Sydney, Jan 22: Millions of Australians are making purchases influenced by social media, new research by Finder, Australia’s most visited comparison site, reveals.
A survey of 1,009 Australians found 40 per cent have bought items online after seeing them on platforms like Facebook, Instagram, or TikTok—amounting to an estimated 8.4 million people.
The average social media shopper spent $420 in the past year, contributing to a national total of $3.5 billion. Popular purchases include clothing (25 per cent), beauty products (16 per cent), electronics (15 per cent), and accessories (12 per cent).
Digital natives, particularly gen Z, were the most influenced by social media, with 68 per cent admitting to purchases inspired by ads.
Millennials followed at 52 per cent, while 29 per cent of gen X and only 15 per cent of baby boomers were swayed.
Despite fewer men (36 per cent) buying via social platforms compared to women (44 per cent), their spending averaged $553—nearly double that of women ($322).
Rebecca Pike, money expert at Finder, noted the role of advanced algorithms in shaping consumer behavior.
By analyzing users’ preferences and online activities, platforms deliver highly tailored ads that align with individual interests, driving spending habits.
Pike emphasized the importance of balancing indulgence with financial well-being.
She advised consumers to consider affordability and long-term satisfaction before making purchases, as impulsive habits could strain finances. “Scammers often exploit social media, creating fake ads to deceive buyers,” Pike warned, urging Australians to verify sellers and avoid deals that seem too good to be true.
To curb impulse spending, adopting key strategies can make a significant difference.
The 24-hour rule encourages waiting a full day before making unplanned purchases, giving time to reconsider and often reducing impulsive decisions.
Keeping a “want” vs. “need” list helps prioritize essential items over unnecessary ones, ensuring focus on what truly matters.
Unsubscribing from retailer emails and notifications reduces the temptation of flashy sales and targeted ads.
Finally, redirecting money saved by avoiding unnecessary purchases into a high-interest savings account allows it to grow and work harder for you.
As Australians navigate a culture of convenience, being mindful of social media’s influence can help curb impulse buys and support smarter financial decisions.
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