The Impulse Spending Epidemic: Australians Splash $915 Million Weekly on Spontaneous Buys

New research from Finder sheds light on Australians’ spending habits, revealing a staggering $915 million is splurged nationwide each week on impulse purchases. The study highlights that young Australians, particularly Gen Z, are the biggest contributors to this trend, averaging a weekly spend of $74. In contrast, Baby Boomers are more conservative, spending just $9 weekly on spontaneous buys.

The rise of Buy Now Pay Later (BNPL) services is cited as a significant factor fueling this surge in impulsive spending. With the convenience of deferred payments, consumers are more inclined to make spontaneous purchases without fully considering the financial implications.

Furthermore, the research indicates a gender disparity in impulse spending, with women outspending men by an average of $8 per week. This finding underscores the importance of understanding and managing individual spending habits.

To curb impulsive spending and save money, experts recommend becoming more aware of one’s purchasing behaviors and establishing a budget. By identifying triggers for impulse buys and setting financial boundaries, Australians can take control of their spending and work towards achieving their savings goals in a world inundated with temptations.