The Science Behind Why We Buy Stuff Even When We Know Better
Let’s get right down to business: Buying stuff on the spur of the moment may be exciting. Your only objective when entering Target was to get diapers, but then you have just added to your shopping bag a set amazing throw pillows.
This kind of conduct is common. The typical American spends $314.1 each month on impulsive buys. This adds an extra $3,768 each year, or nearly $226,080 over the course of a lifetime, to the total price tag. So far impulse buying for men are concerned, here are the aspects that you will have to think about.
What Does It Mean to Make an Irregular Purchase?
An impulsive purchase is one made on the spur of the moment rather than after careful consideration. When there is no predetermined financial plan for a purchase, we say that it was done on impulse.
It might be as little as picking up a candy bar at the register that wasn’t on your list, or as major as visiting a vehicle lot “just to browse” and driving away in a brand-new SUV. In both cases, the purchases were made on the spur of the moment.
Coffee on the go, and other food for delivery
Almost everyone has fallen in to the lure of a “spur of the moment” purchase at some time. The average amount spent on impulse buys is up over 72% from 2020, according to a new survey.2 What’s more, 45% of Americans say they have trouble controlling their impulse to make impulsive purchases, according to our own study on the State of Personal Finance.
Men, if you’re reading this, listen up: You’re probably nodding your head and thinking, “My wife does this all the time!” when you read this. That said, you need to slow down a little. Clothing, household goods, and food and grocery are among the most often made impulsive purchases.
Why Do We Keep Making These Irrational Purchases?
Have you ever wondered what you really get when you give in to an impulsive buy? we can think of four main causes for why people make spontaneous purchases. Here are a few examples:
- The way we really feel
- Our collective history so far
- A massive sum of money
- Pure, pure shopping fervour
Impulsive purchases are driven by underlying emotional states
Emotions play a big part in the decision-making process when we shop. Our family’s financial status can only be called “personal.” As a result, it should come as no surprise that our financial actions mirror our emotional states.
After an especially stressful day, do you believe treating yourself to a little retail therapy is exactly what the doctor ordered? Maybe it won’t be anything major. Getting a new cap or some earrings can be all that’s needed. It’s not that big of a deal, you tell yourself; all you really need is a tasty reward to cheer you up.
Hey, hold on there!
Making emotional decisions leaves you vulnerable to the temptation of making hasty buys. This is something that cunning businesses know all too well. They attempt to strike an emotional chord with their commercials and elicit a purchase from you. It’s likely that you were never taught how to handle money appropriately as a child, which might explain why you struggle with making hasty purchases and going overboard with your spending.
