Stocking up with care
Linda Blair offers some tips for shopping responsibly on the busiest day of the year.
Black Friday is the day when retailers tempt customers to spend as much as possible. Given that most of us are watching our finances more carefully than ever, this can cause anxiety. What can you do to find the best bargains while staying within your budget? Even more important, how can you avoid one of the most common mistakes — impulse buying?
KNOW YOURSELF
Some of us are more vulnerable than others to making snap decisions. Impulsivity, the tendency to act without planning or considering the consequences of our actions, is a powerful characteristic. It’s “moderately heritable,” according to Laura Bevilacqua at New York University, which means it’s apparent from an early age. Therefore, if you’re impulsive, it’s better to accept it as part of your character and use it to your advantage — for example, to boost creativity — rather than try to change or ignore it.
However, when you’re under pressure, the inclination to act first and consider the consequences later is much harder for impulsive individuals to resist than for others. Therefore, if you would describe yourself as spontaneous, easily bored, unable to wait or easily swayed or distracted, you’ll need to prepare carefully before shopping if you want to avoid regret.
KNOW YOUR TRIGGERS
Each of us has specific triggers — circumstances that cause emotions to flood reason. These are the occasions when we’re most likely to buy impulsively. Before you shop, make a list of your particular triggers — tiredness, feeling depressed or guilty, knowing that you’re pressed for time — and vow not to buy when you’re feeling vulnerable.
PLAN BEFORE YOU START SHOPPING
You’ll be most likely to act on impulse if you have no idea what you want to buy or how much you expect to spend. Make a list of your hoped-for purchases and allocate a maximum price to each. You may wish to do some window shopping in advance. If so, do that without your credit card.
BEWARE RETAIL ATMOSPHERICS
In 1973, Philip Kotler, professor of marketing at Northwestern University, argued that consumers want more than simply to purchase items when they shop. They want what he called the “total product” — service, packaging, associated advertising and a great atmosphere. When creating that atmosphere, he urged retailers to address all our senses: to ensure that what we see, hear and even smell will make us want to buy. Shops try hard to achieve this, because it works. Research has shown we’re likely to spend more money if we like the scent in a shop, and to buy more expensive wines when listening to classical music. Of course, a pleasant atmosphere is great, but remember not to let it distract you from your shopping list and budget.