Consumer Payment Card News

Drunk Online Shoppers Blow Budgets with Stupid Purchases

Drunk Online Shoppers

Drunk online shoppers are blowing budgets with a credit card in-hand and booze in the other. Shopping online in your pajamas at 3 in the morning is nothing short of cool. But, mixing in a little Tequila and traditional brick-n-mortar store “impulse buying” returns, but exponentially, becoming stupid SUI (Shopping Under the Influence) purchases.

About 40% of consumers have exceeded spending budgets online in the past six months. However, around 15% of Americans make SUI purchases. Three of ten Millennials admitted to shopping online while drunk.

Splurging & Debt

A new survey from CouponFollow discovered around 29% reported they’d gone into debt in the past six months due to online purchases. More than a quarter of respondents reported reaching a credit card balance over $1,000 from online shopping in the past, but most shoppers said $100 – $300 was the most online shopping debt they’d ever carried.

Online shoppers are most likely to splurge on clothes (28%), followed by electronics (17%).

eShopping Payments

When it comes to payment cards the CouponFollow survey revealed 43% of Americans carry a cash-back credit card, while a third carry a low-interest rate credit card. Two-thirds of Americans have no more than two credit cards. One-fourth of all U.S. shoppers hold an Amazon credit card.

However, debit cards are most often used for purchases.

Online and other non-store sales in the U.S. are running about 10% a year ago, notes CardData, CardFlash, and CardTrak Senior Analyst Robert McKinley.

When it comes to using an online payment split service (or installment loan option) for larger purchases, CouponFollow discovered only 12% have used such services as AfterPay, Affirm or Klarna.

eShopping Savvy

The CouponFollow study says 78% of American consumers look for coupons or sales before shopping online. Online shoppers are not only savvy looking for deals more than 60% consider an online purchase for five days or less.

CardTrak notes cyber shopping fraud is always in the back of consumers’ minds when shopping online, especially with payment cards, but it should be in front of your mind. Cyber crooks have been studying new ways to capture your data while shopping.