Have you got a shopping addiction?
Did you know that a staggering 25% of Brits are addicted to shopping according to a national survey carried out by Kensington Financial Management Consultants.
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Ring any bells?
When times get tough it’s very easy spiral into debt by spending to make yourself happy. This is quite clear from the statistics that showed 24.8% admitting to have shopping related debt and 54% said that shopping made them feel happy, although 38% expressed feeling guilty post-spree.
Believe it or not there is a term for it too – Shoporexia. This is characterised by an intense desire to purchase unnecessary goods on an almost daily basis, regardless of the financial implications.
Of the 280 people polled, 67% have bought items they’ve never worn or used, and 84% have bought a perceived bargain on impulse. Nearly a third shop for non-essential items every week, and a fifth think about shopping at least once a day. Shopping is classed as a hobby by 37% of those questioned, and 29% admit to thinking about shopping while they are at work. 54% said shopping makes them happy, 33% said it makes them excited, and 19% said that it makes them feel more confident.
Shoporexics are often also very secretive about their spending habits and usually reluctant to acknowledge their addiction. Half of people surveyed admitted feeling so bad following a shopping expedition that they sometimes hide purchases or lie to a partner about how much money they have spent. Over a third of people surveyed have experienced embarrassment by their credit or debit card being declined whilst out shopping.
Credit is a shoporexic’s drug of choice, with a quarter of people surveyed confessing to using credit to buy non-essential items. Half have accumulated debts of over £2,500 on non-essential spending and, of these, 6% have debts exceeding £20K.
So... the moral of the story is:
Shop sensibly by buying only key clothing items you know that will suit you and last for a few seasons
Save for a budget and stick to it. There’s sales everywhere and now’s the time to take advantage of them!
Think about how much happier you’d be ‘out of debt’ than ‘in it’. Make a plan to pay off those store cards and stick to it... freedom awaits you!
If you're looking for some assistance in the shopping stakes then get in touch with our London Personal Shopper.
If you
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