Alternative | Beatrice Bayliss

The Urge to Splurge: How To Curb It

Have you ever seen something online or in-store and thought to yourself - ‘I need that!’ or “It’s so cheap I might as well buy it!” leading to the purchase of another skirt to add to your collection of 15 others? This type of purchase is termed as an impulse purchase i.e. the act of buying something you weren’t intending to.


According to CNBC, American shoppers spend on average $314 USD a month on impulse buys [2022]. While the pandemic has changed consumer shopping behaviour, according to McKinsey&Company, 51% of consumers are reporting a desire to indulge in post-pandemic revenge spending i.e. having the urge to splurge to bring excitement back after spending so much time at home. 


If this sounds like you, then here are some tips to stop yourself from impulse/revenge shopping:


01: Avoid Temptation

Don’t browse online or take a stroll at the mall with the thought of “I’m just looking”. Have a look only when you feel the need to, to avoid temptation. 


02: Wait a Day

Give yourself 24 hours to think about the product - Do you really want it? Do you really need it? Is there an ethical alternative?


03: Create a ‘necessities’ list

Create a checklist of the products you actually need so you don’t forget to buy them. You can tick-off essentials and make room for products on your wishlist then!


04: Create a wishlist

This works really well because you can distinguish between what you need/want. Create a list of things you’ve been eyeing and how it would work in your wardrobe. Think of the pros, cons and sustainable alternatives, then add to cart.


For example, if you’ve been eyeing a basic midi skirt on H&M, but want to choose an ethical brand, you can go for the Beatrice Bayliss Lilly Skirt instead.

       Alternative | Beatrice Bayliss

05: Scan Your Wardrobe

Have a look at all the clothes you own and think about how they work together. Before buying a new product, think about how you would style it with your clothes, how often you could wear it, the quality of the product, etc. 


05: Budget 

Create a weekly/monthly shopping budget. This will prevent you from impulse buying but also give you the opportunity to plan for products you really want. 


06: Create a Savings Goal

Set a savings goal per month and at the end of the year, all the money you could’ve spent on potential impulse buys can go towards purchasing something you really want, like a car or a vacation!


07: Cash Only

Psychologically, an individual is more likely to feel the effects of spending when they see the money leave their hands as opposed to swiping a credit card. So, when you can, try and use cash so you can stick to your budget better too.


08: Remove autofill credit card information

A helpful tip is to remove saved credit card information from websites or apps; the extra effort to make purchases online makes you rethink whether you need the item.


The pandemic hasn’t been easy on us, and there’s nothing wrong with treating yourself as long as you’re doing so responsibly. Don’t let yourself feel too guilty, we all make that impulse purchase we wish we didn’t! With practise, you can improve your spending habits over time :) 

By Avisha Jaising

 

 

 

Sources:

Dickler, J. (2022) Despite recession fears and fueled by ‘revenge spending,’ Americans spend $314 a month on impulse purchases. [Online]. 20 August 2022. CNBC. Available at: https://www.cnbc.com/2022/08/20/shoppers-spend-over-300-a-month-on-impulse-purchases-despite-recession-fears.html (Accessed: 2 December 2022).

McKinsey&Company (2021) Emerging consumer trends in a post-COVID-19 world | Growth, Marketing & Sales. [Online]. 2021. McKinsey & Company. Available at: https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/emerging-consumer-trends-in-a-post-covid-19-world (Accessed: 2 December 2022).

‌Hickey, K. (2022) Revenge Spending: What It Is And How to Curb It. [Online]. 11 May 2022. Sunday Edit. Available at: https://edit.sundayriley.com/revenge-spending/#:~:text=After%20so%20much%20time%20staying,revenge%20spending%2C%20or%20revenge%20buying. (Accessed: 2 December 2022).

Image Source‌:

Sha, V. (2019) 15 Most Common Impulse Buys. [Online]. 19 December 2019. Mageworx Blog. Available at: https://www.mageworx.com/blog/most-common-impulse-buys (Accessed: 2 December 2022).
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