What emotion do you most typically feel right after making a purchase – regret or satisfaction? Quantum Leap Insights surveyed 1,272 people in the US and found that, while the majority feel good about their purchases, the answer varies greatly depending on your generation.
Gen Z is the most likely to experience regret (nearly 2 out of 5) and Boomers are the least likely to experience it (less than 1 in 15).
Factors Impacting Gen Z Purchase Regret
Our research is not alone in spotting this common emotion which is related not only to purchasing material goods but also services and experiences.
A recent article from Hustle used the term Experiangst to describe a feeling of “…dissatisfaction that strikes before, during, or after an experience.” According to their research with people who splurged on an event, 37% said their experience was a letdown due to the expense.
Interestingly, the Quantum Leap Insights study found that there are other factors – beyond high prices – that impact purchase regret.
Perhaps unsurprisingly, roughly half of Gen Z respondents said that their purchase decisions are significantly influenced either by the people they follow on social media or by advice they receive from others, or both.
Running a correlation analysis on over 100+ survey variables that ranged across complex themes like price, impulse, quality, transparency, etc., we found that these two influences – social media and advice from others – are also the variables most strongly correlated with purchase regret.
Mitigating Gen Z’s Purchase Regret
When the goal is to have happy, repeat customers, purchase regret is the last feeling that any successful brand wants their customers to experience.
The best way to mitigate purchase regret is to create a feedback loop with your customers. Regularly-scheduled research can unearth post-purchase concerns and provide invaluable insights into points of friction that can be addressed.
At Quantum Leap Insights, we don’t just help brands with the research journey; we also provide custom strategies to improve post-purchase experiences. If you’re interested in learning more about the results from our recent Consumer Buying Segmentation, or if you’d like to discuss how to implement a feedback loop with your customers, give us a call.