While it can often lead to debt and regret, retail therapy is a frequently utilized coping mechanism for many American shoppers when faced with stress. Per a recent Lending Tree survey, 63% of American consumers claim to be emotionally influenced when shopping, with more than half of that number (38%) feeling driven to shop more because of their economic and financial worries.
Additionally, many of those polled by Lending Tree admitted that shopping and spending can improve their mood in the short term and will chase that high even when their shopping spree leaves them in debt (something that 43% of those polled admitted to incurring via retail therapy).
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Here are 10 things Americans are emotionally buying to feel better, as well as some strategies on how to avoid it.
What Americans Are Buying for Their Retail Therapy
What, exactly, have Americans been buying in their bid for retail therapy? The respondents, when asked their favorite purchases to soothe their worries with, provided the following answers:
- Food: 63%
- Clothing/jewelry/accessories: 54%
- Personal care/beauty products: 42%
- Entertainment: 36%
- Crafts/hobby products: 29%
- Home-related goods: 28%
- Alcohol: 28%
- Electronics: 27%
- Vacations: 22%
- Drugs: 12%.
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How To Avoid Overshopping
Impulsive spending can be a hard habit to break, especially because of the temporary euphoria it can create amid economic stress. LendingTree offered three solutions to curtailing the habit.
The 24-Hour Rule
Rather than buy something impulsively, give yourself 24 hours to consider the purchase. Is this something you really need? After giving it a day, you might find yourself no longer in the thrall of what seemed like a purchase of happiness the day before.
This tactic is often touted by many financial experts. For example, in an article, money expert Rachel Cruze suggested waiting a day or so before making a purchase to be sure it’s something you really need.
Skip Buy Now, Pay Later
The “buy now, pay later” (BNPL) trend can be very tempting. However, it can be very difficult to return an item paid via BNPL until the entire loan is paid off.
Additionally, according to Charles Schwab, a few risks of BNPL include late fees and interest.
Unsubscribe, Unsubscribe, Unsubscribe
Unsubscribing from promotional emails, texts and shopping apps can help curb impulse shopping. When you’re in a toxic overspending mindset, getting a promo email at the wrong time can tempt you to spend; removing that temptation from life can help you save in the long run.
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This article originally appeared on GOBankingRates.com: 10 Things Americans Are Emotionally Buying To Feel Better — and How To Avoid It
