At the beginning of every season, we naturally tend to change up our wardrobe or sometimes feel the need to give in to the latest trend. While impulse shopping may seem like a harmless pastime, it can quickly tank your budget. According to Finder, a personal finance comparison site, impulse shopping is a $17.7 billion market in the U.S. Over 88% of American adults have participated in impulse online shopping at least once and 64% fall prey at least one time each month.
Created by Finder, “Icebox” is a free Google Chrome desktop extension available at the Chrome webstore that replaces any “buy” or “purchase” button with one that displays “put it on ice.” The button will place any item you think about purchasing into a “cooler” for up to 30 days, which disables you from purchasing the item until the time is up. Icebox works on over 20 mainstream shopping sites including Amazon, eBay, Sephora and Macy’s and it also serves as a pop-up reminder on over 400 additional retailers.
“With regret being the most popular experience after an impulse buy (44%), it is becoming apparent that we may need more than simply our will-power to say no to spending money on those unnecessary buys,” Finder.com consumer advocate, Jennifer McDermott, told Forbes. “When having the urge to buy something, by putting it ‘on ice’ you can be confident in your decision when the waiting time is up. Reduce the likelihood of regret and stretch your dollar further.”
While Finder’s Icebox extension is targeted at all demographics, consumers that tend to impulse shop more than anyone else are the Baby Boomers. According to Forbes, Millennials spend on average $82.37 during an impulse spree while Baby Boomers splurge with $174.25. With that in mind, experts say millennials will benefit from using Icebox since they are the generation to feel pressured into making an impulsive purchase 8% by friends, store associates and online ads, according to Forbes, compared to 5% of Gen X and 2% of Baby Boomers.
According to Highsnobiety, a daily news website covering streetwear, sneakers, cars, lifestyle, and the arts, future launches of the Icebox extension for Safari, Firefox and mobile devices should take place very soon.