Why is there a Temptation to Impulse Buy?

We all impulse buy from time to time, but the costs can add up more than you may think…

Difference between Impulse Buying and Compulsive Buying

Impulse buying is when you buy something you weren’t planning to. The clue is in the name- you buy on an impulse.

However, compulsive buying is more than just unexpected purchases. It’s when you experience a compulsive need to buy those items. It’s an uncontrollable urge to shop and is an obsessive behaviour which often leads to financial difficulties, like debt.

It’s important to be aware of the difference between impulsive and compulsive buying, so that you can recognise if you start to develop problem behaviour. If you are an impulsive buyer, keep your eye on it to help stop it developing into a bigger issue.

Emotional Shopping

Impulse buying is linked to our emotions… we tend to shop with emotion rather than logic.

It is often done for immediate gratification, that immediate hit of dopamine we get when we buy something new. In fact, on our blog discussing the culture of overspending that exists in the UK, we looked at a study conducted by Massachusetts Institute of Technology which found credit card spending to trigger a chemical reaction in our brain, just like with addictive drugs.

It’s easy to slip into any addictive behaviour, using something which can be harmful to help lift our mood. Shopping can easily become one of these addictive behaviours. Its harms may not be as immediately clear as things like misuse of drugs or alcohol, but if your buying habits spiral out of control, it can have huge financial impacts.

Missing out on Deals

Much of the temptation of impulse buying comes from the idea that we would otherwise be missing out on a deal.

Advertising techniques where businesses claim that stock is running out encourage us to purchase things we wouldn’t otherwise buy.

Sales are also a massive driver of impulse buying, as we believe they will help us save money in the long run. However, we often end up purchasing things in sales that we would not have otherwise bought. So, we haven’t saved any money, we’ve actually spent more than we would have.

Post-Purchase Regret

According to Kumar et al:

 “The higher the level of impulse buying, the higher the level of regret and the lower the level of satisfaction incurred.” 

Therefore, whilst we might turn to impulse buying to improve our mood, it will often have the opposite effect.

Kumar et al also state:

“Often the post-purchase phase of impulse buying are related to return of goods, financial issues, frustration, dissatisfaction with the goods purchased, guilt and objections of other individuals to such purchases.”

Now, we aren’t saying that the odd unplanned purchase is going to disrupt your finances and mental state. It’s just that you should be aware of all of the potential consequences that can arise from impulse buying when you don’t have it under control. A good rule to follow, is ‘everything in moderation!