The numbers show this is true whether it's because of online stores, paid ads on different platforms, or people's need to feel happy and excited. The average American makes about 12 purchases on the spur of the impulse every month. Also, 62% of the people who answered said this shopping makes them happy. It's easy to understand why people are impulsive shoppers.
Things in the market often cause it. Many things outside a person's impulse make them shop on the spot. Big discounts, good deals, "Buy One, Get One Free," etc. These are the most common reasons people buy things they don't plan to buy. But being an impulsive shopper is not always a good thing. Read further to learn about impulsive shopping and the signs of an impulsive buyer.
What Is Impulsive Shopping?
When you buy something without planning to, that's called an "impulse buy." Most of the time, these purchases are made on a whim before you check out with your main purchase. It means you won't have time to change your mind or think twice. Most impulsive shoppers end up making purchases that aren't needed, so they are pure wants and not needs. An easy example of an impulse buy is grabbing a candy bar in the checkout line or buying a new graphic t-shirt just because you felt like it. Read further to learn about the signs of an impulsive buyer.
Signs Of An Impulsive Shopper
- Spending a lot more money than expected
- Visiting stores where impulse purchases are common
- Unplanned purchases give you a quick sense of satisfaction
- Often sends back unplanned purchases because of regret
How To Stop Impulse Buying?
1. Avoid Your Temptations
What is the best way to stop buying something on impulse? Avoid places where you can buy things you want! Especially those that let you buy now and pay later. It could mean you have to stay away from the mall or block your favorite shopping websites. You may keep in hand some of the affordable online shopping websites. When shiny new things surround you, you cannot help but be drawn to them. Don't give in to the temptation; you'll only buy things you need.
2. Consider Again
Before you buy something, you should ask yourself if you need it. Up to 53.8% of women buy something on impulse because they don't want to miss a sale or good deal. Even worse, 36.4% of women said they bought something on impulse because they didn't have a good reason not to. We don't agree with that! Our take? Stop and see if you still want it after a day. If you still can't live without it, look at your budget to see if you can make a few changes to make the purchase work.
3. Stick To The Budget
One of your main goals should be to make a budget. There are different ways to make a budget. No matter which plans you choose, you will probably divide your money into an emergency fund, a debt fund, a fund for essential needs, and a fund for your life goals. Then, if you have enough money left over, you can make a category for spending on yourself. So, you can only buy things on a whim up to the amount you set aside for this category.
4. Limit Credits
If you're going out, don't take your credit card. Instead, just bring cash. People who use credit cards spend up to 83% more than people who pay cash for the same thing. Or, if you can't stop shopping online, you might want to put a hold on your credit cards. You can call the company that gave you your credit card.
5. Limit Social Media
Social media is more about putting products in front of people and swaying their opinions than connecting with friends. You keep witnessing the impact of social media in your life, gradually. Even if you're just looking to see how your friends and family are doing, you'll see a lot of ads. And those ads work well. 55% of people have bought something through a social media site, according to research. If you don't want to be part of that number, your best bet is to stay away from social media (or use an ad blocker). This is one of the best tips for impulsive shoppers.
Harmful Effects Of Being An Impulsive Shopper
A purchase made on the spur of the moment will hurt your savings immediately. When you have cash in your savings account, you will use your debit card instead of cash to buy something. The next thing you know, someone always offers you a credit card when you run out of money. When you use a credit card to buy things on the spur of the moment, you are spending money you don't even have. When you have a big credit card bill, it can be hard to pay it off. Your credit score will decrease if you don't pay your bills on time. And if your credit score is low, it will be hard to get loans in the future.
Using a credit card irresponsibly to buy things on the spur of an impulse can also hurt your credit score. When you can't stop buying things on impulse and end up with debts, you can't pay them back, your credit utilization ratio increases, and your payment history worsens. If you have bad credit, it can affect many parts of your life, from where you live to what kinds of loans you can get. Most of the time, loan interest rates for people with bad credit are high. The only way to fix the damage impulse buying has done to your credit is to stop making as many impulse purchases and pay down your debt.
It's fun to treat yourself once in a while, but only if you can afford it. Becoming an Impulsive shopper is not a good way to manage your money. You should now have the information you need to stop being an impulsive buyer and avoid making your next impulse purchase. If you know how to stop impulse buying, read the above-mentioned tips. We appreciate you reading to the end, and we hope this article was helpful.