Naperville Business Lawyer Discusses a New Trend in Impulse Buying

impulse buying, Naperville business law attorneyWhen you hear the phrase “impulse buying,” what do you think of? Do you picture the checkout line at the grocery store packed with candy bars, tabloid magazines, and a random assortment of other items? Or, maybe you think about an eye-catching display of high-end home accessories that you did not realize you needed until you saw them.

As a business law attorney, I realize that impulse buying is a very real phenomenon, and savvy business owners are often able to create and encourage such impulses among their customers. There are many reasons that people spend money on impulse buys, and it turns out that alcohol consumption may play a role. A new study suggests that American consumers spent more than $30 billion last year shopping while intoxicated.

A “Drunk Shopping Problem?”

A financial and retail comparison website known as Finder recently conducted a survey of some 2,000 American adults about their drinking and shopping habits. The survey concluded that the average person spent about $448 while under the influence of alcohol in 2017—more than double the $206 that the average person spent while drunk in 2016. The biggest spenders were adults between the ages of 35 and 55, and men were found to spend substantially more than women did.

The data also broke down what intoxicated buyers spent money on, with the majority of people—about 61 percent—saying they drunkenly bought food. To a certain extent, this makes sense, especially for those who were out and about while drinking. It is definitely not uncommon for a person who has consumed alcohol to stop and get something to eat before heading home for the night. About a quarter of respondents said they bought shoes and clothing, and a similar percentage said they spent money on gambling.

Beware of Drunk Buying Online

The rise of e-commerce means that a person who has had a few drinks can continue his or her spending even after coming home for the evening. A number of the survey participants said that many of their drunk purchases were done online. Shoppers admitted to buying hundreds of dollars’ worth of clothes online, only to return them after sobering up. Others said they bid on strange items on eBay, bought $300 in holiday decorations, and even purchased costumes for their bets after a night of drinking.

Managing Your Customers’ Impulse Buying

Despite its often negative connotation, impulse buying is not always a bad thing. In fact, it is the driving force behind many successful businesses, including fast-food restaurants and drive-thru coffee shops. If you would like to learn more about harnessing the power of impulse buys to benefit your company, contact an experienced Naperville business law attorney. Call 630-756-1160 for a confidential consultation at The Gierach Law Firm today.

 

Sources:

MarketWatch

CNBC

Finder