Kornelija Kazlauskas 
You’ve probably felt the urge to impulsively buy something at least once in your life. Maybe a special sale promotion or a huge holiday shopping event made you give in to some very tempting purchases. Understanding the psychology behind these sudden impulses can help us manage our finances more wisely and be better stewards of our limited resources. That’s why learning about the 7 phases of the impulse buying cycle is so important – it helps us understand our decision-making process before making any reckless decisions that could hurt our wallet in the long run!
What Is Impulse Buying?
Impulsive purchasing is the act of buying something on-the-spot, usually due to an unexpected desire or temptation. It can occur in physical stores and online shops and be triggered by a range of motives, such as emotional reactions, peer pressure, and savvy marketing strategies.
Emotions are a major catalyst for impulsive purchases. Feeling overwhelmed or uneasy can drive someone to buy something to comfort themselves, while being elated might prompt one to purchase an item as a reward. Furthermore, external forces such as media influence and the possessions of our peers may likewise impact us into buying things that were never on our minds before.
Careful marketing tactics are known to induce impulse buying, such as strategically placed limited-time offers, free gifts with purchase, or items advertised on sale. Though these may be appealing and force quick decisions from shoppers at the moment, they can also lead to financial strain later down the line if one isn’t cautious of their spending habits. So while it is important to keep your eyes open for deals that interest you – make sure you remain aware of how much money you’re actually spending by being mindful of factors potentially influencing impulsive purchases.
What Are the 7 Stages of Impulse Buying?
Beatty and Ferrell’s (1998) impulse-buying model consists of seven distinct phases, making it one of the most widely-used frameworks among experts in this field. Put simply, these stages are as follows:
- Antecedent conditions: Impulse buying is spurred by various situational, personal, and marketing elements, such as a sale advertisement, an eye-catching product presentation, a sudden shift in emotions, or feelings of pressure from friends.
- Internal emotional state: In this stage, the individual’s emotions respond to a given situation; these reactions could be either positive (such as joy and satisfaction) or negative (for instance, stress and aggravation).
- Thought processes: During this phase, the individual evaluates the context and product based on their own feelings and emotions. This includes perceiving a need for it, recognizing its value to them, assessing any potential risks associated with it, as well as exercising self-control in making an informed decision.
- Impulse generation: This critical stage is marked by an intense and immediate urge to purchase something, a reaction rooted in the consumer’s emotional and cognitive responses.
- Action: During this stage, buying behaviors can vary depending on the situation and individual preferences; it could be instantaneous or delayed.
- Post-purchase evaluation: After an impulse buy, this stage entails the person’s contemplation of their purchase which may result in satisfaction, remorse, or a combination thereof.
- Behavioral outcomes: Having binged on a particular product, this stage investigates the subsequent behaviors and attitudes of the impulse buyer, for example, their propensity to buy more in future purchases or remain loyal to that brand. It also delves into how they reconcile any feelings of cognitive dissonance afterward.
Conclusion:
Understanding the seven phases of the impulse buying cycle can help us make more informed purchasing decisions. Although impulse buying is driven by deep psychological mechanisms, it’s important to remember that we have the power to control our spending behaviors. We should prioritize our own needs over those of marketing campaigns and practice mindful shopping to stay within our budgets. By doing so, we can become more responsible shoppers and improve our financial well-being over time.
