Introduction
Impulse Buying is the reason because of why an individual buys such things which he doesn’t even need.
Therefore, I’ve explained Impulse Buying examples, types, effects, and ways to avoid it.
What is impulse buying?
When a customer emotionally or suddenly buys something without pre-planned is known as impulse buying.
Usually, customers make such decisions in a few seconds or minutes. Due to their emotions and feelings, they regret it later as they realize it was a waste of money.
Types of impulse buying
There are mainly two types of impulse buying, Online and offline.
Online: buying something from an E-commerce website such as Amazon Flipkart via your phone, tablet, or computer.
Offline: buying something from a local or supermarket that you purchase extra will be called Impulse products.
Let’s understand Impulse buying with examples.
Impulse products example
There is not a single specific impulse product, hence, it applies to all products such as Candies, make-up, clothes, mobile phone, Televisions, or any other items which are available in the market and can be bought.
Impulse buying examples
Let’s understand Impulse buying with an example down below.
On Amazon, I only choose shoes that cost $44, and when I try to buy these shoes, Amazon shows me a few more options.
A pair of trousers cost almost $55; a T-shirt was $39, and a watch was $35.
If I buy a T-shirt, trousers, and a watch thinking about my style, it is called Impulse Buying.
Because I went to buy Shoes, not other things, Amazon tried to sell me more products.
Selling more products will be in Amazon’s favor rather than in mine.
Second Example: Suppose you go to the market to buy some clothes and pick a shirt for yourself.
So when you buy a t-shirt, you may also like a trouser, shoes or something else that looks good on that t-shirt.
Imagine you have bought a T-shirt and trousers, so it’ll be called impulse buying because buying a trouser with a t-shirt was not in your plan.
I hope you understood these two Impulse buying examples mentioned above.
Factors influencing impulse buying during an online purchase.
During online purchases, E-commerce websites target their customer behaviour. Websites like Amazon, Flipkart, eBay, and Alibaba show a few additional products you may like.
If you have impulse buying behaviour, you will buy their products and may regret it later because you didn’t need those products you purchased, as you can understand from the example I gave above.
eCommerce sites behave according to the customers.
What motivates impulse buying
Your personality, desire, and behaviour that allow you to buy something suddenly motivate impulse buying.
For example, if you pass by a bakery or a supermarket and see a bar of chocolate.
If you have impulse buying behaviour, you will think to buy this chocolate and eat it because your mind will force you and motivate you to buy it.
And five important reasons that motivate impulse buying.
Happiness: suddenly seeing something and starting to feel that if you get this thing, you will be happy.
Emotion: After seeing something that you buy, you feel if you get this, you will be happy, but you do not think about money wastage.
Offers: whenever an individual sees a good deal or discount, they buy some unnecessary things they don’t even need.
They do it to save money, while indirectly it’s a waste.
Why should you avoid impulse buying?
If you want to get rid of debt, pay off your mortgage, or invest money for your future or after retirement, you should avoid impulse buying because it will not let you achieve your financial goal.
Therefore, this is better if you stop impulse buying and focus on your future and financial goals.
It can be an investment, a world tour, buying a car, or a home.
Because there are many negative effects of impulse buying, let’s understand them too.
Effects of impulse buying
In person to person, you may feel good or find yourself in a positive mood because you buy something that makes you feel good because you buy it due to your happiness or your emotional feelings.
On the other hand, If you’re already in debt and keep wasting money by buying unnecessary things or not saving money, it can put you under stress or give you anxiety or depression.
However, the effects of impulse buying depend on each individual. Some may find it helpful, and some not.
In general, you should avoid impulse buying and put your money in the stock market or bank account for the future, which you can use after retirement or whenever you need it.
Because If you buy unnecessary things at the wrong time, you will have to sell necessary items at the right time.
How to avoid impulse buying
If you want to know how to stop impulse spending ADHD, here are the best tips to avoid or stop Impulse buying.
Budget
Firstly you must create your budget for how much you will spend and what products you will buy when you go to the market.
And most importantly, you should stick to your budget because it will only work if you follow it.
Making a monthly or weekly budget and following it will help you avoid impulse buying.
Don’t be too strict
Yes, I mentioned earlier that you should make a plan and stick to it. But that doesn’t mean you cannot spend money on things you like.
After making a budget, keep a few dollars aside. Depending on your financial situation, it can be $50 or $150 a month or week.
