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Fear of missing a deal drives impulse buyers to purchase 11 items per month

21st October 2014 Print

Fear of missing a deal (“FOMAD”) could be driving 44 per cent of people to impulse buy online, and 52 per cent to impulse buy in-store, with the average impulse buying Brit buying 11 things a month because they are on sale, according to research revealed by UK cashback and reward site, Quidco.

Of those that impulse buy clothes, technology and gadgets, the results showed that on average, a whopping £133 is spent per month. When deciding whether to buy a reduced item or one that achieves money back, nearly half (48 per cent) of Brits said the amount of money they are saving is one of their main priorities while just 43 per cent actually assess whether they need the item.

One in ten (10 per cent) people admit they buy things they don’t need if there is a good discount on it, while eight per cent say they are often tricked by misleading deals. Just one in three (32%) people will go away and think about a good deal before they commit to a purchase.

Despite these figures, 24 per cent of men versus 20 per cent of women claim they ‘do not get taken in’ by offers. This despite the fact that men spend most on impulse purchases2 (£136), while five per cent of women admit to buying clothes in the wrong size if there is a significant discount. 

Women are more likely to be driven by the thrill of affording something they normally couldn’t, one in three (37 per cent) say this is key to their decision making process, compared to just a quarter (25 per cent) of men.

Ladies also love to share – being 18 per cent more likely than men to tell others who might also benefit, about a bargain.  And 25 per cent of women reveal they get a buzz of joy just by sharing the story of their deal.

Sneaky men are more likely than women to keep their bargain a secret in the hope people believe they paid full price (12% vs 9%).

70 per cent of women who have bagged a bargain felt a buzz when doing so, and 48% of women say the buzz lasts all day, compared to just over one in three men (36%). One in five (19%) women feel the buzz every time they see the item.  

Emotional shoppers

Just 183 per cent wouldn’t be bothered if they saw an item on sale after they’d purchased it, with men the most laid back, 25 per cent compared to just 12 per cent of women.

Nearly one in three (32 per cent) would feel annoyed with themselves for not spending time researching before they purchased, while 26 per cent would feel angry for missing out on a deal (rising to 33 per cent of women) with 12 per cent of women thinking their enjoyment of their purchase would be ruined.

A self-conscious four per cent would be concerned that people would judge them for buying something in the sale, and the item would be deemed less valuable, while 11 per cent say their enjoyment of the item would be ruined.  

Nearly one in five (18 per cent of Brits) have been compelled to take something back to buy it elsewhere having seen it cheaper while a cheeky 10 per cent have taken something back and then re-purchased it for a lower price at the same shop.

Andy Oldham, MD of the UK’s biggest rewards and cashback site Quidco, said: “It’s natural for people to want to treat themselves to impulse buys every now and again, but shoppers shouldn’t make themselves prisoners to bargains and deals and risk ending up with things they don’t need. With the right amount of research and more ‘thoughtful’ purchasing, you can get the best value for money with every purchase. Cashback is a great way of getting a little bonus while you shop, whether you are making a considered purchase or an impulse buy.”

Dr Jack Lewis, Neuroscientist, and author of ‘Sort Your Brain Out’ said: "The ever-expanding world of neuro-economics provides fascinating insights into what drives these kinds of behaviours. Purchasing decisions are a delicate interplay between perceived value and the discomfort of parting with our cash. When slashed prices reduce this sense of "buying pain" it can really tip the balance - magnifying the desire to snap the bargain up"