Evaluate whether your purchases are impulsive

Every time we step into a supermarket or shopping mall, we're bombarded with marketing for a wide range of products. Similarly, when we browse e-commerce platforms, it's almost impossible not to see an item we might not need, but want.

Nowadays, it's almost impossible to go shopping in person or in person without being exposed to buying an additional product that we see in the shop windows or among the items recommended by the e-commerce platform.

If you leave the store with an item you don't need or didn't plan to buy, it's probably an impulsive purchase. Although we've all done it at some point, this behavior can jeopardize your financial stability and the current spending budget.

The characteristics of an impulsive purchase

In addition to leaving a store with an unexpected product, BBVA personal finance experts identify other characteristics of this type of purchase. For example, if you make the purchase as soon as you see the product and don't wait to compare prices at other stores.

Similarly, when you buy something just because someone else has it or an influencer promotes it and it makes you want to belong or envy it, it's most likely an impulse purchase.

Another way we can identify an impulse purchase—and one of the most common—is when we decide to buy something because we saw a sale or discount, even when it doesn't mean a significant price reduction.

Likewise, some companies create consumer desire through free trials, freebies, or experiences that stimulate sensory impulses. These strategies often result in poorly thought-out purchases.

Why do we fall? in this type of behavior?

Joselyn Quintero is an expert in behavioral economics and explained that there are various reasons why we give in to immediate impulses to buy and justify these types of purchases.

“In the case of a sense of belonging, our brain tends to want to follow what others do for fear of being excluded. When this affects our purchasing patterns, it's known as conspicuous consumption,” Quintero described, adding that we turn owning an item into a status symbol.

When we base a purchase on a sale or discount, it's because our brain reacts to prices and begins to evaluate the possibility of "saving" on something we'd like to have. Missing out on the sale can mean missing out on the product as well.

"You may feel anxious or distressed because sales are usually limited in time, and we think it'll be a unique buying opportunity. The reality is that 99% of the time, that's not the case," Quintero clarified.

When it's an experience or dynamic that convinces us, it's often because we're left with the impression that we'll replicate those sensory stimuli through the purchase of a product.

"For example, if you're offered a test drive in a car, the sale is made the moment you step on the gas and start looking for a way to raise the money to buy it. However, you should ask yourself: how many times can you replicate the experience in your daily life?" Quintero recommended.

How to avoid impulse purchases?

We can implement some strategies to avoid constantly falling into these consumption patterns. The first recommendation that behavioral economics experts make to avoid these types of behaviors is to always take a day to reflect on whether a purchase is necessary or simply a whim.

You should also create a monthly budget specifying the amount of money you will allocate to treats, luxuries, or small, unplanned purchases. This is to ensure you don't compromise your short-term financial stability.

Another way to largely avoid impulse purchases is to set a daily spending limit on bank cards, both digital and physical. This can be done through bank apps.

The most important thing is to learn to identify which purchases fulfill a need and which are simply a want. Although it's not a bad idea to make them, as long as they don't compromise your short- or long-term budget.