Does Social Media Make You Spend More?
Social media is a very powerful platform used by people of all ages, particularly teenagers. 3.48 billion people use social media. This shows that people of all ages can be targeted and notified about different products that companies are wanting to sell their products. According to a study from Propeller Research, social media makes Millenials spend a lot more money than we thought. Their research shows that 47% of Millenials spend up to 4 hours a day on different platforms. Leading to 38% of scrollers actually purchasing something after seeing it.
Brand Promotion via Social Media
Most companies use the platforms to promote their brand. They understand that there are always ways to reach their target audiences, whether they be the younger generation or the older generation.
Companies are able to promote their targeted ads to people who might purchase their products. For example, you might have heard about the Facebook issue where people thought Facebook was listening to their conversations, but in reality, they just had extremely targetted ads. Some companies are even able to access your browser history, spending habits and even internet searches and therefore give you the best ads possible and encourage you to buy through their platform.
When a company promotes itself on social media, it will produce a feed to attract their target audience and catch the eye of who they are wanting to sell too.
Influencer Promotion via Social Media
Influencers are used to influence their audience into buying certain products (hence the name). But, because of the increase in followers and influencers, the job is now a very popular way to promote products.
The followers of influencers tend to follow them and look up to them. Whether it is because they enjoy their content, like their style or just like what they have to offer in general. But, they are generally influencers because they are able to sell their audience. Hence the high rate of people who spend money because they have seen something on social media.
Facebook MarketPlace and Instagram Shop make it easier for influencers to promote and sell their desired products. They also make it as easy as a tap of the screen for the customers to purchase an item. This will massively impact how much people spend under the influence of social media and it makes it a simple and quick process.
We suggest that you manage your income wisely and only purchase what you can afford. We don’t advise getting a short term or payday loan for anything besides emergencies, but if you ever find yourself in need of a loan, visit us today.