We’ve all succumbed at some point to the spontaneous allure of shopping when we impulsively buy something only to stash it in a neglected corner of our wardrobe. Just like many of us, I’ve fallen prey to these spur-of-the-moment shopping decisions. In my wardrobe, there are summer garments from 2020, bought at the onset of the global pandemic, for a summertime that never arrived!
The COVID-19 pandemic has made us more prone to impulsive buying, no doubt. Because we are digitally connected now more than ever, we are easier targets for marketers and are more likely to overspend. Now, it’s more crucial than ever to be mindful of our spending to steer clear of spiraling into pandemic-induced shopaholic tendencies.
If your budget is taking a beating from impulsive spending and online shopping, here are six pivotal questions you can ask yourself before every purchase. But first, let’s delve into how the pandemic shot impulse shopping habits through the roof in the past year.
PRE-PANDEMIC UNCONTROLLED SPENDING WAS ALREADY AT A PEAK
Even before the pandemic, Americans were spending about $155 each month on impulsive buying. The pandemic, however, made online shopping a popular stress-reliever, leaving us with little else to do.
In 2020, consumers spent a whopping $861.12 billion online with U.S. retailers, marking a 44.0% increase from $598.02 billion spent in 2019, according to the most recent data from Digital Commerce 360.
Undoubtedly, shopping can often be a stress-buster, but does that make us compulsive shoppers? Here are some signs to watch out for.
IMMEDIATE SYMPTOMS OF IMPULSIVE SHOPPING INCLUDE:
Obsessive preoccupation with shopping
Frequently purchasing unnecessary items that remain unused
Inability to resist spending urges
Feelings of elation post-shopping
Monetary issues caused by incessant shopping
Regret or guilt following a shopping spree
Indulging in impulse shopping results in higher spends than usual
Concealing shopping habits due to shame or embarrassment
Turning to shopping to alleviate emotional distress, such as loneliness or sadness
An immense amount of time spent shopping
Having identified shopping addiction traits, how can we rein in this behavior? Determining whether a purchase aligns with our long-term financial goals is urgent before swiping that card or hitting ‘buy now’. Here are six questions to ask yourself before buying.
1. CAN I TRULY AFFORD IT?
Budgeting is an essential planning tool that allows me to distinguish between my savings and spending to reflect my financial objectives. Any unplanned or non-essential purchase can throw my budget off entirely.
2. WHAT ARE MY INTENTIONS FOR THIS PURCHASE?
Consider what practical use this purchase would be in your life. Will it boost your long-term objectives? Consider purchasing only those items that can provide significant value in your life.
3. WILL I USE IT REGULARLY?
If the chances of you using an item multiple times are meagre, it may not be wise to buy it.
4. CAN I BORROW IT INSTEAD?
Consider borrowing something that you might not frequently use or care to possess. You’re better off borrowing books from libraries or borrowing power tools from your neighbors.
5. AM I SECURING THE BEST DEAL?
Search for cashback offers, promotional codes, or coupons before buying. Some of the best sites I’d recommend for such deals are Capital One Shopping, Slickdeals, RetailMeNot, Groupon, and Rakuten.
6. DO I REALLY NEED IT NOW?
When possible, postpone a purchase for at least 48 hours. You’d be astonished at how many times the desire to buy fades away with a little wait.
SUMMARY: CURBING IMPULSE PURCHASES
Think twice before buying something. You might realize you didn’t really need it. Carefully managing and being aware of your shopping habits can not only prevent temporary emotional purchases but can also reduce clutter at home. Most importantly, you’ll be closer to reaching your long-term financial goals. The money saved can be used for a more significant or crucial purchase.
Do your shopping habits lean towards regular online shopping or impulse buying? How do you keep your spending under control?
