How Expensive Is Your Drunk Shopping Habit?

iStock
iStock

A night of heavy drinking can lead to more than just nausea and a killer headache the morning afterward. It can also leave you with a credit card bill for some taxidermied alligator head you don't remember buying on Amazon. This is all thanks to tipsy shopping, which, according to a recent survey conducted by the Archstone Recovery Center, may be more expensive than you think.

Drunk Americans may be spending as much as $30 billion annually while shopping online, The Daily Dot reports. A separate survey conducted in February 2018 by the website Finder suggests as many as 46 percent of people have made a purchase while under the influence. Those drunk purchases add up: According to Finder’s research, Americans spend an average of $447.57 per year shopping while buzzed.

Gin is apparently the most dangerous alcohol for your wallet, according to the Archstone Recovery Center. Gin drinkers in Archstone’s survey spent the most on Amazon shopping sprees—an average of $82.40—and they were also likely to splurge on more expensive items (an average of $235.10 for the most expensive purchase). Whiskey drinkers, on the other hand, spend the least amount of money when they’re drunk ($38.84 on average), but they’re right behind gin drinkers in terms of splurging ($204.70 for the priciest Amazon orders).

But who spends more while drunk shopping on Amazon? Women, says Archstone, who spend an average of $45.39 on a drunk shopping spree (men spend an average of $39.87). Men spend more than women on their most expensive splurges, though ($198.27 and $154.81, respectively).

People regret some purchases more than others, Archstone says. Almost 67 percent of people in the survey regretted purchasing cell phones and phone accessories, and 34 percent regretted purchasing books. On the other hand, nobody regretted buying musical instruments, and a full 93 percent said they enjoyed their purchases of pet supplies.

Archstone’s survey wasn’t exactly scientific. According to the center’s methodology report, the study surveyed 1094 people, and the only qualifier for participation was that subjects had to have purchased an item on Amazon while drinking alcohol.

But the results are fascinating, and it’s a good reminder that shopping—like driving, texting, and exercising—is better left for when you’re sober.

[h/t The Daily Dot]

Why You Shouldn't Buy Your Cereal at Costco

iStock.com/RapidEye
iStock.com/RapidEye

Scoring deals at Costco is an art. Smart shoppers know which price tag codes to look for and which delivery deals to take advantage of at the bulk discount store. But when it comes to navigating the food section, there are some tips even longtime members may not know about. A big one concerns brand-name breakfast cereal: When shopping for groceries at Costco, you should leave the cereal boxes out of your cart if you want to save money, according to Yahoo! Finance.

It doesn't make sense to buy perishable items in bulk, but even products with a slightly longer expiration date, like cereal, can end up costing you in the long run if you stock up on them at Costco. The cereal at Costco costs about $0.17 per ounce, which is comparable to the cereal prices you'd find at regular grocery stores on most days. But to reap the most savings possible, you need to visit the supermarket on days when certain cereal brands go on sale.

During different times of the week—usually weekends—many grocery stores will pick a popular cereal brand, like Kellogg's or General Mills, to sell at a lower price. At their cheapest, brand-name cereals can be purchased for $0.13 cents per ounce on sale days, or $1.50 for an 11-ounce box.

While you may be better off buying your boxed breakfast staples at the nearest grocery store, there are still plenty of reasons to shop at Costco. To many loyalists, their $1.50 hot dog and soda combo alone is worth a special trip. The store's addictive pizza slices (which are perfectly sauced by a pie-making robot) and dirt-cheap and delicious rotisserie chickens are yet two more reasons. Just be prepared to show your receipt when you're all done (and don't for a second believe it's because the employees think you might have pocketed something). 

[h/t Yahoo! Finance]

The Reasons Why Iceland Is So Expensive

iStock.com/Leopatrizi
iStock.com/Leopatrizi

More Americans are taking vacations to Iceland, and many are returning home with sticker shock. According to Iceland Magazine, “consumer prices in Iceland are on average 66 percent higher than in Europe,” with costs in the land of fire and ice outpacing famously expensive countries such as Switzerland, Norway, and Denmark.

Just look at the prices for food in Iceland’s capital of Reykjavík: A pre-made sandwich at a grocery store can cost more than $10, while a single teabag (with “free” hot water) can run you $4. A meal for two at a casual restaurant regularly costs in the ballpark of $80 to $100 while a beer at a pub downtown goes for about $12 during regular hours. In other words: Visiting Iceland is sort of like being trapped in an airport ... except this airport has volcanoes.

As for what makes the country so expensive, there’s no single explanation. It’s a combination of politics, economics, and geography.

Let’s start with geography. Since Iceland nearly tickles the Arctic Circle, its climate is not conducive to farming. There are few native crops and the growing season is short. According to a report from the European Consortium for Political Research [PDF], Icelanders produced “64.9 percent of their own food and beverages in 2010.” The rest of that food was imported. The same goes for most other goods.

The cost of importing those products—usually from the UK, Germany, the U.S., and Norway—gets passed on to the consumer. In Iceland, imported sweets and alcohol are slapped with an extra cargo fee and all wheat products are subject to a relatively high tariff. So prepare to shell out for that bread.

The country’s currency also keeps costs high. In 2008, Iceland was plagued by a financial crisis that saw the country’s three banks fail and the value of the national currency, the króna, plummet. But the country has seen a miraculous recovery. Since 2009, the króna has strengthened by a whopping 40 percent against the euro. In 2017, it was deemed the world's best-performing currency. That has caused the purchasing power of the U.S. dollar to decrease.

Taxes also add to the cost. Like most countries, Iceland has a valued-added tax, or VAT. (In the United States, a close equivalent would be the state sales tax.) The VAT for goods in Iceland is 24 percent, while the VAT for foodstuffs is taxed at a discounted rate of 11 percent. For Americans, these tax rates are very high. Most states don’t even charge a sales tax on food at all.

(However, while taxes are a contributor, they are not the cause of high costs in Iceland. Many countries have similarly high VAT rates and are not as expensive. Germany, for example, has a 19 percent VAT—and a 7 percent VAT on foodstuffs—but is home to significantly cheaper groceries than those sold in the United States. It’s also important to know that, as an international visitor, you can get some of your VAT refunded.)

Rather, the biggest contributor to costs in Iceland is the country’s high standard of living. In Iceland, the average pre-tax income is about $60,000, with a median income of about $47,000. (In the U.S., the average income is about $48,150 with a median of around $31,000.)

In Iceland, approximately 92 percent of the country’s working population is part of a labor union. Consequently, people who work jobs that Americans might consider “low-wage”—especially jobs in the service industry—earn much higher wages and enjoy more benefits. In fact, the national monthly minimum wage for most industries is 300,000 ISK, or about $2500 per month. That’s equivalent to $15 an hour. But since employees earn more, customers generally pay more for goods.

And, of course, any tourist complaining about high prices should take a moment to point a finger at the mirror. Since 2010, Iceland has seen tourism multiply fivefold. With a growing number of people competing for a limited supply of goods, prices have continued to rise; the dastardly supply and demand curve strikes again!

SECTIONS

arrow
LIVE SMARTER