Behavioral Economics-II

Have you ever been to market and squandered money on goodies you didn’t intend to buy? Well, id that’s true then you are an impulsive buyer. So now question that arises is that what an impulsive behavior is? Psychologists define it as ‘behavior that is not regulated and that results from an unplanned spontaneous impulse. In particular, impulsive purchasing involves getting a sudden urge to buy something without advance intention or plan.

For example, say your favorite jean is ragged and you go to the supermarket to buy one. After choosing the perfect substitute of your old jean your happen to look over the rack of tees next to it at only ‘Rs.399’ tag. Then you see a bag full of scarf of ‘Rs.49’ tag only. Your fisrt reaction is ‘oh god that is cheap!’. You link it with the long skirt you bought at Delhi Hatt. So now you end up buying a blue jean, a black top and 2 Scarves.

Our culture of consumption enables us to succumb to temptation and purchase something without considering the consequences of the buy. Is that a bad thing? Psychologists believe it is. Impulse buying is related to anxiety and unhappiness and controlling it could help improve your physiological well-being. But first we must see as to what motivates impulsively buy products.

Knowing what motivates impulse buying and whether these motivators are affecting you can help you spend less money on impulse. Ultimately, an easy way to tell if a purchase is impulsive is to ask “Did I plan to buy this?” If no then you’re probably experiencing impulsive buying. By pitting that product back on the shelf and refusing to purchase it, you’re doing something to help yourself. In doing so, you’ll not only get to keep more of your money, but you’ll become a smarter consumer and possibly a happier person.

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