The Simply Luxurious Life®: Why Not . . . Reduce Shopping Regrets?  

August 7, 2013

Why Not . . . Reduce Shopping Regrets?

Teased by advertising, coaxed by magazine editorials and tantalized by your favorite fashion blogs, that certain handbag you’ve had your eye on continues to be at the top of your shopping list, yet the price tag is extraordinary, and you are understandably guarded as to whether or not you should make the purchase. After all, what if you end up not being happy with your purchase?

Shopping regrets, also known as buyer’s remorse, reportedly affects many of us as research has revealed consumers regret 80% of our discretionary expenditures and 35% of all returns are attributed to buyer’s remorse.

So what fail-safe strategies can we use to ensure we are no longer a member of this undesired club?

1. Necessity vs. Discretionary

Once you determine which category the item falls into, the indecisiveness becomes a non-issue (necessity) or you have to now begin to search for sound reasoning to justify your discretionary purchase.

2. Sleep on It

While buyer’s remorse does occur after choosing a particular item on a menu (the wrong ice cream flavor, steak rather than chicken, etc), it won’t break the bank or your heart if you either don’t enjoy it as you thought or don’t eat it. Buying your next car, home or designer dress/handbag/shoes is another matter.

In cases involving the latter, follow the price tag rule of thumb – the more it costs, the more time dedicated to deciding on whether or not to make the purchase. In other words, no spur-of-the-moment decisions while surfing the internet to purchase that Hermès Birkin bag that just popped up on Vaunte.

3. Purchase Quality

However, don’t shy away from something because it is top quality. In fact, by choosing quality, you end up purchasing less because the items last longer which increases your satisfaction with the purchase and decreases your stress because you have less clutter. The key is to make sure that the quality you are purchasing is what you need or works well in your life (and doesn’t put you in debt).

4. Use Cash

Often the purchases that are regretted the most are the ones in which both debt has been incurred to purchase it coupled with dissatisfaction of the purchase. By choosing to use cash, you physically see the amount of money it requires to attain the item/experience/etc, and in seeing this transaction if your stomach is not hurling but rather remains quite calm, you are less likely to experience regret.

5. Assess Past Purchases

Do a quick search through your most recent receipts. Look at the items purchased and how much. Then for each item ask yourself, would I make this purchase again? Was it work the effort I put in at work to earn the money that paid for it? Keep track of your answers, and if necessary, make a list of the items you wish you hadn’t purchase to refrain from making the same mistakes in the future.

6. Eliminate Extra/Unnecessary Choices

As Barry Schwartz brings to our attention in The Paradox of Choice, while we think the ideal is to have as many choices as possible in order to select exactly what we want, when we are confronted with endless choices, we become nearly paralyzed and often don’t know what to choose, thus resulting in unnecessary stress and bad decision making.

By reducing the options, much like applying the filter when looking for jeans on your favorite website (select straight-leg only), you eliminate hundreds of options that would have clouded your decision making. By weeding out what we know won’t work, by zeroing in on just the varying flavors of chocolate at the ice cream parlor, we reduce the options in front of us, making it easier to choose which one we genuinely want.

7. Do Your Homework

Last, but not least (and honestly, one of the most important strategies), take the time to do the legwork on exactly it is you will be purchasing. What is the gas mileage (city/hwy), what is the warranty, what is the return policy, what have past consumers of the product said about their purchase, etc. Read Consumer Reports, read more than one review found on different media sources, and go forth with confidence when you make that purchase.

Similar to life, the more you know, the more likely you will be happy with the direction and decisions you make as you travel toward the destination you wish to reach.

As you can see, while there is no guarantee the items, trips, or experiences we spend our money on will produce the exact results we expect, we can put the odds in our favor. We can go take that test run of the new BMW Mini Cooper convertible. We can choose to rent in that city we have an inkling we want to settle down in before we buy. We can go try a particular item of clothing on to see how the size of a particular designer fits our body. In other words, there is a lot we can do as insurance to prevent regret from occurring. So why not employ these strategies the next time your hard earned money is tempting you to spend it?

