15% of ‘buyer’s remorse’ cases are down to cost

We’ve all done it. Browsed on the internet and bought something on an impulse. Whether it’s clothes, shoes, jewelry, gifts or a bigger purchase like a car, it’s possible to impulse buy just about anything these days. Our choices are many and the accessibility of internet shopping means some people find they’re buying stuff they just can’t afford. And it’s affecting more people than you might think.

Buyer’s remorse huge in the UK

A whopping 82% of adults from the UK have regretted something they have bought – and 15% of those admit it’s because they couldn’t afford it in the first place. New research from UK debt advice and solutions provider Debt Advisory Centre, author of this article, shows that most UK adults have felt buyer’s remorse at one time or another. Reasons given for regretting that magical purchase include things like ‘didn’t really need it’ at the top of the list, followed by ‘didn’t fit’, ‘never used it’, ‘couldn’t afford it’ and ‘poor quality’.

What do you regret purchasing?Flickr /  CC BY-NC

What do we regret purchasing?

Worryingly, purchases most regretted by people doing the survey are pets, at 42%. This was followed by 38% stating they regretted booking a holiday, 32% wishing they hadn’t been so generous with their gift-giving and 28% sadly wondering why they bought that particular car.

These results are not surprising, perhaps, given that most of them are long-term commitments with costs that are ongoing. Finding out that your cute puppy will set you back a significant sum each year just to feed – regardless of vet fees if they get sick and the sheer time and attention they need – seems to put many owners off.

On the flipside, although gifts and holidays tend to be bigger one-off purchases, often they’re bought without thought to your budget and so knock finances off course. It can seem worth it when you’re on the beach but coming back to a whole heap of debts could really spoil those memories.

What do people do with the things they don’t want?

In this age of easy internet access, it’s a viable option to list items that are not wanted and sell them at an online shop like eBay or etsy. However, it turns out that over half of respondents (57%) just kept their purchases, even though they no longer wanted them.

As long as receipts are kept and no damage has been done, it’s also possible to get a refund from the stockist – something that really should be looked into if money is tight.