Impulse buying is not only about sales and marketing. It’s about our personality traits, emotions, self-identity and self-control. Brands and marketers understand how these facets of the human psyche affect shopping habits; especially over the holidays. Everyone makes impulse purchases $20.00 $10.00 Well, at least over 90% of us do 88% of impulse buys are prompted by a sale Buyers are 23% more likely to make impulse purchases on an unplanned shopping trip Buyers are 13% less likely to make impulse purchases on a planned shopping trip time for a shopping spree THE HOLIDAYS ARE HERE! The ychology of Impulse Buying TRANSPORTATION makes a difference Arriving at a store by foot instead of by car decreases the change of impulse purchases by 44% SENSES play a big role in purchase Buyers are heavily influenced by atmosphere–smells, sounds and sights–while shopping Buyers average 3 impulse purchases in 40% of shopping trips Negative emotions such as anger , guilt, boredom, or stress often contribute to impulse buys Up to 5% of adults are addicted to impulse shopping Impulsive buying drops by 53% when buyers are shopping for forgotten items or immediate necessities Up to 20% of grocery bills are from impulse buys Single adults make 45% more impulse buys than married adults y are we compelled to purchase? Does shopping make people happier? Studies suggest a link between common personality traits and impulse buying Studies show that impulse buying is correlated with positive emotions Some people may be more prone to impulse buying as a result of negative emotions Those who equate possessions with success are more susceptible to impulse buy Ways to market There are many ways to trigger impulse buying. Here are the top 3 1 . ITEM TYPES IMPULSE BUYS TEND TO BE 2 . PRODUCT PLACEMENT PRODUCT PLACEMENT Location is everything Shoppers are more likely to purchase small holiday gifts around the register 3 . PROMOTION PROMOTION Discounts and sales draw major attention Placing non-sale items next to sale items makes them more attractive Sale ice! IT’S THE MOST WONDERFUL TIME OF THE YEAR… TO SHOP. at’s driving your impulses? Sources uie.com/publications/whitepapers/ImpulseBuying.pdf kent.ac.uk/kbs/documents/res/working-papers/2011/234_2011.pdf selfgrowth.com/articles/Five_Life-Changing_Facts_About_Impulse_Buying.html psychologytoday.com/blog/consumer-behavior/201303/five-reasons-we-impulse-buy biomedcentral.com/1741-7015/9/90/abstract independent.co.uk/life-style/health-and-families/depression-rates-higher-in-wealthy-countries-study-finds-2326414.html hibbertmcgee.com/increasing-impulse-purchases-buying/ betabait.com/the-impulse-shopping-fact-sheet/ $ chocolate 2 for 1 Impulse Purchases are rarely things we need, instead they are usually things that make us feel good Psychologists link impulse purchases to a sense of - Control - Empowerment - Boosting self-esteem - Self-regulation Loss Aversion is NOT WANTING TO MISS OUT Loss aversion is the human characteristic of trying to avoid future negative feelings We are highly motivated by sales because we feel bad if we miss an opportunity Strategically placed sale items trigger our fear of loss Delusion YEP… NOT KIDDING We buy things on sale and disregard any previous outcomes We buy gym equipment thinking it will cause us to work out - it doesn’t We purchase a new car thinking it will make us happier - it doesn’t The impression OF SAVING MONEY We are hardwired to accumulate items over time The ideas of “value” and saving is highly motivational Marketers play on this innate motivation through sales, packaging, and wording like "30% more" Small Inexpensive Fulfill a need or desire The Pleasure OF PURCHASING