You might not realize it but social media has a huge influence on how you spend your money. And without you even realizing it! Whether it’s ads that read our minds or constant trends we have to follow, social media companies know how to make us open our wallets. Here are eleven ways these platforms do just that.
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Targeted Advertising
You might’ve noticed how after you’ve been browsing online for something, like a new pair of shoes, you suddenly see ads for those exact shoes popping up on your social media feed. It’s no coincidence. Social media sites use your browsing history to show you ads they think you’ll click on. And more often than not, we do just that.
Influencer Endorsements
When an influencer you follow says they love a certain product, it’s hard not to take notice. It feels more like a recommendation from a friend than an advert—making us more likely to consider buying it. These influencers have a talent for making everything look amazing. Suddenly, you’ll want things you didn’t even know existed!
The Fear of Missing Out (FOMO)
Similarly, seeing everyone else having fun makes us feel like we’re missing out—social media makes this feeling worse. We’re constantly bombarded with images of people living their best lives, complete with all the newest & shiniest things. It’s natural to want to keep up so we buy things to be part of the in-crowd.
Flash Sales and Limited-time Offers
Nothing gets our hearts racing like a good deal that’s about to expire! Businesses know this and they’ll use social media to announce their flash sales & limited-time offers. When you see that countdown timer, you think you have to act fast—sometimes too fast. We then make purchases we wouldn’t have made under less pressure.
Easy Accessibility to Shopping
Nowadays, you don’t even have to leave your social media app to make a purchase—you can just use your phone. Buying something has become as easy as a couple of clicks. Yes, such convenience is great but it also means we spend money without giving it as much thought as we should.
Customizable Wish Lists
Some social media platforms allow you to create wish lists of items you’re after. Unfortunately, these aren’t always great, as they keep these products at the top of your mind and you feel tempted to buy them. Soon enough, you’ll feel like simply giving in & treating yourself—no matter the cost.
Exclusive Groups and Communities
Being part of special groups or communities on social media can expose you to even more products that are tailored to your specific interests. For example, if you’re part of a gardening club on Facebook, you might see a set of tools that you just can’t resist. They seem like they’d make everything so much easier.
Interactive and Immersive Ads
Social media ads are becoming more engaging and include interactive elements that draw people in. Rather than simply pictures or videos, some ads let you click through different colors of a product or even see it in action through virtual reality. This kind of interaction makes the product more appealing and convinces people to make a purchase.
Comparison Shopping
Social media has made it far easier to compare prices and deals for any products you’re considering buying. In theory, this should save you money but in reality, you’ll spend money on things you weren’t planning to buy. And it’s all because you spotted a good deal that was too hard to say “no” to!
DIY Projects and Home Makeovers
You’ll see before-and-after photos of home renovations & DIY projects all over social media. These posts make it look so easy, pushing you to try your hand at them. Next thing you know—you’re at the home improvement store with a cart full of supplies for a project that you probably shouldn’t start.
Health and Wellness Trend
Social media has a way of making us feel like we’re not doing enough for our health. This makes us spend our hard-earned cash on products & supplements that promise to improve our well-being. Don’t get us started on the membership! This constant stream of wellness trends keeps us reaching for our wallets.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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