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StitcherYou know that feeling when you’re on the verge of scoring a super good deal, only to realize it’s just another impulsive spending moment? But, really, how do we even get away with a good deal in this world full of enticing discounts and irresistible offers? In this episode, Jen and Jill uncover the tricks and strategies of retailers to get us to spend more and how to overcome falling into the traps.
Shopping is a complex activity and the decision-making process by consumers is not straightforward and linear.
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Check out some relevant episodes
How They Get You to Spend More
This article by Erica Sweeney explains the 4 common tactics that retailers would use to encourage you to buy things and how to avoid falling into these pitfalls.
What Jen + Jill have to say:
Jen and Jill further discuss four main strategies that make us think we are saving money when, in fact, it encourages us to spend more and allows retailers to collect data about our preferences and shopping habits. These strategies include sales and discounts, bundling, upselling and cross-selling, “Last One In Stock” messages, and cart-reminder messages.
Emotions often drive shopping decisions, particularly impulse purchases, and Jen and Jill explore how retail stores take advantage of this. Because recognizing these strategies can help us be more vigilant and mindful of what we spend on.
Avoid Falling Into These Pitfalls
Jen and Jill discuss experts’ suggestions to avoid the traps. That includes unsubscribing emails unless you can use them in your favor, planning your shopping sessions and being more intentional, setting a well-defined value rather than being restrictive, comparing prices to get the best deals, and waiting 24 hours before purchasing.
There are a lot of factors that get us to fall into these traps—like FOMO and bandwagon culture. But that does not mean you cannot get away with it. Although easier said than done, you must consider whether you need this item or just want it.
What's the last item you purchased online on impulse? Do you regret it?
Jen doesn’t have many unplanned spending habits, but she recently bought stuff for the Olympics party—the craziest purchase was 25 bouncy balls for the kids. Jill is not much of an online shopper, so her impulse decisions usually happen in person. She recently bought pool floats but doesn’t regret it because she got a gift card that covered it.
Bill of The Week
Thank you Bianca for sharing how you clarified your outdoor patio journey!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews and we especially loved this one from:
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Ridiculous. Just what I need.
I’ve been diving into lots of personal finance podcasts the couple of years and have been on a journey. This show has become one of my favourite listens. Do they know what they’re doing? No. But do any of us, really? Are they unhinged? Yes. But aren’t we all? The hosts’ inclusive perspectives make me feel less alone. I’ve gotten TONS of practical ideas. The show is so much fun and I look forward to listening every time.
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