How buyer's regret costs us £25 billion every year
22 February 2017
A wholeSEM paper from Ecological Economics has been cited in an article on the Mail Online.
Questioning demand: A study of regretted purchases in Great Britain by Alexandra Skelton and Julian Allwood, University of Cambridge presents findings from a nationally representative household survey on the tendency to regret purchases across 20 product groups.
Key findings included:
- Buying goods we regret costs us up to £25bn a year.
- The vast majority of British adults have regretted purchasing in the past.
- Regret is shown to be particularly prevalent for clothing & footwear and takeaway food.
- Wasteful purchases costs each household an average of up to £1,040 a year.
These findings are interesting because they suggest that there is a degree of self-assessed over-consumption that, if reduced, could help to reduce pressures on the environment.
Read the paper