Therefore, next time you pass through a mall or bakery and see something you really want to have, you can buy it because you already have a budget plan, and these $50 to $150 you can spend on your favourite things.
Have Patience
Nowadays, online shopping is more of a Trend therefore people mostly buy products online lying in bed.
Because online shopping is effortless, you have to see and buy a product, and the next day the product will be at your home.
Therefore have patience in your mind, never buy something immediately, and always make a plan a day before shopping.
Always do shopping when your mind is calm, and before buying a product, think about why you are buying it and how long you will use it.
If it is a food item, then you may buy and eat, not other products such as mobile phones, cars, or other expensive products, because impulse buying won’t give you a peaceful future.
Suppose you’re thinking of buying an expensive item, then you can wait for festivals like Christmas, Black Friday, or Eid.
Because during the festival you can find many good deals that will benefit you.
Set a plan
Before starting shopping, always think about what you are going to buy. It will help you to avoid impulse buying.
Because sometimes you go to the market without a plan and do Impulse buy.
Stay away from Notifications
Whenever you google something, you allow a website to send you a notification, sometimes email.
After that, those websites share their good deals with you and give you some offers, and you get caught in their trap and make Impulse buy.
Therefore, please don’t subscribe to those websites that send you shopping-related notifications, especially e-commerce websites.
Suppose you’re buying something from Amazon using your phone and have impulse buying behaviour. In that case, after shopping, you can uninstall the Amazon app.
Avoid shopping when you’re too happy or emotional
Although I have mentioned this earlier, always have control over your mind and never buy something when you are happy or emotional.
Because it sometimes happens when you are pleased, you order something, or when you are sad, you still order something to make yourself happy.
For example, when I was a kid and used to see my father delighted, I asked him to give me money and buy me a toy a few times.
And he did it and later regretted that I shouldn’t have brought him this toy because he’s not playing anymore just after one day.
Accompany with someone
You can go with your friends or siblings to the market and tell them what you will buy.
It will be beneficial for you because they will tell you and suggest. If you do Impulse buy, they might stop you, asking what you will do with that product.
Set the amount of money
Now you have a plan and know what you’re going to buy and how much money you will need to purchase the product.
Therefore take the money which is enough to buy a product you need, and if possible, you can forget your wallet at home, to avoid impulse buying.
If you follow this plan, you can easily avoid impulse buying behaviour.
Because if you are in the market but have a set amount of money and there is no wallet, it’s impossible to buy anything rather than your needy product.
Don’t copy other
This is one of the important reasons you do impulse buying behaviour because you compare yourself with others and see what others have that you don’t.
It can be a car or a ps5; you can see your friend has a ps5 while you don’t. In that case, you will go for ps5 and buy it.
So instead of copying other people, think about yourself, your financial condition, and future goals, and save money according to your future.
Don’t make decisions because of Social Media
I am not telling you to quit social media; you can avoid social media for a few days if you plan to buy something expensive.
Because applications like Facebook and Instagram have an excess to your phone, they know what you want.
If you have searched for a clothes brand, like Adidas or Nike, then Facebook and Instagram will show you ads related to your interest, i.e., Adidas and Nike.
More than offline, social media plays an essential role in impulse buying because someone is trying to sell his product everywhere on social media.
And a few times, you will find the product exciting and regret it later because social media encourages Impulse buying.
Challenges Yourself
This is tik tok time, and we see youngsters making challenges on tik tok. You can do it by yourself; you can give challenges to yourself.
For example, if you spend $200 a month on Impulse buying, then you can set a plan that next month, you will only spend $100, and you will follow this plan.
This is an excellent and sweet challenge that you can give to yourself. If you want to save money for your future or travel, then learn to be stingy or make more money.
Remember Goal
When you are going to the market, keep one thing in mind impulse buying will not let your future goal come true, especially when you’re not making enough but wasting a lot.
Overspending will also increase debt, especially when you’re using a credit card or even if you have if you’re paying in cash because you’re already in debt.
If you’re not in debt, you should still save money for the future and your goals.
Conclusion
Impulse buying will never make your future dream come true; it is a waste of money. This is a different thing if you are making enough money, so yes, sometimes you can make impulse buying, but only sometimes.
However, according to reports, most people do Impulse buying when it comes to clothes, electronic items, and food items, especially chewing gum, chocolate, Candies, etc.