‘Bargain-hunting’ Brits left exposed by their impulse buying habits

UK consumers’ love of impulse buying is costing them dear as they fail to shop around or read the small print on returning unwanted items, according to online insurance company, swiftcover.com.

In a nationwide survey of 600 UK consumers, swiftcover.com found that 91 per cent made a regrettable impulse purchase last year. But that clearly hasn’t put them off - as many as two thirds (62 per cent) claimed to have made three or more impulse purchases last year, and as many as 15 per cent of people impulse buy on a monthly basis. Six out of 10 people (61 per cent) spent in excess of £100 last year on impulse purchases (and 19 per cent over £400).

But consumers’ scramble for a bargain often means that ‘sensible’ shopping habits are discarded. Seven out of 10 people surveyed admitted that they don’t bother to read returns policies before buying, while nearly half (47 per cent) have signed up to a service such as broadband or insurance without shopping around first. As a consequence, a quarter (26 per cent) have struggled to return an unwanted item.

A fifth of people (21 per cent) admitted that the reason they made impulse purchases was because it was easy with credit cards, whilst 26 per cent agreed that it was the convenience of online shopping. Worryingly, 14 per cent of people admitted that they sometimes don’t think about the price, with 15 per cent only realising that they can’t really afford the item after they have made their purchase.

“Whether it’s a pair of killer heels, or the latest ‘must-have’ gadget, it seems that we’re addicted to spending now, paying later,” says Tina Shortle of swiftcover.com. “But that means that we’ve also dropped our guard when it comes to ‘sensible’ habits like shopping around and as a result we are getting stung by shops’ returns policies.”

To protect consumers from making rash insurance purchases, swiftcover.com offers a “14 Day Guarantee” to give people the chance to shop around for a better insurance offer or their money back. People looking for car insurance can get a quote from swiftcover.com in 60 seconds, but if they find a better price after buying and haven’t made a claim, swiftcover.com will refund all their money.

The research also identified the most impractical impulse purchases Brits have ever made. Half of all Brits (48 per cent) have bought useless gadgets; a third admitted to purchasing clothing they never wore; 12 per cent have purchased a bicycle never used and seven per cent have shelled out on unnecessary jewellery and accessories.