Buyer regret costs UK consumers billions

Buyers regret could be costing UK consumers up to 25 billion pounds a year, according to a study by Cambridge University.

The survey conducted by Cambridge University researchers Alexandra Skelton and Julian M. Allwood and published in the scientific journal Ecological Economics, reveals that 82 percent of adults in the UK have regretted a purchase at some point in their lives, with 67 percent stating that they had regretted a purchase in the last year.

The study showcased ‘regret purchases’ across 20 product groups, with post-purchase regret being particularly higher for clothing and footwear, with 60 percent of the 2,000 people surveyed regretting purchasing an item of clothing or footwear in their life, and 40 percent within the past year.

Of those that regretted a purchase they blamed others including partners, other family members and even friends, and surprisingly, men were 13 percent more likely to regret purchases than women.

The study estimates that the annual expenditure on regretted purchases could range between 5 and 25 billion pounds, the equivalent to 2-10 percent of annual consumer spending on goods in the UK. Such purchases could cost UK households up to 1,040 pounds every year.