By Katrina Foster, Senior Sales Manager and Choosi Spokesperson
It’s safe to say that as a nation Australians are proudly passionate, famous for our spontaneity and perhaps just a little bit impulsive. It’s all part of the great cultural makeup that forms our national identity. But sometimes these traits can have a direct impact on our decision making. A recent national study – The Decision Drivers Report by Choosi – found that Australians can display particularly impulsive behaviour when it comes to financial decision making.
Read on to find out when we tend to leave logic at the door and purchase without pause.
Perhaps unsurprisingly it is hunger that hurts our hip pockets the most when it comes to impulsive purchasing. We all know the feeling when hunger pains strike and it’s hard to ignore a grumbling tummy. In fact, the report found that nearly one in three Aussies are most likely to spend without hesitation if they’re shopping while hungry.
Most parents can admit that one of the toughest things in life is saying no to their little ones. This explains why 24% of parents admit that they are likely to impulse buy when “spoiling their kids.” The same report also found that 41% of Australians ‘regrettable’ purchases were driven by emotion. No one quite knows how to play on our emotions like children, from tantrums to tears, they can quickly capitalise on our moods in order to get their way.
Spending time away
Something magical happens to our money when we head off on holidays. Suddenly decisions we wouldn’t dream of making in our day to day lives become almost second nature. You return home with novelty t shirts, magnets and one too many “I love Hawaii” key rings. The stats show that fifty percent of Aussies are more likely to part with their cash impulsively while on holidays. But if you want to curb your travel transactions, try setting a daily limit. Then you’ll know exactly how much you can spend, despite the temptations!
Log on and let loose
It can be hard to exercise control over your cash when you can spend it all at the click of a button. Online shopping has completely changed the way we buy goods and services, making impulsive purchasing easier than ever before. More than one in five Australians believe they spend spontaneously when shopping online. Whether grabbing your groceries or working on a new Winter wardrobe, it’s all too convenient to add one more item to your basket. But the bills can quickly add up! The Choosi report also found that 70% of Aussies have bought items they’ve never even used, which is even easier in the Internet age. Next time you’re online, think twice before you commit.