NEW DATA REVEALS: 3 in 5 Brits REGRET their social media influenced spending

Brits spend £150 on items they see on social media, yet 60% regret more than one purchase, new data has found

Brits have spent almost £150 on items that they’ve seen on social media – but 3 in 5 admit that they regret multiple purchases.

New data from consumer credit broker Little-Loans.com has lifted the lid on how social media impacts Brits’ buying habits, and how many of us are really happy with the purchases we make as a result.

A nationally representative survey of 2,000 Brits discovered that Facebook is the most influential platform for buying.

Participants detailed which social media website leads them to shop the most frequently, and the top choices in order of popularity were:

1. Facebook

2. Instagram

3. YouTube

4. Twitter

5. TikTok

6. Pinterest

Gen-Z differed from the nation’s top choice, citing Instagram as their number one spending influence.

Whether it’s through adverts, influencers or peers, Brits have spent an average of £148.40 on products or services that they’ve seen on social media apps or websites.

35-44-year-olds are the biggest social media spenders, splashing a whopping £179.20 on average. Males were found to spend more than females: £161.60 compared to £133.50, respectively.

However, social media purchases are not without their drawbacks. 3 in 5 Brits confess that they regret more than one item they’ve bought off the platform, most likely due to poor quality or an inaccurate depiction of the item online.

Little-Loans.com also analysed search data, to rank the most popular items bought as a result of TikTok over the past year. The top items were:

1. TikTok Leggings
2. TikTok Feta Pasta
3. TikTok Ramen
4. TikTok Starbucks Secret Menu items
5. TikTok Lights (LED and sunset)
6. TikTok Wrap
7. TikTok Cloud Wall
8.  TikTok Books
9. TikTok Phone Cases
10. TikTok Mochi

Commenting on the data, Personal Finance Expert at Little-Loans.com, Dan Whittaker, said:

“The time that Brits spend on social media is increasing as each year goes by. Not only that, but the platforms are becoming more and more commercial, and a livelihood for many influencers. So it’s no surprise that so many of us find ourselves buying items that we’ve seen when browsing, through adverts, influencers or even friends and family.”

“That being said, social media is not always what it seems. Bear in mind that some influencers have been paid to endorse products or brands before making your buying decision. Research companies that appear on your Facebook adverts before buying, and make sure to pay attention to online reviews which are arguably the most accurate source of information.”

Little-Loans.com conducted the data to discover how Brits are influenced by social media and the impact that this can have on their finances. Little-Loans.com is a loans comparison website that allows users to compare small loans from over 40 lenders to secure the lowest APR possible.