Americans spend $314 a month on 'revenge spending'.

By The Exchange Team

Buying something on an impulse can easily ruin even the most meticulously prepared financial plans.

Nonetheless, between paid social media posts and "revenge spending," they are practically difficult to avoid.

As the cost of living rises and more Americans fear a recession, they delve into their cash savings and nearly half incur more debt.

SlickDeals.net found that 73% of individuals stated most of their purchases are spontaneous, up from 59% a year before.

Impulse purchases average $314 a month, rising from $276 in 2021 and $183 in 2020, according to Slickdeals.

The pandemic impacted how people spend money. "Consumers abandoned ingrained shopping routines, rocketing online," says one analyst.

56% of consumers say more than half of their online purchases are impulsive, driven by post-Covid behaviours and buy now, pay later.