Two in three Americans believe that social networks encourage overspending

You’ve probably noticed that when you spend time on social media, it’s impossible not to come across an advert for a new dress or gadget. While shopping on social networks has become popular, users are nonetheless wary. In fact, according to one survey, two in three Americans think that social networks promote overspending.

Social networks have revolutionised the way we communicate, but they’re also changing our shopping habits. While more than four in ten Gen Z consumers and Millennials make a purchase via Pinterest Shopping at least once a month, it would seem that some don’t necessarily see social media shopping in a positive light.

According to a survey by WalletHub, two in three Americans believe that social networks encourage them to spend more online.

From scams to regrets

Social networks have become a platform of choice for brands and influencers wishing to promote their products and services. Users are constantly exposed to targeted advertising and sponsored content, which can encourage them to buy products they don’t really need. In fact, almost three in four users claim to have made unnecessary purchases on social networks.

While some are wary of social media advertising, nearly one in five Americans would describe their social network purchases as “scams”, and 63% regret some of their social media purchases.

Despite these concerns, one in two Americans still find shopping on social networks more convenient than traditional shopping websites. However, 36% of those surveyed believe they would spend less if they deleted their social media accounts.

Social networks also have an impact on our perception of success and happiness. Influencers and celebrities often share images of their luxurious lifestyles and extensive purchases, which can create a sense of frustration and dissatisfaction among users.

Almost two in five Americans try to portray a more positive image of their financial situation on social media than is really the case. According to the same survey, for 36% of people polled, social networks are a source of frustration when it comes to their financial situation. – AFP Relaxnews

*This report reflects the results of a nationally representative online survey of over 200 people. After collecting all responses, WalletHub normalised the data by age, gender and income to ensure that the sample reflected US demographics.