Is shopping a practical task for you just like doing housework? Or is shopping a feel-good activity for you like exercising?
Most activities themselves hold no meaning. Rather, it is our intention behind the activity that gives meaning. So what does shopping mean to you?
Retail Therapy
In the past, we shopped mostly because we had to for essentials, and not because we wanted to. The neighbourhood shops sold mostly frills-free goods, and there were only a handful of big shopping centres, which were frequented only on special occasions such as birthdays and festive holidays. And whenever life got a little too stressful, the great outdoors was the go-to source of relief for most of us. But compared to as recent as just 2 decades ago when the digital world was beginning to explode, shopping has since become so convenient, that we don’t even need to leave our house to shop anymore. In fact, we now spend an astounding 85% more on retail since from 20 years ago.
Inevitably, there is always a flip side to everything, and this unprecedented access to shopping has turned it into the top choice for ‘relieving stress’ for more and more of us. We all know this behaviour as retail therapy, aka compensatory consumption. Although we are aware of its dangers such as the possibility of becoming a shopaholic, or being stuck in credit card debt, it is unrealistic for us to exercise complete restrain in today’s society. Instead, we will be looking at how to recognize compensatory consumption, and how to exercise control.
While self-treats are rewards to celebrate our hard work and achievements, compensatory consumption is a behaviour that usually stems from the desire to make up for our general lack of esteem/ self-actualization.
Research in consumer psychology shows that incidental life situations can greatly influence our decision-making. Whenever something happens that makes us feel we do not have control, many will turn to shopping as a coping mechanism, as it is a way for us to regain a sense of control, and boost our self-worth. This is because when we shop, we get to decide where to go and what to buy, which in turn makes us feel good. Do you find the following 3 scenarios familiar?
Savvy Marketing Tactics or Simple Mind Tricks?
Companies are also taking advantage of it to pitch their products by engaging in predatory marketing, as it has proven to be very effective. They target specific demographics (groups) of consumers who share certain traits (e.g. young working adults, middle-income group etc), and advertise their products in a way that preys on these groups’ fears and concerns.
For example, some ads showcase what a happy family looks like, and many young families buy into it as that is their main priority at that stage of their lives.
Another common strategy that companies engage, is the use of famous/successful people to endorse their products. This triggers a compensatory consumption effect in consumers as we get a false sense of validation, by purchasing products that have been ‘approved’ by these brand ambassadors.
Compensatory consumption can help us temporarily improve our mood and restore our lost sense of power, not unlike exercising. And as with so many other things, it must be done in moderation, primarily because we do not have an unlimited stash of money. So, the next time you feel the urge to indulge in retail therapy, you can try to:
But ultimately, what matters the most is understanding what triggers our need for retail therapy, so that this cycle will not deepen or worsen whenever there is a big trigger. Do you know of anyone who depends too much on retail therapy? If you want to make a difference to their life, refer them to Chloe for financial counselling. She has helped many to sort out their tangled web of finances and emotions throughout her career, and to enjoy the same ‘feel-good factor’ as shopping, through other healthier ways. #ChloeClose2ur<3
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