Retail therapy can be defined as the act of shopping with the sole purpose of improving one’s mood or disposition. We’ve all been there-buy things on impulse to relieve stress after a bad day Digital Marketing Company Bath or to treat yourself after a long week. As an example, look no further than your own spending habits. Look at the receipts from your last shopping trip (or your most recent online purchase) and consider why you add each item to the basket in the first place. What prompted your purchase decision? Chances are, there is at least one item in there that you want more than you need.
According to statistics, consumers in North America and the UK tend to follow the same pattern when it comes to their impulse spending habits.
88.6% of Americans have succumbed to the temptation of impulse shopping, spending an average of $ 81.75 per session or $ 17.78 billion per year. American also create up to 156 impulse purchases each year, spending up to $ 5400 per year, or $ 324,000 for life. On a smaller scale, impulse shopping is also prevalent in Canada-63% of Canadians admitted to shopping impulsively, to spend an average of $ 73.81 (CAD) or $ 8.8 billion per year.
These impulses travel expenditure is not an isolated incident, they are also not uncommon. The New York Post references poll conducted on Swap.com show that Americans spend up to 65 hours per year online shopping and spending 90 hours per year in the store. Of this amount, over one-fifth of all retail purchases (22%) purchased on behalf of retail therapy. Invesp also found that 40% of the money spent on e-commerce Web sites are impulse purchases.
In the UK, Mortar London on behalf Finder.com found that 78.4% of Brits give impulse shopping and more than 22.9% who do impulse purchases on a weekly basis. A study by the Independent estimates MYJAR to explain impulse buy about 108 purchases a month, equivalent to an average £ 200 per month, or £ 143 902 over a lifetime. The respondents, four in 10 admitted to making purchases on behalf of retail therapy and 54% of these purchases happen online.
Obviously, this means that retailers should not underestimate the power of the impulse shopper.
Impulse shopping statistical graphics
How to use boost spending to boost sales
Remember the “Four P’s of Marketing”? These principles can help boost impulse purchases as well. Used in conjunction, these ideas utilizing the urge to simply add “one more item” without putting much thought into it.
In North America, Slickdeals found that five product categories leading to impulse shopping online, including food, clothing, household goods, food takeout, and shoes. This is further corroborated by studies CreditKarma on shopping stress where the majority of respondents reported buying clothes, food, alcohol, electronics, jewelry, tattoos, and the car even to relieve stress. As for England, Whistl found that the top five product categories leading to impulse shopping that clothing, food and beverages, home accessories, shoes, and jewelry.
One thing to remember is the impulse purchase must be easy and requires little thought. The urge to buy the best products are:
Small and fast (ie, socks, candy, chocolate, and gift cards)
Associated with another product (eg, lighters for candles or batteries for electronics)
version of the travel-sized sample of size or popular items
A great deal (ie. Value sets or bundles of several items)
Think about the layout of the store or e-commerce retail websites that you frequent. Are there similarities that Digital Marketing Companies in Bath you can show? Like how the checkout area is set to tempt you as you wait in line, or how you can never say no to those free samples in the corner?