A dog goes to the Super Bowl. A fun class or lesson starter for the YouTube and TikTok generation. Discuss with students if price discounts are really a good deal, or just a pricing trick?
Use this video on the topic to discuss the money concepts of
- Needs and wants
- Understanding discounts
- Making impulsive purchases
- Spending Money
Show students the video and have and then have a discussion about impulse buying and needs and wants.
7-12, Young adults
Impulse Purchasing Background
Is it possible to buy an item without even thinking about it? You buy an item without thinking about the consequences. Most people impulse buy, whether it’s a big purchase like Super Bowl tickets in this case, a like a car or a small one like new clothes. Retailers market themselves online with impulse buying in mind.
A small impulse purchase, such as shirt, can be harmless. However, impulse spending on an even larger scale can cause ineffective budgeting, loss savings and poor financial planning. This is money that you can instead use to pay your apartment or home utility bills or use to save for college.
Emotional state is a key factor in an impulse purchase. Emotions can be intense feelings towards someone or something. They are often expressed through facial expressions, such as anger, fear, delight and enthusiasm.
Consumers’ buying habits can be affected by both negative and positive emotions. It was originally believed that happiness preceded impulsive purchases, causing joy and pleasure. Impulse buying can be used to relieve stress, fatigue and other negative emotions in certain situations. Impulse purchases can be made when you are able to gain face or prestige in a social setting. People who feel embarrassed, anxious, rejected or ashamed may also buy on impulse if they lose their face.
People resist the urge to eat snacks, go to bed, or impulse buy. Self-control refers to the ability not only to ignore one’s thoughts and emotions but also to control your actions. A standard is a way to set a shopping goal. A shopper might go to a shop to purchase a suit for a wedding or to make a list of things to buy at the grocery store. Uncertain goals make shoppers more likely to lose self-control. Monitoring the process or tracking spending and behavior. Monitors are less likely for shoppers to buy impulse items.
What motivates impulse shoppers? You feel like you are getting a deal. Impulse buying does not always require spending a large sum of money on expensive products. Many people buy products to save money over the long-term. People mostly would prefer to take advantage of a deal rather than paying full price. Because consumers are price-conscious, sales promotions can have an impact on sales. They are more likely to purchase products with higher savings.
Physical stimuli are also key to driving impulse purchases and can influence consumers’ behavior. A happy environment can encourage customers to shop around and make spontaneous purchases. Positive feelings are associated with higher impulse buying. A store’s music can have a significant impact on customer impulse buying and emotions. Customers spend more time in stores with soft background music, which results in more product purchases and a slower pace of shopping. Salespeople who provide customer service and guidance can increase consumer spending. One common tactic retailers employ is to tell customers how satisfied their customers are with their purchases. To encourage impulse buying, they can inform customers about product scarcity, give free samples and trials, or offer money-back guarantee. Sales promotions encourage customers to purchase larger quantities of products. Impulse buying is also influenced by free vouchers and refunds.
It’s difficult to make rational purchasing decisions when we are overwhelmed by emotion such as anxiety, stress, or excitement. Your brain struggles between short-term rewards or long-term goals. The logical side of a person’s brain attempts to reason with them when they see something they need. However, the emotional side is more focused on the immediate and considers the ultimate reward as instant gratification. Shopping offers consumers instant pleasure and a dose of dopamine. This is the feeling that retailers offer that makes people want to shop.
@moneymittens Dog goes to Super Bowl 2022 Los Angeles Rams Bengals #superbowl #stuffedanimals #dog #funny #fyp #penguin #sofistadium ♬ original sound – money mittens