There’s no denying that celebrities and influencers can help sell, but have you ever wondered just how much of an impact they have on the spending habits of young Brits?
A national survey by thinkmoney found almost a third (32%) of 18- to 24-year-olds spend more on celebrity clothing collaborations in a year than they put into their savings.
Half of these Brits are more influenced by the celebrity than the item itself, with 49% saying the star they love is the main reason for these purchases.
And a quarter (24%) said they buy celebrity-endorsed clothing specifically because they want to emulate the celebrity.
In the past year, one in five (21%) 18- to 24-year-olds have spent so much money on celebrity-endorsed clothing that it makes up at least 50% of their wardrobe.
Malvika Sheth, 20, a fashion influencer, said: “When an influencer shares their experience with a product, it becomes easier for consumers to relate, allowing them to justify purchasing a product.
“It’s a powerful feeling a viewer gets when they see how and why their favourite blogger, content creator or influencer uses or wears a product.”
Young Brits are even landing themselves in debt to buy celebrity-endorsed clothing. Each year, one in seven (18%) young adults spend at least £200 on celebrity clothing collaborations.
Of the young adults that spend £200 or more a year, 50% use a credit card and 30% use Buy Now, Pay Later (BNPL) schemes.
Six in 10 (59%) people said they feel they are encouraged to spend more than they have with BNPL schemes — hindering saving for the future.
Belynder Walia, a psychotherapist and mindfulness coach, said: “It is easy to aspire to someone who is popular and, ultimately, we want a part of the life of the influencer.
Walia warned: “It’s important for consumers to be mindful and remember, first and foremost, they are an influencer.”