Decoration | Must Read Why Do People Buy On A Whim? Nearly all Americans (84%) have indulged in impulse buying at least once, and 90% of shoppers have made an impulse buy within the last three months. Studies suggest that stress plays a role in impulse buying, with 67% of shoppers grabbing an unintended item when they’re feeling frazzled. Shoppers are also swayed by in-store displays, with 71% admitting that eye-catching displays prompt them to buy something. The biggest reason for impulse buying? A good deal. Most impulse buying (88%) happens because of a sales promotion. When brands use promo in their POS strategy, they can capture attention and inspire deal-seekers to reach for their product first. The Thrill Of The Spontaneous Purchase When consumers buy something they hadn’t planned to purchase, it’s exciting. One study shows that 50% of women and 47% of men feel excitement when making an impulsive purchase. Companies can kick the experience up a notch by providing promo. Whether they incentivize shoppers to spend more to get a free gift or create a sense of urgency with a flash sale, promo adds to the exhilaration. Earn Customers’ Loyalty With Promo To keep customers coming back, most retailers know the basics: Deliver a high-quality product and provide good value for the money. Another way to encourage repeat business? Loyalty programs. More than 1 in 4 consumers says they’re loyal to brands that offer loyalty programs and rewards, according to Salsify’s 2024 Consumer Research Report. Promo items given to reward purchases foster brand loyalty and incentivize customers to return. Boozy Buying Some people get a little add-to-cart happy when they’ve had a drink or two. One study shows that 1 in 6 Americans shops while feeling tipsy. Last year, an estimated 45 million people racked up a whopping $14 billion in drunk purchases. The top shopping categories include shoes, clothes and accessories, followed by food. On average, these drunk shoppers each spent $309 on impulse buys. Men are more likely than women to buy things while drunk, with 26% of men saying they’ve bought something under the influence in the last year, compared to 10% of women. Whatever shoppers are browsing for, retailers can build on their buzz with limited-time-only promotions. For example, offer a free branded tote if they buy those shoes now or get a free beach towel if they book that getaway today. Social Media Sways Shoppers Nearly half of Americans (48%) have made an impulse purchase after seeing an item on social media, with younger consumers the most likely to impulsively spend. For example, 60% of Gen Z (people ages 18 to 26) say they have impulsively bought a product they saw on social medi,a compared to 42% of Gen Xers (people ages 43 to 58). They’re also spending big on these spur-of-the-moment purchases. The average American spends over $750 on spontaneous purchases. How can brands capitalize on the allure of social media and impulse buying? They can use promo, from showcasing branded merch on social sites to collaborating with influencers to amplify reach. PPAI • JUNE 2024 • 71
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