Finance Your Budget Consuming passion: Millennials admit being ‘addicted’ to sales

Consuming passion: Millennials admit being ‘addicted’ to sales

Most Millennials don't have a savings plan
Millennials can't resist a bargain, often to their regret. Photo: TND
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Significant numbers of younger Australians feel like they’re addicted to sales and frequently splurge on items they come to regret purchasing.

PayPal’s 2021 EOFY Sales Trends Report has found 34 per cent of millennial shoppers admit feeling regret after buying something on sale, compared to 24 per cent of all age groups.

Around 37 per cent of millennials reported they had bought an item they didn’t need because it was on sale – significantly higher than the national average of 26 per cent.

Roughly one in five millennials admitted to being “addicted” to sales, with a similar number saying they felt like they were “losing money” if they didn’t buy a desired item on sale.

They are also more likely to be impulse buyers, with the average millennial shopper purchasing 3.4 unplanned items at a cost of $197 in the past three months, about $87 more than the population average.

“Millennial shoppers can be reluctant to spend outside of sales season,” said PayPal’s Consumer Shopping Expert Jessica Rix.

“We found over a quarter saying they only shop when items are on sale or discounted with only one-in-10 saying they don’t care whether items are on sale or not.”

Millennials were also the most likely age group to have bought an item at full price, with 17 per cent reporting to have returned the item and then purchased it at a lower price when it went on sale.

Gen Z are also getting in on the sales habit, with 61 per cent reporting they have watched an item they wanted and waited until it went on sale before buying online.

Roughly 1008 consumers and 417 businesses participated in the online self-completion survey, which was conducted by ACA Research.

Millennials were defined in the survey as between 27-38 years of age, while Gen Z respondents were categorised as between 18-26 years old.