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Canadians spending thousands a year on impulse shopping

October 16, 2012

The idea of "retail therapy" is well known across the globe, as many ladies and men flock to their nearest mall to get a few purchases in order to feel better, but this impulse shopping may be costing Canadians more than they think. According to The Canadian Press, a recent survey conducted by the Bank of Montreal found that the majority of respondents said they shop to cheer themselves up - and these purchases amount to $3,720 annually.

The survey found that 59 percent of respondents took out their wallets when they were feeling a little down and bought things like clothes and shoes. Some even took this money to treat themselves to a nice dinner, according to the news outlet. Individuals have been spending more than they have in the past 10 years, and this is raising a few red flags.

"We're really struggling to save money on a monthly basis," Janet Peddigrew, district vice-president of midwestern Ontario at BMO, told the news source. "Those who answered the survey, the majority, said they would do it to cheer themselves up."

The survey also showed that 60 percent of Canadians questioned bought an item just to feel better, and 55 percent admitted they bought something just because it was on sale. These purchases result in $310 a month spent on items that are just wanted and not needed. Many of the survey participants felt as though they could save two-thirds of the amount spent if they made an effort to cut down on their impulse spending, the media outlet reports.

According to The Huffington Post, retail therapy has been found to improve a person's mood. A study published in Psychology and Marketing in January 2011 found individuals will spending money on everything from clothing to food to electronics to make themselves feel better. The results illustrated that all of the spending did actually improve the mood of the shopper, as 82 percent were happy after the purchase and only a fraction of the people had buyer's remorse.

Those who want to talk about the latest survey findings can make calls to Canada using calling cards, which can save individuals money especially if they are spending a great deal on clothes and shoes.

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