Shoppers—How Their Buying Impulses are Influenced?

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Psychologists have discovered that purchasing life experiences makes individuals delighted than purchasing possessions, but is there anyone who will want to spend more of their left over cash on experiences? New study which got published this week in the journal of Positive Psychology puts forward that extraverts and individuals who are familiar with new experiences tend to expend more of their disposable earnings on experiences rather than visiting a mall to buy some material item. These experiential and habitual shoppers can reap long term advantages from their spending. They have reported great life satisfaction, as per a research, led by Psychology professor Ryan Howell.

In a separate study conducted by the Ernst and Young Company, “according to The Yankee Group, the top reasons people make impulse purchases are: special sales prices, free shipping, and holiday or seasonal promotions. Many of the sites we tested featured promotions, primarily on the home page. If The Yankee Group’s survey results reflect reality, we should’ve seen many of the observed impulse purchases result from these promotions.”

They also investigated how buying decisions influence our well being. Howell along with his colleagues has commenced a website from where the members of general populace can take free surveys to ascertain what type of shopper they are and how their expending choices influences them. The data which is collected through website “Beyond the Purchase” will be used by Howell and other psychologists to study the connection between well being and spending motivation, and how the concept of money management has significance on financial and purchasing choices. Around 10,000 participants were asked to fill questionnaires about their personality traits, shopping habits, life satisfaction and values. It is said that greater well being is linked to being an experienced shopper. Journal Positive Psychology challenged that money can’t buy happiness for an individual, and so they wanted to ascertain why some individuals descend towards buying experiences. 

Using the BIG FIVE personality trait model, participant’s personality was analyzed. Researchers then described how agreeable, neurotic, open, extraverted and careful an individual is. Individuals who spend maximum disposable earnings on experiences were rated with high scores on openness to experience and extravert scales. The authors recommended that it is easier to alter your spending habits than alerting your personality traits.

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