THE GENERATION OF IMPULSE BUYING.
A meme on Instagram reads “ If I did not take a picture in an outfit, I will definitely wear it again!” And this defines the shopping pattern of generations Y and Z. Buyers of high-end apparel would rather spend money weekly on purchasing trendy outfits than wear the same clothes 6–8 times like the generations before them. Social media has highly influenced consumer purchasing power patterns as a study conducted by North-West University in South Africa indicates that Generation Y students aged between 18–24 years in South Africa are spending more than generations before them on impulse buying.
Consumers are affected by both internal and external factors of impulse buying( Wansink,1994) that are often stimulus-driven. Financially Fit Africa conducted an online survey indicating that millennials spend 3- 6 hours daily browsing the internet. It should be noted; the longer a person spends time on the internet the more stimuli they are exposed to and the more likely they will purchase impulsively. Generally speaking, you will come across pictures of well-dressed celebrities reposted on Instagram or Snapchat stories for Generation Y fantasize on ‘pulling’ such outfit ideas and will further execute their urge for impulsiveness by purchasing the outfits from online stores.
Social media platforms like Instagram have leveraged this by introducing online shops that boost impulse purchases. The content seen is tailored to consumers’ specifications and often has a way of making us feel like we need more clothes, bags, shoes, or utensils. Goods are positioned strategically to ignite emotional spending that Steve Down defines in his analogy of the Wealth compass as West Spending.
Impulse shopping will put you on the financial treadmill and this will have a negative impact on your financial fitness journey. So here is how as a millennial you can walk towards financial freedom by avoiding impulse buying;
- Create a ‘self-reward’ for every time you get paid.
It is important to reward yourself after working so hard, this does not mean that you blow huge sums of money on items you probably won't need in two months' time. As you budget for your expenses include a reasonable amount( that would not mess with your finances) for self-motivation. This should not be more than 5% of your income. If an item you intend to purchase is too costly, you can save the monthly self rewards till it amounts to the item in question.
This essentially teaches delayed gratification, you may even find you don’t need the item once you suppress the urge to purchasing it immediately.
2. Have an outlined plan when shopping.
The importance of sticking to a shopping list is it limits your impulse buying tendencies. Before shopping, write down a list of goods with the prices of your intended purchases.
Most importantly, stick to your shopping list!
3. Avoid carrying around your credit card or using it to order goods online.
Owning a credit card influences young adult consumers’ propensity to overspend(Khare, 2013). You will feel less guilty when you spend money you cannot see yet, creating more temptations towards impulse buying. Generation Y are used to making faster decisions with fewer deliberations and thus you should leave your credit card at home.
4. Limit your time on social media.
For younger generations, this may prove to be the most effective way to limit impulse buying. Instead of browsing the web for hedonic purposes strive for utilitarian consumption.
Utilitarian browsing is defined as the acquisition of products through the use of heuristics and is often goal-oriented. (Xzheng,2019).
