Impulse buying is a behavior in which a person makes a whimsical purchase without a financial plan or pre-shopping intention.
Psychology OfImpulse Buying
Impulse buying activates the reward system in the brain, releasing bouts of dopamine, in other words, providing us with instant gratification.
Do We Spend More When We Are Sad & Anxious?
Impulse buying often provides temporary relief from negative emotions, while getting our happy hormones to work.
However, impulse buying can later lead to regret or self-reproach when we realize that the expenditure was probably unnecessary and avoidable.
Signs Of Impulse Buying
1. Spending money without prior planning2. Visiting stores that trigger impulse purchase3. Feelings of quick satisfaction following unplanned purchase4. Frequently returning unplanned buying due to regret5. Experiencing money problems frequently
What MotivatesImpulse Buying?
1. Individual Factor
1. Low self-esteem2. High levels of anxiety3. Depressive symptom4. High body-image dissatisfaction 5. Negative moods (like sadness)6. Inability to cope with stress7. Strong tendencies to develop obsessive-compulsive disorder
2. Environmental/External Factor
1. Advertising—especially advertisements on social media2. Influencer culture promoting certain brands and products3. The glamorization of “retail therapy”4. The store environment5. Price reductions and discount6. Product packaging and placement, etc.
1. Financial difficulties and stress (like debt)2. Disruptions in normal decision-making processes3. Emotional distress or disappointment in impulsively purchased product4. Developing irrational tendencies that favor instant self-gratification
Effects of Impulse Buying
5. Accumulation of unnecessary items in living space6. Risks of developing mental disorders like hoarding disorder, obsessive-compulsive disorder, etc.
Impulsive Buying Can Also Cause Hoarding Disorder. Know below!
1. Make a monthly budget and stick to it.2. Make a fun money fund and permit yourself to make small splurges.3. Take a limited amount of cash when you go shopping.4. Rethink and wait for a few days before purchasing an item.
How To Stop Impulse Buying
5. Shop with a plan in mind. 6. Uninstall online shopping apps on your phone to prevent impulse buying. 7. Avoid using credit cards and online payment methods.8. Chalk out a long-term financial goal. 9. Consider seeking help from a counselor.
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