7 Shopping Habits That Are Wasting Your Money
With the holiday shopping season soon upon us, we figured it was high time to examine some of the less-than-savvy purchasing habits we’re all guilty of. From shopping because you’re bored to falling for buy-one-get-one-free deals, we bet you’ll be surprised at some of the statistics behind a typical trip to the mall.
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We’re going to hit you with a surprising fact: 61 per cent of those who don’t shop with a specific purpose or list purchase an additional one to three items. Make sure your shopping trip has a mission, and whatever you do, don’t buy an item for an occasion you have yet to be invited to!
Are you a woman between the ages of 18 to 33? We hate to break it to you, but you statistically have a tough time resisting impulse buys. In fact, 52 per cent of millenials are more likely to make impulse purchases than any other generation, and women are more prone to impulse buy in the ten days before their periods! What’s a girl to do? Apparently a quick self-affirmation focusing on your core values in life helps curb impulse buys.
Think of this next time you see a free shipping offer: Consumers are four to five times more likely to make a purchase if an item cost $5 and has free shipping, than if the same item costs $2.50 and shipping costs $2.50. To combat this effect, try and separate the perk of free shipping from your ultimate decision on whether to purchase.
Consumers are proven to be creatures of habit. Once you find a certain item or style of item you like, you’ll tend to buy it again and again, even if the ones you already own are perfectly serviceable. Fight this habit by taking stock of your closet, and asking yourself, “Do I really need another striped top?”
Promotions that limit the amount a consumer can buy, such as “five items per customer,” makes would-be purchasers believe the item is scarce, and that they should buy it.
Have you fallen into any of these shopping traps? We know we have! Tell us about it in the comments below!