One in seven Brits has admitted they will spend up to £100 on an impulse purchase, while nearly a third would spend £50 or more.
These were the findings of a latest survey from thinkmoney.co.uk that revealed that clothes, sweets and gadgets were among the most popular purchases.
One in ten men would even purchase a holiday on impulse if they liked the look of a particular location –a significantly higher proportion than females who would do the same.
Levels of impulse purchasing
A sixth of respondents said they wouldn’t spend more than £10 on an impulse purchase, while a similar proportion revealed they might stretch to £20.
For the survey, an impulse buy was deemed as anything an individual hadn’t planned to purchase before they saw it in a store.
Clothes were the main impulse purchase, as 29% of people said they spend on fashion whenever they felt like it while 16% revealed they would spend freely on sweets, chewing gum and chocolate spontaneously.
The purchase of electrical goods and gadgets on impulse was slightly less likely – although these items often command a much higher price tag.
Differences between the sexes
Some items were more popular with men than women, and vice-versa, when it came to impulse spending – but this is hardly surprising given that some products are specifically targeted.
While 10% of men would spend money on a holiday or just go travelling at any time, only 6% of women would do the same.
However, one in ten women would spend freely on cosmetics and beauty products, although men had little interest in these items.
A major issue with the larger purchases was that both sexes gave little consideration to monthly budgets when spending on goods and services – an issue if funds are tight.
The process of managing your spending
Financial management is extremely important, so keeping spending in check with a prepaid card is a great way of ensuring that you do not spend more than you would like.
A prepaid card limits spending to the amount on the card at any given moment – limiting any potential impulse purchases that could drive an account into the red.
The cards can easily be topped up or replaced if required, while accounts can be checked regularly online if needed.
Unlike credit and debit cards, prepaid cards are not directly linked to a bank account, making fraudulent activity a lot more difficult.