- Don’t trust yourself to resist going shopping this year end? Use these tips to keep that cash in your wallet.
- The Straits Times
Christmas is coming – and ’tis the season shopping malls are packed to the gills.
But for those who want to cut down on unnecessary purchases this holiday season, there are a few ways to resist the siren call of year-end sales.
Leonard Lee, a professor at NUS Business School’s department of marketing, gave Business Insider his top 5 tips on avoiding impulse buys.
But the consumer psychology and behavioural researcher, who studies how and why people shop, also said consumers can “let loose a little and indulge in the hedonic pleasure of spending, as long as it is within their financial means.”
Here are his 5 tips for avoiding buyer’s remorse:
#1: Think about why you’re going on a shopping trip.
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- The Straits Times
Lee’s research into 12 different shopping experiences revealed that people have different goals when they shop, including: buying necessities, comparing prices before deciding on a brand, and checking out various sales.
Examine the reason behind your shopping trip and think about whether it could result in impulse buying.
#2: Make a list.
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“Focus on your needs rather than wants, Lee said.
“Beware of justifying ‘function alibi’ (i.e lying to yourself how essential something is) to justify an impulse or unplanned buy.”
#3: Once you’ve got that list, stick to it using the budget method.
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Unfortunately, many people lack the discipline to stick to their list over the course of their shopping trip, and are more susceptible to impulse buying as the trip goes on.
To avoid this, set a specific budget so you’ll be more vigilant of every item you put into your shopping cart, Lee said.
For those who are really hopeless? “Bring a friend who you know is critical of your spending, who will question what you want to buy,” Lee advised. “But know that this may take a bit of joy out of the shopping.”
#4: Don’t shop when you’re hungry.
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- The Straits Times
Lee said research has shown that consumers tend to spend more when they’re hungry.
So before the shopping trip, have a meal first.
#5: If you’re tempted to get stuff on discount, remember that you won’t love it as much as something you paid full price for.
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According to Lee, discounts trigger impulse buying as they give people momentary pleasure from having scored a good deal.
But as a result, they use the product less, as they feel less pressure to make the buy “worth it”.
In fact, people tend to use products more if they pay full price for them, he added.
Just think about that every time you walk past a store with a fire sale.
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