Social media often influencing its users to purchase a particular product has become a rather common occurrence. Most users often appear rather regretful after buying something through the influence of such platforms.In a new study by Bankrate, it is clearly established how social media has a serious impact on the spending habits of users.
In the survey, almost 50% of the respondents admitted to having impulsively bought something after coming across content that is sponsored. Specifically, this method works remarkably with brands such as Shein, SKIMS and Halara through their advertisements. According to Sarah Foster, analyst at Bankrate.com, these brands advertise through people who appear to be like any other user. They make them appear to be enjoying a products, outfits or vacation that anyone would desire.
However, 64% of users of such platforms who admitted to making an impulsive purchase expressed their regret in at least one such purchase. Foster went on to point out how such purchases can ‘often harm’ users’ finances much more than one would expect social media to benefit us in life.
“can often harm our finances more than benefit our lives in the way we thought they would from social media,”
Additionally, the survey discovered how other than finances, social media is also ruining the users’ happiness. Almost 33% of these consumers would possibly feel more negatively regarding their monetary state than any other aspect of their life.
Numbers from the survey showed 47% of Gen Z, along with 46% of millennials admitting to negative feelings regarding their financial state. Reportedly, this was after they viewed any post from another user on the platforms. The results were similar among 22% baby boomers, as well as 31% of Gen X. Foster pointed how the newer generation pretty much grew with social media, with the one before that having witnessed its evolvement. Hence, its heavier effect on them as opposed to Gen X or baby boomers is quite understandable.
The impact on the youngest generation is also quite significant as over 64% of parents with minor kids who use social media have their own opinions. Notably, they believe that online material has resulted in the children having unrealistic ideas regarding finances. As Foster stated, millionaire content creators such as Nastya, Ryan Kaji and Unspeakable, who are kid-friendly, are bound to have a such an effect.
Finally, the analyst went to call social media ‘a scrapbook’ which only features the brighter part of users’ lives. It has developed to be just a modern, digital version of roadside billboards, having a greater impact on everyone’s lives.