impulse purchases which tend to be unplanned and unbudgeted for.”
A Suncorp banking group survey of more than 1500 people nationwide reveals almost 70 per cent of respondents believe “it’s OK to live a little” when it comes to spending money.
More than 40 per cent said spending created “feelings of happiness” and Mr Slade said Christmas spending could quickly get out of hand.