What is Impulse Buying? Why it Matters and (How to Stop It!)
We've all been there.
You see something in a store that you want, and get a momentary thrill as you consider buying it. You can't wait to get home with your new item and try it out. You may
even consider all of the positive changes it could make in your life.
But this is definitely not something you needed, or even something you intended to buy.
But this is definitely not something you needed, or even something you intended to buy.
The impulse buy is a weakness that many succumb to. No matter how
frugal you tend to be, sometimes it is difficult to resist making an
impulse purchase.
Giving in to impulse buying is not only hard on your wallet in the short term, but the habit prevents you from developing good financial practices in the long term.
Becoming aware of your impulse buying tendencies and taking steps to learn how to address the problem will help you make better financial decisions. While this is not to say that you cannot treat yourself every once in a while, it is important to be mindful of your budget and your "needs" versus your "wants."
While there are several types of impulse purchases, they all center around a consumer's exposure to stimuli in the store, and their train of thought while shopping. Someone may be experiencing certain emotions, such as happiness or stress, and then be motivated by marketing materials in a store to buy a product or service that caters to their current emotion. People do not often consider the consequences of their near-future purchases before making an impulse buy, and are typically prompted by an impulse to act.
This unplanned decision to purchase something is what is referred to as an impulse buy, and those who tend to make these types of decisions are referred to as "impulse buyers."
Even the anticipation of buying something can make a person feel good. As you walk around the store feeling excited that you are about to buy something, you don't want that excitement to go away, so you end up purchasing the item whether you need it or not.
Additionally, if you find something in a store that you really like, you may feel motivated to look through every aisle of the store in case there is something else that interests you. You have a fear of missing out on the perfect item, so you continue to look around to make sure there is nothing else that you may absolutely need. This form of FOMO exposes you to products that you would not have otherwise walked by or looked at, and increases your chances of making a purchase on impulse
Giving in to impulse buying is not only hard on your wallet in the short term, but the habit prevents you from developing good financial practices in the long term.
Becoming aware of your impulse buying tendencies and taking steps to learn how to address the problem will help you make better financial decisions. While this is not to say that you cannot treat yourself every once in a while, it is important to be mindful of your budget and your "needs" versus your "wants."
What is Impulse Buying?
Impulse buying started to garner the attention of researchers in the 1950s, and continues to be studied today.While there are several types of impulse purchases, they all center around a consumer's exposure to stimuli in the store, and their train of thought while shopping. Someone may be experiencing certain emotions, such as happiness or stress, and then be motivated by marketing materials in a store to buy a product or service that caters to their current emotion. People do not often consider the consequences of their near-future purchases before making an impulse buy, and are typically prompted by an impulse to act.
This unplanned decision to purchase something is what is referred to as an impulse buy, and those who tend to make these types of decisions are referred to as "impulse buyers."
Influencers of Impulse Buying
The love of buying new things, or a shopping addiction
Many people experience a temporary high when they acquire something new, and feel excited as they are able to use their new item. People are fascinated with novelty, and experiencing new things can release dopamine in the brain, causing people to feel good.Even the anticipation of buying something can make a person feel good. As you walk around the store feeling excited that you are about to buy something, you don't want that excitement to go away, so you end up purchasing the item whether you need it or not.
Fear of missing out (FOMO)
If everyone else is buying something that has just hit the shelves, you are likely to want to follow suit. People want to have similar positive experiences that their friends are having, which often leads them to make purchases that they would not otherwise make.Additionally, if you find something in a store that you really like, you may feel motivated to look through every aisle of the store in case there is something else that interests you. You have a fear of missing out on the perfect item, so you continue to look around to make sure there is nothing else that you may absolutely need. This form of FOMO exposes you to products that you would not have otherwise walked by or looked at, and increases your chances of making a purchase on impulse
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