Bagging a bargain: Why Brits can’t resist a special offer
Seeing a product that’s on sale or has had the price marked down is enough to convince two-thirds of shoppers to spend their money.
According to a new study conducted on behalf of debt advice and solutions provider Debt Advisory Centre, 69% of respondents admit that spotting a bargain is the situation that is most likely to prompt them to make a purchase. Those aged between 45 and 54 years old were the most likely age group to be swayed by money off (72%), while women were more inclined to spend after seeing a good deal than men (74% compared to 65%).
Other factors that convince people to splash the cash include being on holiday. A quarter (25%) of respondents admitted that going away meant they were more likely to buy something than usual.
Payday was also found to put people in a mood where they were happier to spend. Nearly one in five (18%) respondents said that their wages being paid into their account meant they were more inclined than normal to go on a spending spree. This was particularly true for those aged between 18 and 24 years old, with more than a third of this age group (39%) saying this increased the likelihood of them spending, compared to 7.7% of over-55 year olds.
In comparison, the influence of advertising appeared less likely to persuade people to spend more. Just 3.5% of respondents said that seeing a product featured in a TV show would increase the chances of them buying it, while only 7% said they would be influenced by seeing that the product was endorsed by someone they admired, such as a celebrity.
Whatever the reason behind it, spending more than intended can make budgeting very difficult. People who find they are regularly spending may have to rely more on credit, or discover at the end of the month that they do not have the money they thought they did to cover their essential outgoings.
Ian Williams, spokesman for Debt Advisory Centre, says: “It’s not surprising that seeing a bargain can prompt so many people to spend more than they planned to – particularly if they think it will save them money in the long-run. However, if this becomes a regular habit, their finances could soon become stretched.
“One of the most effective ways of not running out of cash each month is to stick closely to your budget. Even if you’re on holiday, or you’re out shopping and spy a bargain, spending money you hadn’t planned to could leave you in a sticky situation financially. Stick to a budget and you won’t have any unpleasant surprises as you wait for payday.”