TULSA, Okla. — Scrolling through social media might be costing you more than just time — it could be seriously impacting your budget.
A new LendingTree study reveals that 67% of weekly social media users have purchased something after seeing it online, at times turning casual browsing into costly impulse buying sprees.
The survey of more than 2,000 Americans found that social media platforms have become powerful shopping gateways, with nearly 60% of social media shoppers saying an influencer prompted them to buy something.
"About 2 out of every 3 people who say they use social media at least once a week say that they have bought something via social media," said Matt Schulz, LendingTree's chief consumer finance analyst. "It's just another example of how retailers are making it so much easier than ever before to spend any time, anywhere, on anything."
The most common impulse purchases
The study identified the top categories for social media impulse buying:
- Clothing (26%)
- Beauty products (18%)
- Tech gadgets (15%)
But here's the concerning part: 57% of social media shoppers say they sometimes regret their impulse purchases.
"Whenever it becomes really, really easy to buy something, it becomes even more important to be careful, because there's very little that wrecks a budget like an impulse buy, and social media makes it really, really easy to impulse buy as much as you could possibly do," Schulz told 2 News.
The financial impact adds up
The spending habits revealed in the study show significant financial consequences:
- 30% of social media shoppers spent $500 or more on social-influenced purchases in the past year
- 43% of users say they've felt pressure to keep up with trends they see online
- Nearly half (49%) say social media influences what they consider "necessary" to buy
- 48% report that social media increases their desire to buy new or trending products
Simple strategies to protect your budget
Financial experts recommend two key strategies to avoid costly social media impulse purchases:
Remove stored payment information: Delete saved credit card details from shopping apps and websites. The extra step of entering payment information creates a moment of pause that can prevent unnecessary purchases.
Follow the 24-hour rule: When something catches your eye on social media, save the post instead of buying immediately. Return to it after 24 hours — if you still want the item, then consider purchasing it.
"If something grabs you and you're like, oh, I should buy this, instead of clicking to buy right then, maybe save that post somewhere, and then go back and look at it in 24 hours," Schulz said. "If you still want to make that purchase, then knock yourself out. But if you don't, then you've saved yourself a little bit of money on an unnecessary purchase just by stopping and taking a breath."
The study also found that 29% of users have cut back on social media usage specifically to save money, including half of Gen Z users.
"This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy."
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