The psychology behind impulse buying, and how to develop new habits

Shopping has changed almost beyond recognition with the advent of smart technology. Where once we had to go out to the shops and were confined to store opening times, we now have an entire 24-hour world of retail at our fingertips.

In many ways, using your smartphone or tablet for purchasing can be much more convenient than actually going shopping. You can shop online in your own time and in the comfort of your home.

However, it can also be all too easy to just click “buy now” without giving it too much thought. The lack of a physical transaction can make this type of purchasing feel less like spending money than if you’re at an actual checkout, and you can end up spending much more than you’d like.

Find out more about why you might be tempted to impulse buy, when this can turn into reckless spending, and how to curb the “buy now” habit.

Seamless shopping offered by online retailers makes it even easier to impulse buy

When you go shopping on the high street, there’s an established process from the moment you walk through the door, select your items, and pay at the checkout.

However, many ecommerce retailers use a process called “frictionless shopping” which aims to remove as many barriers as possible between you and the final purchase.

These can include:

• • One-click payment options such as Apple Pay
  • Biometric (facial or fingerprint) logins, rather than passwords
  • Personalised suggestions based on previous shopping habits
  • Synchronising your preferences and saved basket items across your phone, laptop, and tablet.

All of these can feel like they’re simply smoothing your path to purchase, which in many ways they are. But at the same time, they’re also removing some of the checks and balances which you might otherwise use before buying.

Research from Vanquis shows that the average Brit makes 42 impulse purchases a year costing an average of £944.16. Social media features heavily, with 56% saying it has influenced their purchasing decisions. But with 61% of respondents saying they regret their impulse buys at least occasionally, it seems that long-term impulsive spending can be detrimental.

But even knowing this might not stop you from continuing to make impulsive or reckless decisions. Explaining some of the psychology behind impulse buying, Frontiers in Psychology claims that we can experience “an irresistible force to buy and an inability to evaluate its consequences”.

Essentially, even when you might know there can be a negative long-term effect, you want the immediate gratification the purchase can give.

The good news is, there are ways to curb your impulse buying without having to rein in your shopping enjoyment altogether.

1. Identify your triggers

Boredom, stress, social media and anxiety can all be spending triggers, so it’s worth trying to figure out what your own is.

According to Whistl Parcels, the top three reasons cited by people for impulse buying were:

• • A good deal or special offer (46%)
  • Late‑night browsing while tired (39%)
  • Having had a drink (24%)

If any of these resonate, you could still let yourself browse late at night, but don’t check out your basket until the next day, for example. You can still get the enjoyment of shopping, but make a more informed decision the next morning.

2. Track your spending

Using a budgeting app or a spreadsheet to keep a log of your spending can help you to feel more accountable. You can even write down details like how you were feeling at the time to identify when purchases were emotionally driven.

3. Keep a list

Writing down what you need, or even want, can help you keep your purchasing on track. That doesn’t mean you have to avoid buying nice things or little luxuries, but it can help to keep you focused.

You could also separate off the “need” and the “want” items, so you’re being upfront with yourself about what’s a necessity and what’s a treat.

4. Do a digital detox

If you’re often tempted by sales or promotional emails, you could unsubscribe from these.

Deleting shopping apps from your phone can also make it harder to simply hop on and buy. And if you often buy because of social media influencers, you could unfollow or mute the accounts or reduce the amount of time you spend looking.

This doesn’t remove all your options to buy, but it takes away some of the immediate temptations.

5. Give yourself a budget

Setting budgets is a good idea, so you can still enjoy treating yourself, but you are more likely to think twice before clicking “buy” if you know you have limited funds.

Get in touch

If you’d like to talk to us about budgeting as part of your overall financial strategy, we’d be happy to help. Please email us at info@harperlees.co.uk or call 01277 350560 to find out more.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.