Instagram

Doing it for the ‘Gram Gets Pricey, Survey Says

More than 70 percent of millennials made a purchase and posted it to Instagram.

Getting the perfect Instagram shot requires lighting, angles and -- cash?

Instagram has not only influenced social lives, but also greatly impacted the wallets of its users, according to a Chase Slate Credit Outlook Survey released May 17.

The survey was conducted between March 28 - April 2, 2018 and included more than 2,000 people aged 18 to 37. Results concluded that more than 70 percent of millennials made a purchase and posted it to Instagram in the past six months.

Common purchases that appear on the 'gram are travel, food, events or experiences, and clothing.

The survey found that those loyal to Instagram are willing to spend $137 for the "perfect 'gram;" however, they have even spent up to $212 for the perfect shot.

Chase Media Center

Millennials may be the main consumer of social media, but according to the survey, the general population is also willing to shell out some cash for the perfect shot.

Though the general population is only willing to spend $70, the older folk have spent up to $378 to keep their feeds up to par.

Chase Media Center

With so much money going toward an aesthetically-pleasing feed, could this mean Instagram is bad for your wallet?

"At first glance it looks like it," said Chase Slate Financial Education Ambassador Brittney Castro. "However, the survey showed that 59 percent of millennials are saving."

Along with saving, the survey also concluded that 64 percent have a plan in place to improve their credit score over the next year.

Millennials can possibly credit their knowledge of budgeting and saving to their Instagram goals. Castro says there is an awareness of the balance between "living for today" and having a stable financial future.

"We care about our future, and it's all about having a well-balanced life," Castro said. "If we are able to plan ahead, we are able treat ourselves."

The key ingredient to a happy wallet and a beautiful feed is balance, according to Castro. Even if you are on a budget, it doesn't mean you have to succumb to feed-envy.

"If you want to make a trip to Italy, plan for it and make it happen. Also make sure to take plenty of pictures while you're there for plenty of Instagram content," Castro said.

If you're interested in budgeting for a trip to Europe, or simply want to learn more about money management, Castro will be speaking at the SoHo House in West Hollywood on Tuesday, July 17, from 10 - 11:30 a.m.

For more information on the survey, click here.

Contact Us