![There's Some Cool Psychology Behind Impulse Buys [Infographic]](https://391043.fs1.hubspotusercontent-na1.net/hub/391043/hubfs/1._Stock_Photos/Free_Stock_Photos/Optimized-shopping-2411667_1920.jpg?width=770&height=404&name=Optimized-shopping-2411667_1920.jpg)
You’d be surprised why shoppers buy the way that they do. If your brand is in a sales slump, you can benefit from tapping into these tendencies to move products off the shelf faster. Getting placements in multiple categories is one way to boost impulse buys by consumers who might not have purchased from your brand otherwise.
So what exactly are these driving forces behind impulse purchase decisions? You’ll probably want to invest resources in gaining secondary placements once you find out. Check out the infographic below to learn more.
In small stores, price is main influence of impulse buys;
In large stores, product displays have more influence
Sharp price contrasts for comparable products can lead to purchase
Study found that 85.4% list price as deciding factor for impulse buys, however 26.7% would only make purchase if discount was over 50%
23% of men report an impulse buy over $1,000 compared to 11% of women
75% of Americans have admitted to making an impulse purchase, 16% of which are worth over $500
”Marketing research studies estimate that 88 percent of impulse buys are affected by the perception of lower prices”
Packaging is a driving factor for impulse buys of less expensive, low-risk products
Highly stimulating environments and perceived crowding both increase frequency on impulse buying
Ads with associations between brand and positive feelings can lead to purchase
“Limited time offers” tap into loss aversion principle, which implies that people buy now so they don’t feel like they’re missing out later
Bulk buys/”free” extras create perceived value and lead consumers to quit their buying research and make the purchase immediately; heuristics drives this (preconceived notions that we rely on for fast decision making)
Selling items in limited quantities creates buzz and leads to a stronger desire to purchase on the spot
Fox Business reports that $5.5 billion sales occur at checkout counter annually, results from decision fatigue
8 of 10 impulse buys are made at brick-and-mortar
”Frozen foods, snacks, and energy drinks are top impulse buys in the food realm”
Sports nutrition and nutritional drinks two segments in the functional category likely to drive impulse buys
Knowledge that a certain person/group is already using the product, and perceived exclusivity can all lead to purchase
Vicarious ownership - simply looking at a product and knowing one can walk home with it immediately can influence one’s will to buy it
Opinions on social norms that surround buying behaviors can have a direct effect on actual behavior
Those with personality traits associated with needing high levels of stimulation are more likely to buy impulsively to feed their need for stimulation
Implicit priming is especially effective if buyer is not fully engaged in the act of shopping
People purchase things that reflect their personality in some way
Distracted buyers are more likely to buy on impulse because their mental energy for decision making is being used elsewhere
Men & women gravitate towards different types of items as mood boosters
Impulse buyers seek novelty items
Impulse buying associated with desire for pleasure, lack of self-control, and desire to impress others
Orbitofrontal cortex promotes emotional irregularities which drive impulsive behavior
Hungry shoppers more likely to make impulsive food purchases based on physiological needs
52% of millennials were more likely to make an impulse purchase than any other generation
People under 25 are 5x more likely to make an impulse purchase for a friend
45% of shoppers make impulse purchases for themselves; 25% of men make impulse buys for spouses, compared to 8% of women (men generally make more unplanned shopping trips than women); 33% of women make impulse buys for women compared to 16% of men
”Those who make under $30,000 a year are least likely to buy on a whim, with only 65% reporting a recent impulse buy”
Less educated buyers more likely to make impulse purchases than buyers with higher education levels
“People who like to shop for fun are more likely to buy on impulse.”
Background music, fragrance, and store layout can induce feelings in a shopper that can indirectly lead to an impulse buy
How much time you have to shop and whether or not you’re shopping with other people impact impulse buying
Longer shopping sessions lead to more money spent
People are more likely to add on unplanned items once they’ve already committed to spending money on an item
Impulse happens more as a result of browsing than shopping for a particular item (74% more likely)
Consumers are 13% less likely to make an impulse buy on a planned shopping trip, and 23% more likely to do so on an unplanned shopping trip
Getting insider consumers' heads is just one way your brand can remedy less-than-ideal sales. In fact, the philosopher Socrates sheds some light on how to move product off the shelf faster in this post.
Sources
MotiveMetrics Research, HealthGuidance, Idealog, CreditCards.com, Academy Success, DMN3, JohnsByrne, Psychology Today, Global News, Truly Good Foods, James Clear, Invesp CRO, Nielsen, BrainFodder, Artifacts Journal, SERSC: Science & Engineering Research Support Society
As the retail landscape continues to evolve, it’s more important than ever to stay on top of the latest trends and challenges. Download our report today to see how more than 160+ CG executives and field leaders are strategizing for 2024.
Home improvement is one of the most highly competitive markets and any brand that has made its way into retailer giants such as Lowe’s and Home Depot knows that becoming a star in these stores is no..
This May, CPG and Retail Service leaders from around the world convened at the top of Boston’s Prudential Tower to discuss all things Image Recognition (IR) at our “Elevate Your Vision” roundtable.It..
2024 brings with it a breath of fresh air for CPG and Retail Service organizations. As inflation settles down and retail sales start to climb back up, CPG leaders are feeling much more confident than..
