Droves of Australians say social media has seduced them to spend, according to new research by comparison site Finder.
A Finder survey of 1,009 respondents revealed 40% have bought something online after seeing it on social media – equivalent to 8.4 million people.
The average social media shopper spent $420 over the past year, adding up to $3.5 billion nationally. Social media has driven Aussies to purchase everything from clothing (25%), to beauty products (16%), electronics (15%), and accessories (12%).
Rebecca Pike, money expert at Finder, said social media platforms are increasingly shaping how people choose to spend their money.
“With advanced algorithms and data-driven strategies, advertisements are now more personalised than ever before,” she said.
“Have you ever mentioned a product in conversation and then immediately seen an ad for it the next time you opened your phone?
“By analysing users’ behaviours, interests, and online activity, these platforms seamlessly present tailored content that aligns with individual preferences.”
It comes as no surprise that digital natives gen Z were the most likely to have been influenced by these ads. 68% admit to buying an item they saw on social media, followed by 52% of millennials and 29% of gen X.
Baby boomers were the least likely to be influenced – only 15% had bought something after seeing it on social media.
Of those who were plied by their socials to splash out, the average gen X spent $400 in the last year, compared to gen Z ($293).
While men (36%) were less likely to buy from social media than women (44%), they spent almost double ($553) that of women ($322).
In terms of platform sway, Facebook (61%), Instagram (52%), and TikTok (40%), are the top social media players when it comes to influencing Aussies to buy something.
