In this article, we will examine 8 interesting findings on impulsive buying and the various lessons we can learn from them. A number of studies have been carried out in different part of the world on consumers’ impulsive buying and some interesting findings were made. Pending when such studies are conducted in Nigeria, it can be helpful knowing what some of these findings are, how they can influence our own buying decisions and the lessons we can learn from them.
Over 90% of people who shop today make occasional impulse buying that they didn’t intend to buy initially while 40% of consumer spending is impulsive buying.
Lesson: Never think you are exempted from impulsive buying. It can happen when you least expected.
Feelings of anger, guilt, or boredom also drive impulse buying behavior. In a scientific telephone survey of 1,000 adult Americans, 75% said they had made an impulse purchase and that those purchases came because they were excited (49%), bored (30%), sad (22%), angry (9%) or intoxicated (9%).
Lesson: You are more likely to buy on impulse when you are excited and bored than when you are sad or angry. Maybe the best time to shop is not when you feeling very excited or bored.
The single most motivating factor which is found to account for 88% of all impulsive buying is the sale price of an item.
Lesson: If the price strikes you as irresistible, very attractive and mouth-watering – take a deep breath; because buying that item may be driven by impulse and not really a need.
Age do influence impulsive buying. Only 56% of adults age 65 and above admit to having spent on impulse compared to those ages 50 – 64 (77%), 30 – 49 (78%) and 18 – 29 (88%). Younger consumers who have income will make more impulsive purchases than other demographics because they have more discretionary money to spend.
Lesson: This suggests that the younger you are and the more money you make, the more likely you will shop on impulse. The older you are, the less likely you will buy things on impulse. Hence your age category should also determine how tight your buying policy should be.
For shoppers who drive to a store instead of taking other means of transportation, there is a 44% greater chance that at least one impulse purchase will be made.
Lesson: This actually makes sense, if carrying an item home from a store is going to be a big stress because you are going to be taking a public transport, you are less likely to buy the item of impulse. So next time you are looking to lower the risk of blowing your hard-earned money on stuff you do not really need when next you go shopping, you may want to consider leaving your car at home.
Outside of food, the most commonly purchased item that is purchased on impulse is clothing. Wine, magazines, books, shoes, and toiletries are also common impulsive purchases.
Lesson: This suggests that we draw up a tighter policy and conditions to guide your purchase of clothing, wine, magazines, books, shoes, toiletries and other items where you are more prone to buy on impulse.
Impulse buying is heavily influenced by the smells, sights, and sounds of a store rather than the needs a person may have.
Lesson: When next you find yourself in very attractive and beautiful shops with great displays and items showcase that stirs up something in you – watch it and keep your purse zip tighter.
When a shopping trip is unplanned, the chances for an unplanned purchase occurring rise by over 20%.
Lesson: Try and avoid unplanned shopping. It is often a ticket to unplanned purchases and impulsive buying.
Now that you know all these, remember to ask yourself how this information could be of benefit to you.
Source of Studies