What is Impulse Buying?
Impulse buying refers to the act of purchasing something spontaneously, without careful consideration or planning. It is often driven by emotions such as excitement, stress, or a desire for instant gratification. While impulse buying can provide a temporary sense of satisfaction, it can also lead to financial strain and regret.
There are a number of factors that can contribute to impulse buying behaviour. One of these is advertising, which can be very effective at triggering emotions and encouraging consumers to make purchases they might not have otherwise made. Impulse buying can also be driven by social pressure, such as feeling like one needs to keep up with friends or peers. Additionally, impulse buying can be fueled by a lack of self-control or a desire to escape from negative emotions.
Impulse buying can have negative consequences, both financially and emotionally. It can lead to overspending and an accumulation of unnecessary or unwanted items, which can result in financial strain and regret. Additionally, impulse buying can contribute to feelings of guilt and anxiety, as individuals may feel like they have made a poor decision or are unable to control their spending.
There are several factors that can influence impulse buying:
- Emotions: Strong emotions such as excitement, anxiety, or boredom can lead to impulsive purchasing.
- Advertising: Advertisements that appeal to emotions or create a sense of urgency can trigger impulse buying.
- Sales and discounts: The presence of attractive sales or discounts can make it more likely for people to make impulsive purchases.
- Social influence: Seeing others make purchases or being influenced by friends or family members can lead to impulse buying.
- Impulsivity: Some people may be more prone to impulse buying due to their personality traits or tendencies towards impulsivity.
- Stress: Stress can lead to impulsive behaviour, including impulsive purchasing.
- Boredom: When people are bored, they may be more likely to make impulsive purchases as a way to entertain themselves.
- Availability of funds: People who have more disposable income may be more likely to make impulsive purchases.
- Location: People are more likely to make impulsive purchases in a physical store rather than online shopping.
- Impulse buying triggers: Some people may have specific triggers that lead to impulse buying, such as seeing a particular item or being in a particular location.
Impulse buying can also occur on ecommerce websites. Some of the factors that can contribute to impulse buying on ecommerce sites include:
- Ease of use: If an e-commerce site is user-friendly and easy to navigate, it may be more likely to lead to impulse buying.
- Suggested items: Many e-commerce sites show suggested items based on the user’s past purchases or browsing history. These suggestions can trigger impulse buying.
- One-click purchasing: Some e-commerce sites allow users to make purchases with just one click, which can make it easier for people to make impulsive purchases.
- Personalization: E-commerce sites that personalize their recommendations based on the user’s interests or demographics may be more likely to lead to impulse buying.
- Limited-time offers: E-commerce sites may use techniques such as countdown timers or limited-time offers to create a sense of urgency and encourage impulse buying.
- Social media: E-commerce sites may use social media to promote products and create a sense of FOMO (fear of missing out), which can lead to impulse buying.
There are a few strategies that can help individuals avoid impulse buying. One of these is setting a budget and sticking to it. By setting limits on spending and being mindful of how purchases fit into a budget, individuals can be more thoughtful about their spending and avoid making impulsive purchases. It can also be helpful to take time to think about a purchase before making it and to consider whether the item is truly necessary or will bring long-term value. Making a list of items to purchase before shopping can also be helpful in avoiding impulse buying.
In conclusion, impulse buying is a common behaviour that can lead to financial strain and regret. By setting a budget, taking time to consider purchases, and making lists before shopping, individuals can avoid making impulsive purchases and make more thoughtful and financially responsible decisions.
This article is based on the research proposal presented at DoMS IIT Roorkee on 23 Nov 2021