Man’s $100 buy reveals sinister Australian problem

The Sydneysider, sucked in by a TikTok video, purchased his own tattoo gun which resulted in a “terrible” outcome. But it’s part of a broader $13b problem.

Duncan Fredericks throws away $5000 a year on impulse purchases, particularly sucked in by TikTok videos of easy hack products, with his biggest regret the tattoo gun he bought during lockdown.

The Australian isn’t alone either with the shocking impact of impulse spending revealed in a new survey with Australians spending $13.5 billion annually on purchases they regret.

For the Sydney Millennial, he has splurged on everything from skin care to health supplements while scrolling through social media such as Instagram and TikTok.

“I am a sucker for those hack type bits of content where you need this in your life. I definitely fell for a few of those things – everything from cleaning stuff to skin care,” he told news.com.au.

“The face masks got a big workout. Also one stupid thing I spent a lot more money on was gym supplements and sure they don’t do anything but it promises to make me be skinny and have bigger muscles. I buy it and it cost a fortune and sits there and I don’t use it.

“I would spend $5000 a year which is pretty stupid. With the supplements alone, if buy a months supply is couple of hundred dollars.”

Wine subscription boxes have also had to be cancelled as there is “only so much wine you can drink”, he added.

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Duncan Fredericks is an impulse buyer. Picture: Supplied

A whopping 94 per cent of Australians are splurging on themselves despite the current cost of living pressures, according to a survey from MyState Bank with Gen Z (68 per cent) and Millennials (56 per cent) the most likely to spend on impulse purchases.

The research also found that while nearly half of those who splurged on themselves felt happy when they did it, the sense of instant gratification wore off quickly, with almost five million Australians buying something in the last week they already regret.

But the survey also reported half of Australians agreed that their impulse purchases are costing more than ever due to the current cost of living pressures.

Mr Fredericks biggest regret was the $100 tattoo gun he picked up.

“I saw a TikTok of a man who was giving himself tattoos during lockdown and purchased it and tried to give it a go and needless to say I have not used it again. It was not a good tattoo,” he explained.

“I did a freehand drawing as I didn’t have the tracing paper that you get and I freehand drew a triangle on my leg and it’s as bad as you expect it to be. It was terrible. I thought it was the easiest of the shapes. The tattoo gun is still sitting there in the box it came in much like the supplements.”

The tattoo he gave himself. Picture: Supplied

The 31-year-old declared he is every “marketer’s dream” but found the thrill of buying something soon wears off.

“I think you get excited when you see something and you expect it delivered quite quickly and then you come and get it and it’s never as exciting or useful as your expect,” he said.

“A lot of the stuff that promises to make your life easier that is my biggest downfall. It’s not so much clothes its novel quirky type stuff.”

“”Social media is the biggest one as it’s so easy to shop. Things are so clickable and you have one form to fill out and you purchase something once and your details get saved down so it makes it easy to hit buy.”

When it comes to the products Australians most regret purchasing, exercise equipment and health accessories topped the list, with one quarter claiming those categories as their most regrettable purchases, compared to only 6 per cent regretting a tattoo.

Gym supplements was one of his biggest regrets. Picture: Supplied

A third of those surveyed believed that purchase regret is taking a negative toll on their mental health and they’re worried that they’re too set in their ways to manage their money better.

MyState Bank managing director and CEO Brett Morgan said it’s never too late to ‘reset’ and start good savings habits.

“In the past week alone, almost five million Australians will have purchased something they already regret. Money mishaps are something we’re all guilty of, and we want to help, rather than feel any shame about it,” he said.