So I’m curious? On the flipside. What was one thing you have purchased that, contrary to what you were concerned about, provoked no regrets? And what did you do beforehand to help ensure this outcome? Feel free to share in the comments below or on Facebook.

Image: source

10 Comments:

At August 7, 2013 at 6:11 AM , Blogger Talia said...

What a timely post. I just recently returned a few items not because I didn't love them, but because frankly, I couldn't afford them. I had such remorse over having purchased them, that the joy had been completely ruined. Once returned, I felt so much better.

 
At August 7, 2013 at 6:22 AM , Anonymous Anonymous said...

I FINALLY purchased a Balenciaga bag. I have been looking at them for years (City Bag) and my anxiety increases when the House changed to Alexander Wang. I was afraid I would not be able to purchase the bag I wanted in the future. Then I saw the bag at Neiman's in Cassis. It was love at first sight. It just so happened that a promotion was going on and Neiman's would take equal payments, INTEREST FREE, for 6 months. It was like a lay-away that I could take home that day. I figured the payments and found it affordable. I have not regretted this purchase.

 
At August 7, 2013 at 6:48 AM , Blogger The Simply Luxurious Life said...

What an wonderful option offered by NM! Thank you for sharing your experience. Patience is certainly worth practicing to determine if indeed we want something and this is the perfect example. xo

 
At August 7, 2013 at 6:50 AM , Blogger The Simply Luxurious Life said...

Talia, I can completely relate. Often when I've purchased something I can't fully afford, my genuine love for the item is revealed when I refuse to settle for something I don't full love as well as knowing I didn't have the money in the first place.
Thank you for sharing. While we often learn lessons first-hand, such experience insures we rarely make the mistake again.

 
At August 7, 2013 at 8:53 AM , Blogger Prêt à Porter P said...

I tend to obsessive about things, but then other things were a snap decision. So I never know...

 
At August 7, 2013 at 9:06 AM , Blogger Z said...

i love her watch ! P.S. I love your posts, so inspiring, and I can relate to most of them. :)
Thank you

 
At August 7, 2013 at 11:37 AM , Blogger Vannessa@Luxuria said...

I always wait 48 hours and if I am still "thinking" about the item 48 hours later I buy. Invariably I've completely forgotten about the item and moved onto the next new thing. The only time I am impulsive is with books-but then I never have buyers remorse with books ;-)

 
At August 7, 2013 at 6:19 PM , Anonymous Kari said...

I truly at times, shop on impulse. I still have items in my closet with tags from last year! I can FINALLY (now retired) wear some of these clothes because for the past 27 years, I wore combat boots/fatigues and didn't have to decide what to wear! When I do make a purchase, I try to give it the 24/48 hour thought process. The longest wait time was 1 week, and I purchased a camel coat on sale from Brooks Brothers. I smile every time I wear it!

 
At August 8, 2013 at 6:37 AM , Anonymous Anonymous said...

I recently bought a HOBO International bag, the explorer, in Black. I had been looking for the right handbag for some months while my old one was cheap quality and showing it's age. I love to travel internationally so I was very picky to have a bag that had FULL zipper closure and was still chic, and goes with everything. I have not been disappointed. It was more than I normally spend (around 250) but I know I won't need another day bag for years.

 
At August 11, 2013 at 7:01 AM , Anonymous Anonymous said...

Some of my most thought out purchases tend to be handbags & boots and once I find what I want, I have no regrets. I also mull over clothing purchases, but even non-impulse purchases may sit in my closet with tags still attached. I've finally realized that the body I have in my head doesn't match the one in real life & there's something about owning the item of clothing that helps maintain the fantasy. Fortunately, I've recognized it and now am on a quest to find items I love and will wear (now).

 

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