Decoding the impact of social media on spending | Part 1

Get holistic financial planning with 1 Finance - https://1finance.onelink.me/5Kxt/otep19Social media has become a big part of our daily lives, whether we're enjoying content from our favorite brands, shopping live, or trying on things virtually. Thanks to the widespread use of the internet, there are now 467 million social media users in India, and 89% of them are active every day.A survey found that in the last year, U.S. adults spent a whopping $71 billion on impulse purchases influenced by social media. This is more than the GDP of countries like Slovenia, Ghana, or Jordan. Surprisingly, 57% of these impulse buyers regretted at least one of their purchases.This brings us to an important question: How does social media affect our spending habits psychologically?In the first part of our episode, we talked about how social media shapes the way we make choices, the excitement created by marketing, and the importance of ethical considerations when businesses use social media."*Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.Registration granted by SEBI, membership of BASL, and certification from National Institute of Securities Markets (NISM) in no way guarantee performance of the intermediary or provide any assurance of returns to investors.Quotes or authorisations in this podcast are provided solely for educational purposes and relate to third-party products.