NEW YORK (WSYR-TV) — A new study by CouponBirds has found that retail therapy is costing New Yorkers $1.6 billion.
In a recent survey, CouponBirds polled 3000 customers on their online shopping habits and revealed that almost 49 percent, or almost half of New Yorkers said they buy things with the sole purpose of making themselves feel better.
Retail therapy is described as the process of going shopping for the sole purpose of making yourself feel better, according to online therapy Better Help.
Based on CouponBirds data extrapolated to the adult population, there’s an estimate over 7.6 million people who are purchasing things to make them feel better.
They also found that one in ten people said they look forward to Black Friday more than Thanksgiving shopping as one in three people start saving for Black Friday three months in advance. However, half of Americans are actually skeptical of Black Friday deals.
Retail therapy has become a more permanent fix to some people’s mental health struggles and its coming at the expense of other, more reputable ways of improving someone’s mental health.
Given the choice, 45 percent of people said they are more likely to buy things rather an do exercise to lift their mood, and 15 percent said they go on shopping sprees even if they can’t afford it.
These figures might not be surprising as there is an overwhelming majority of Americans who think the country is experiencing a mental health crisis, especially since the pandemic.
Black Friday is just around the corner and even though some might have the urge to spend a ton on the holiday, its best to think about the money the retail therapy is costing you.
Most retail therapy sessions cost shoppers on average $212.95 each time. Instead of blowing the bank this holiday season, remind yourself what you actually need versus what you might want.