Many people have made impulse purchases in the past, only to regret their decisions as their wallets took a hit. This regrettable situation has led to the rise of “slow shopping,” a method of shopping that involves slowing down and carefully considering purchases. Let’s take a look at what experts have to say on this trend.
According to a report by the Huffington Post, Jacqueline Howard, the Director of Financial Health at Ally Financial, a U.S.-based financial services company, pointed out that the convenience of online shopping has made impulse buying easier than ever before.
She stated, “It feels great to buy what you want when you want it. But then what? This is where the regrets start to creep in, a scenario all too common.”
In a recent survey conducted by the company, more than a third of consumers admitted they might make impulse purchases to feel better, yet only half of them reported feeling happy about these purchases afterward.
To combat this toxic desire, many consumers are embracing “slow shopping,” a completely different approach to shopping.
Financial and budget expert Andrea Woroch emphasized that “slow shopping” is a financial trend that encourages people to spend and shop more mindfully, focusing on what they want to buy, why they want it, and how much they should spend.
Woroch explained, “Slow shopping is not about making impulsive purchases when desires arise but encourages thoughtful consideration before making a purchase, allowing you to make the best buying decision based on your budget, giving you time to assess needs, costs, and value.”
Founder of the personal finance education platform Clever Girl Finance, Bola Sokunbi, described “slow shopping” as a more deliberate and cautious way of shopping.
She suggested that by taking the time to evaluate the reasons for the purchase, one can avoid impulsive or rushed purchases, minimizing regrets and saving more money in the process.
Sokunbi recommended starting small by selecting a specific category such as clothing, personal care items, or groceries to practice “slow shopping.”
She advised, “Make a shopping list, evaluate and review items, compare prices, and decide what you want to buy and why.”
You don’t have to immediately apply this method to every aspect of your spending; it may take time to figure out the best approach for you.
Howard often recommends the “48-hour rule,” where one waits a full two days from the onset of the impulse to buy before completing the purchase process – a rule that applies even to discounted goods.
She explained that this 48-hour period allows ample time to calm emotions and urgency, making it clearer whether you genuinely need or want the item.
She encouraged people to practice “value-based consumption,” purchasing items that align with their values. By honestly assessing whether spontaneous purchases align with your values, you can spend money on things you truly need, increasing your sense of happiness.
For Brian Steiner, Executive Director of Life Happens, a life insurance and financial planning company, “slow shopping” is about fostering certainty and confidence, regardless of individual needs.
He stated that “slow shopping” is unique to each person, and the time frame for making thoughtful decisions can vary widely. It’s essential to feel comfortable with the time needed to make wise choices.
Previously reported by Dajiyuan, online retailers and businesses often utilize tactics to induce impulse buying, thus boosting their revenue. These tactics include discounts, low stock alerts, additional sales, and shopping cart notifications.
Consumers should learn to recognize and guard against these sales tactics and implement practical methods of “slow shopping” to avoid frequent impulse purchases that drain their wallets.