3 in 5 Brits regret their social media influenced spending

3 in 5 Brits regret their social media influenced spending
Duncan is an award-winning editor with more than 20 years experience in journalism. Having launched his tech journalism career as editor of Arabian Computer News in Dubai, he has since edited an array of tech and digital marketing publications, including Computer Business Review, TechWeekEurope, Figaro Digital, Digit and Marketing Gazette.

Facebook has been named the most influential social media platform for Brits’ buying habits, new research has discovered.

Survey data from FCA-regulated credit broker Little-Loans.com has lifted the lid on how social media impacts Brits’ buying habits which, in turn, can aid companies’ marketing efforts.

A nationally representative survey of 2,000 Brits found that Facebook is the social media platform that leads to the most sales.

Participants detailed which social media space leads them to shop the most frequently, and the top choices in order of popularity were:

  1. Facebook
  2. Instagram
  3. Youtube
  4. Twitter
  5. TikTok
  6. Pinterest

Gen-Z differed from the nation’s top choice, citing Instagram as their number one spending influence.

Whether it’s through adverts, influencers or peers, Brits have spent an average of £148.40 on products or services that they’ve seen on social media apps or websites.

35 to 44-year-olds are the biggest social media spenders, splashing a whopping £179.20 on average. Males were found to spend more than females: £161.60 compared to £133.50, respectively.

However, 60% of Brits confessed that they regret more than one item they’ve bought off the platform, with one in five admitting that they’ve had regrets “many times” after buying.

Little-Loans.com also analysed search data, in order to rank the most popular items bought as a result of TikTok over the past year. The top items were:

TikTok Leggings

TikTok Feta Pasta

TikTok Ramen

TikTok Starbucks Secret Menu items

TikTok Lights (LED and sunset)

TikTok Wrap

TikTok Cloud Wall

TikTok Books

TikTok Phone Cases

TikTok Mochi

Commenting on the data, digital marketing expert at Little-Loans.com, Harry Lawrance, said: “In the current day and age, social media is an undeniably impactful marketing tool. Whether you’re paying to advertise on its userface or creating content to organically attract customers, the possibilities are endless.

“It’s interesting to see that Facebook remains to be the most impactful social media platform for shopping habits, particularly in the dawn of the TikTok era. However given that the 35- to 44-year-old demographic contains the biggest spenders, the results do add up.

“Considering that 60% of Brits have regretted purchases they’ve made on social media, it’s important to demonstrate your companies expertise and the authenticity of your product. Though social media’s impact will likely only expand over time, customers may become more cynical of products based off poor past experiences.”

Harry’s tips on harnessing the power of TikTok to promote your business can be found attached.

Little-Loans.com conducted the data to discover how Brits are influenced by social media. Little-Loans.com is a loans comparison website that allows users to compare small loans from over 40 lenders to secure the lowest APR possible.

Interested in hearing leading global brands discuss subjects like this in person? Find out more about Digital Marketing World Forum (#DMWF) Europe, London, North America, and Singapore.

Tags: , ,

View Comments
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *