What is impulse buying? And why is it important for retailers?
4 out of 5 parents admit to giving in to their child's impulse demands. – Marketwired
Over the years, the definition of impulse buying has changed. The changes haven’t been huge, but they have been significant, and it’s by understanding these nuances that retailers can start to look at maximising the potential for impulse buying in their stores.
In 1982 experts (Engel & Blackwell) told us that an impulse purchase was anything you didn't intend to buy when you first entered a shop. Five years later, Dennis Rook went further, saying it was: a sudden, often powerful and persistent urge to buy something immediately. He went on to say that there are 5 characteristics that define an impulse purchase; which are:
1. An overwhelming attraction to the product
2. An intense need to buy it at once
3. Ignoring the negative consequences that might arise
4. A feeling of excitement at buying it
5. Conflicting feelings of indulgence and self-control
By thinking about what defines an impulse purchase, retailers can learn how to maximise on the first four urges, so that any conflicting feelings go unheard or are brushed aside by the customer. And by recognising that there is a science to impulse purchasing, you can open up to the idea that it has huge potential for creating profit.
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