When people are under time pressure to make a purchasing decision, they tend to rely on cues and shortcuts provided by the retailer. This might lead them to choose products that are prominently displayed or easily recognizable.
Time-limited sales and the perception of limited stock create a sense of urgency. Consumers often focus on the potential loss of missing out on a deal rather than considering the actual value or necessity of the product.
People tend to attach greater importance to the fear of losing out on a bargain than the satisfaction of buying something useful. The fear of missing out (FOMO) drives decision-making under pressure. So what can be done to avoid the pitfalls of buying under pressure?
The old adage "if you are going supermarket shopping, never go on an empty stomach" can apply to any sort of shopping.
Going with a plan or a list may help curb unplanned spending and reduce potential feelings of regret, says Dr Denison.
For example, if you go to WHSmith looking for a book 10 minutes before the train leaves, spend time browsing books rather than getting seduced by Maltesers, and the other impulse products, which are strategically placed to make you grab them on your way past.
These days many shoppers seem to understand this notion.
According to Planet Retail's research director Natalie Berg, consumers have been buying wisely during the recent austerity. To stretch their budget, shoppers have tightened their purse strings and are generally sticking to lists.
But this is bad news for retailers, as impulse buys are often more profitable.
Although most people don't have these sums to spend, buying in a time crunch is something we can all relate to.
Whether it's buying Christmas presents on Christmas eve, eyeing the clock as the sales draw to a close, or picking a purchase a couple of minutes before your train departs, we've all felt rushed into making a decision.
Making rushed decisions due to time constraints can lead to feelings of guilt or anxiety after the purchase, commonly referred to as "buyer's remorse."
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