Impulse Gadget Buying Leads To £3 Billion of Misspent Money

Impulse Gadget Buying Leads To £3 Billion of Misspent Money

Reevoo research: a third of UK shoppers regret buying products they haven’t researched well enough.

April 2010 – A study has revealed that nearly a third of shoppers in Britain have bought an electrical item which they later regret purchasing because of spending too little time researching the item.

The survey, conducted by consumer review website Reevoo.com, has shown that shoppers in the UK are spending over £3 billion each year on electrical goods that are not the most suitable product for them. This is simply because they don’t research the best gadgets and use trusted reviews before buying. These gadgets include TVs, digital cameras or MP3 players, in particular one in five people surveyed wished they had spent more time looking into which laptop would be best for them before purchasing.

This news comes as Reevoo.com announce their millionth independent review, showing the increasing source of online research now available to enable shoppers to choose the best electronic product first time. The huge amount of choice for electronic goods means shoppers are often confused or overwhelmed, but sites such as Reevoo.com offer valued insight into which product is right for them.

The survey reveals what could be the end of high price impulse buying: over three quarters of those surveyed said that they now spend more time and energy seeking advice before purchasing electrical goods than they did two years ago, with some admitting to spending up to 20 hours longer now. The main reason for this is that shoppers are looking for the best value for money, with 40% stating they spend more time researching to ensure they buy the best electrical equipment for that price.

Glaswegians are less cautious than the rest of the UK when buying electrical goods, with 48% acknowledging they have spent on average nearly £300 on electrical products they later realised weren’t right for their needs. Cardiff residents however are savviest, with only 27% saying they have bought a product they later wished they hadn’t, and at a much smaller average cost of under £100. Shoppers in the capital are the most confused as to what advice to trust with nearly one in five saying there is so much advice available that they end up shopping around for longer. 70% of people in the UK say that they do not use all the features on many electrical products as they are too complicated.

Men spend an average of £50 per year more than women on electrical products that don’t meet their expectations. This could be because women choose trusted independent reviews and spend longer researching, whilst men choose advice that will save them time rather than identifying products that offer value for money.

Over three quarters (79%) of Brits trust customer reviews of products on the web, suggesting that with the ever-expanding range of products on offer and in the wake of a recession, people are now selecting their sources of information more carefully when it comes to purchases, rather than relying on advertising messaging.

Reevoo.com Value Awards

This news comes as Reevoo.com launches the first ever Reevoo.com Value Awards to help give shoppers the stamp of approval for value for money on any electronic equipment they are looking for. Using authenticated customer opinions from their website, Reevoo.com helps consumers make the right decision first time when deciding which electronic product to buy, offering a wide selection of choice, from flatscreen TVs to Mp3 players.

Richard Anson, founder and CEO of Reevoo.com comments, “There has been a dramatic move towards consumers seeking impartial advice online when it comes to purchasing electrical goods. At Reevoo.com we are about to announce our millionth review – more people each month see the value of the trusted reviews on our site. These reviews help people make the right decision first time and will save them time and money.”

On Reevoo.com visitors can list the electronic items by those voted best value for money by reviewers. With the launch today of the Reevoo.com Value Awards the electronic items deemed by independent reviewers to offer the best value for money are now being revealed to ensure that consumers get the electronic item they want first time.

Reevoo.com Value Award Winners:

• HI-FI: Tesco Value MC-907
• MP3 PLAYER: Sandisk Sansa Fuze 4GB
• LAPTOP: Acer Aspire 5738Z-424G50Mn
• NETBOOK: HP Compaq Mini 110c-1010SA
• PRINTER: Canon Pixma MP190 All In One
• FLATSCREEN TV: Panasonic TX-50X10
• BLU RAY PLAYER: LG BD-370
• DVD PLAYER/RECORDER: Technika HDMISS09
• COMPACT DIGITAL CAMERA: Fujifilm FinePix S2000HD
• DIGITAL SLR CAMERA: Sony Alpha DSLR-A330L with 18-55mm lens
• CAMCORDER: Canon Legria FS200
• BEST VALUE BRAND: TESCO