“If money can’t buy happiness, why does it sometimes feel so good to buy stuff?” asks Kristin Bianco in his personal finance column at Fox News Network. Well, there is an answer for Kristin’s question if you search for it at the right place. That place is consumer psychology. Professor Kit Yarrow, professor of psychology and marketing at Golden Gate University in San Francisco, writing in Psychology Today names the good feeling that Kristin experience when buying stuff “retail therapy”. She says a recent study has found that more than half of Americans admit to engaging in “retail therapy.”
So, when your customers feel down, they go shopping to feel better…
Finding the joy of shopping
According to the emotional view of consumer decision-making, each of us is likely to associate deep feelings or emotions, such as joy, fear, love, hope, sexuality, fantasy and even a little ‘magic’, with certain purchases. Also, scientists have found that shopping does make some people feel good. It’s been reported that when a person shops, the brain releases the chemical dopamine. Dopamine is linked to feelings of satisfaction and pleasure and is released when you face new, exciting experiences. So, what do your customers pay for when they want to have “retail therapy”?
Recent survey results indicate that engagement in retail therapy is often driven by factors such as boredom and seasonal changes. As many as 66% of adults and 75% of teens indicate that shopping is a great cure for boredom, while 45% of adults revealed that the seasonal changes are the biggest motivator to go shopping.
If your customers really want to feel happy, they will go on a ‘shopping spree’. WiseGeek describes a shopping spree as “a playful” and “devil may care” attitude in a single shopping trip where lots of money is spent. A shopping spree is the action you take to start your ‘retail therapy’. But what do your customers say about the joy of shopping?