More than half of Americans hide purchases from family and friends out of embarrassment

In today's world of online shopping, have you ever made a purchase you regret? If so, you're not alone – seeing as the average American spends over $2K a year on purchases they come to regret.

A study of 2,000 Americans examining their spending habits and behaviors found the average respondent spends $202.34 a month on unnecessary purchases ‒ that’s a whopping $2,429.16 a year.It was also revealed 76 percent are guilty of making an impulse purchase. Of those, it only takes the average respondent nine hours before regret over a whimsical buy sets in.

That’s not all ‒ three in four (76 percent) admitted to making financial decisions that they wish they could take back.

Conducted by OnePoll on behalf of First Internet Bank, member FDIC, the survey found that 38 percent still think they’re “very good” with money.

In spite of thinking they’ve got their finances under control, 59 percent have hidden the cost of the items they’ve purchased from others.

And 56 percent revealed they’ve hidden purchases from family and friends out of pure embarrassment.

One of the central things that encourages people to overspend is online shopping. Sixty-four percent think they’d save a lot of money if they stopped shopping on the internet.

Results found that the average person would save $103.55 a month if they didn’t make non-essential purchases online.

Of those who’ve made an impulse buy, the most common instinctive purchase were “clothes I don’t need” (49 percent).

Other top spends that people made off the cuff included: ordering in food/drinks (39 percent), big ticket technology like laptops or televisions (37 percent), shoes (35 percent) and small ticket technology like chargers or headphones (35 percent).

“What makes online shopping so attractive in today’s world – convenience and immediate gratification – also are what make them prime contributors to buyer’s remorse,” noted First Internet Bank Chief Operating Officer Nicole Lorch.

There are definitely certain times and places that prompt more impulsive buys. Fifty-two percent admitted to making purchases on a whim.

Half (52 percent) will even perform little mental gymnastics and think of a future event they might use the item for.

Boredom or a late night out (both 44 percent) will increase the likelihood of an impulse buy going through. Others blamed their last-minute spends on their insomnia (36 percent).

Sixty-nine percent of respondents blamed online shopping as their number one impulse buy location.

Shopping in-person came in second with 63 percent, while mobile/app stores rounded out the top three (55 percent).

“At one time or another, we’ve all bought something we later questioned,” Lorch added.  “First Internet Bank provides financially sound answers to help make the right financial choices. From determining the monthly budget that works for you, to investing your savings in a high-yield money market, our goal is to help customers manage their money wisely – and most importantly, without remorse.”

TOP IMPULSE BUYS
1. Clothing                                            62%
2. Food                                                 58%
3. Shoes                                               56%
4.  Drink                                                52%
5. Jewelry                                             50%
6. Big ticket technology                        46%
7. Small ticket technology                    45%
8. Books                                               43%
9. Video games                                    41%
10. Tickets to events                            40%
11. Apps                                              37%
12. Magazines                                     37%

TOP IMPULSE SPEND REGRETS
1. Clothes I don’t need                           49%
2. Ordering in food/drinks                       39%
3. Big ticket technology                          37%
4. Shoes                                                 35%
5. Small ticket technology                       35%
6. Vacations                                            34%
7. Video games                                       32%
8. Loaning/giving money                         32%
9. Fad item                                              31%
10.  Ride-share apps                               27%
11. Bags                                                   23%

REASONS FOR PURCHASE EMBARRASSMENT
1. It was too much money                             59%
2. I thought they’d laugh at me                     53%
3. It didn’t fit correctly                                    48%
4. It was a private purchase                          48%
5. It didn’t look as advertised                        47%
6. I already regretted the purchase              46%

ELEMENTS THAT INCREASE IMPULSE BUY
1. Being on vacation                             52%
2. Thought of future occasion               52%
3. Peer pressure from friends               47%
4. Boredom                                           44%
5. Late night out                                    44%
6. Insomnia                                           36%

OUTLETS MOST LIKELY TO INSPIRE IMPULSE BUYS
1. Amazon                      55%
2. Walmart                      45%
3. Ebay                           37%
4. Target                        37%
5. Best Buy                    36%
6. Nike                            33%
7. Nordstrom Rack         28%
8. Adias                          26%
9. Macys                        25%
10. Sephora                   24%
11. ASOS                       23%
12. Forever 21               23%
13. Wayfair                    23%
14. Nordstrom               23%
15. Overstock               22%