The study also revealed how the importance of treating ourselves also supersedes our desire to treat others. Whilst two in five (40%) of those surveyed said they are more likely to buy treats for others than for themselves, Europeans spend an average of €5 less when buying a treat for friends or family. One in ten (10%) also said the main reason they purchase a treat for someone else is because they know they will get to share it with them and therefore benefit personally, such as when buying a box of chocolates or a bottle of wine.
Germans top the European poll when it comes to spending the most on treats, parting with an average of €72 a time, perhaps indicating better economic conditions. Respondents in the UK spend the least, treating themselves more cautiously at €32 a time. UK shoppers also claim to feel the worst about spending money on themselves, with a quarter (25%) saying that buying themselves a treat also makes them feel guilty – making Britons the guiltiest spenders in Europe.
“The MasterCard Treat Index study found that people treat themselves in a bid to lighten their mood, whether that is in response to the economic climate or even the change in the seasons, Europeans are clear that treats are important” comments Jennifer Palmer, Head of European Consumer Credit & Charge for MasterCard. “The research highlighted treats as being fundamental to our wellbeing, with over a third (36%) of those surveyed saying the main reason they buy a treat is to cheer themselves up. The weekend (26%) and celebrations (24%) were cited as the next most common reasons.
Wanting to cheer up family and friends was also highlighted as the main reason for buying others treats (58%).”
Across all the countries surveyed it was the smaller treats such as meals out, takeaways, chocolates, sweets and cakes that are purchased more regularly, indicating that is the smaller purchases that make the most difference to our mood. Interestingly, items such as coffee and cheese were identified as a necessity as opposed to a treat, particularly in Italy and France, while bigger purchases such as jewellery and holidays were clearly classified as being a luxury purchase. Women were more likely to spend money on clothes, bags and shoes as were men who also purchase meals out, alcohol, CDs, DVDs and video games.
Psychologist Linda Papadopoulos commented on the findings; “The results show varied spending on treats across nations. This is due to both inherent cultural and economic reasons. For example, there are nations known for their “keep calm and carry on” attitude or who are more reserved, such as the UK, which spends far less than other countries such as Germany where they don’t feel as hard hit by the recession. However, it’s clear from these survey results that regardless of culture, economics or how nations define a treat, the importance of feeling that you are treating yourself whether its through activities, days off or actually buying something new, especially during the current economic climate, cannot be underestimated,”.
Despite feeling the most guilty about spending money on themselves, the younger generation were also identified the most likely to spend money on treats. As well as one in five (20%) admitting they actually buy more treats since the start of the financial crisis, younger shoppers are also the biggest spenders when it comes to more larger, luxury purchases, with almost a third (29.7%) spending more money on holidays, meals out, clothes and accessories since the start of the recession. In comparison, older respondents aged 55 and over still buy themselves treats, but 38% say it is smaller treats viewed as necessities such as coffee and cheese.
Independent Financial Expert Alvin Hall said: “While differences abound, the common attributes about treats across the countries surveyed are fascinating. “Everyone deserves one now and then” is one of the top two choices in nearly every country. So the old adage that “Man (and woman) cannot live by bread alone” appears to be a core, cross-cultural belief and essential to people’s happiness. This is true regardless of the reason for the treat, but this happiness is sometimes accompanied by a tinge of guilt, as seen particularly amongst the younger survey respondents. This most likely comes about when a person thinks about how he or she could have used the same money to realise a goal that is a higher priority in their lives—such as accumulating a four-to six-month emergency fund or saving for a deposit on a house. Not surprisingly, the guilt related to getting on the property ladder is highest in the UK where home ownership is viewed as a cultural imperative”.
Jennifer Palmer from MasterCard added “Economic pressures in recent times have had a profound effect on our attitudes towards treating ourselves and our nearest and dearest. The MasterCard Treat Index has produced some fascinating insights about our relationship with treats and the factors that contribute to our spending habits, from cultural differences to personal emotional benefits. Across the board one thing is clear though: high or low value treats are a fundamental part of people’s lives and bring them a small sense joy and constancy, particularly in the current economic climate”.
