Shelve your hoarding habit to save cash

We all love landing a fashion bargain in the run up to Christmas.

But come January, will your wardrobe be crammed with “must-haves” that you didn’t actually need – or will you be queuing at the tills once more in the hope of getting your money back?

New research has found that many of us are “fashion stashers” – and it’s a habit that can cost dearly.

One in six (17%) shoppers have bought items in the last 12 months that they have never used and failed to return – with clothing and shoes topping the list.

A survey from Barclaycard has found that, on average, we wear less than half the items in our wardrobe. Only 41% of items typically get used.

A woman’s closet is crammed with around 109 items that never see the light of day, while a man has 90 such items of clothing.

Barclaycard calculates we’re wasting around £1033-worth of storage space by giving house room to unworn clothes, based on the average value of a property per square foot.

So why don’t we just wear these outfits?

Some 43% of 18 to 34-year-olds are hesitant about being seen in the same outfit twice.

And nearly a quarter (23%) of shoppers also hope they might lose a bit of weight and fit into a few unworn outfits one day.

The high numbers of shoppers changing their mind after buying goods is also having an impact on retailers’ finances.

Many customers are returning goods which they have used – making retailers unable to sell them on. But many retailers are refunding customers anyway to keep them happy.

As well as speaking to shoppers, Barclaycard also carried out research among retailers – which found nearly six in 10 (57%) will give refunds regardless of a product’s condition to keep a positive relationship with customers.

Stricter returns policies can also hurt stores’ businesses – as more than a third of shoppers surveyed say they would be put off if there was a charge to return items by post or courier.

People need £21,000 in savings to feel ‘financially secure’, according to survey