We talk a lot about impulse buying at this blog, because it’s such an important component of retailing. We know that consumers can be tempted to buy things they hadn’t anticipated buying, when conditions are “just so” and they’re in the mood.
Here, we’ll examine the 4 main reasons consumers impulse buy, to better understand the triggers which lead them to make unplanned purchases and how they work.
1. I heart shopping.
Everyone knows someone who loves to head to the mall with a credit card and no definite purchase in mind. They’re the wanderers, fascinated by every aspect of consumer culture. You’ll find them browsing relentlessly and upon discovering a sale item saying, “I just have to buy this!”.
Buying something unexpected makes some of us feel empowered. The act of spending money is an act of participation in the consumer project which brings with it a certain thrill. That’s especially true if the shopaholic concerned has gotten what’s perceived to be a terrific deal.
They feel they’ve won!
2. The fear of “missing out”.
Key triggers of the impulse buy are signs announcing “one-time offer”, “limited quantity”, or “final day”. Message like these speak to the need of dedicated shoppers not to miss out on something other people are taking advantage of.
This is known as the “loss aversion switch”. This is the psychological effect of not wanting to be sorry for not taking advantage of something special while the chance was there. When the item in question is heavily discounted, the loss aversion switch is on full blast.
3. Value assumptions.
When consumers see offers like “BOGOs” (buy one, get one free – or half off), they feel the need to take advantage, because there’s an assumption that they’re getting value for money. It’s not often that shoppers slow down long enough to think about genuine, inherent value – especially if the offer is time limited (see item 2, above).
When cross-merchandising is employed, consumers see the offer as a strong value proposition, prompting their willingness to purchase.
4. Economics/evolution.
Especially those who roam the aisles in search of the elusive bargain, economics is often the pretext for impulse buying.
When an item is drastically marked down in price (the “roll back”), shoppers feel strongly compelled to take advantage. This is especially true for products they may not have an immediate need for, but believe they’ll need sometime in an indeterminate future.
Even if that indeterminate future never arrives, the human animal is wired to take advantage of acquiring and storing items which may be needed. Even though human survival no longer relies on storing up supplies for difficult seasons, we continue to do it, because it’s part of our evolutionary makeup.
These are the 4 main reasons consumer impulse buy. Certainly, there are others, but these are the ones retailers should be most aware of to take advantage by appealing to psychological triggers that move goods.
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