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Understanding compulsive buying during the holidays
The holiday season is often synonymous with shopping sprees and festive spending. However, for some, it can trigger compulsive buying behaviors that lead to financial strain and emotional distress. According to Sunghwan Yi, an economics professor at the University of Guelph, compulsive buying affects approximately five to seven percent of the population.
This issue tends to escalate during the holidays, making it crucial for shoppers to be aware of their spending habits.
Compulsive buying differs significantly from impulsive purchases. While many people occasionally buy items on a whim, compulsive buyers face severe consequences that can impact their finances and relationships.
Yi emphasizes the importance of self-awareness and suggests that individuals assess their shopping behaviors to identify potential risks. Tools available on his website can help individuals recognize early signs of compulsive buying, allowing for timely intervention.
Strategies for mindful holiday shopping
As the holiday shopping season kicks off, it’s essential to adopt strategies that promote mindful spending. Here are some tips to help you navigate the shopping frenzy without succumbing to impulsive purchases:
- Set a budget: Determine how much you can afford to spend this holiday season.
Stick to this budget to avoid overspending.
- Make a shopping list: Create a list of gifts you intend to buy. This will help you stay focused and prevent unnecessary purchases.
- Limit exposure to temptation: Avoid shopping malls and online stores that trigger your urge to buy.
Instead, engage in other activities that keep you occupied.
- Remove saved payment information: By deleting your credit card details from shopping sites, you can create an extra barrier against impulse buying.
The impact of external factors on shopping behavior
External factors, such as the ongoing Canada Post strike, may also influence shopping decisions.
Many small businesses and online retailers are adapting by switching to alternative shipping services like FedEx and UPS. This shift can affect delivery times and availability, prompting shoppers to reconsider their purchasing methods.
For those prone to compulsive buying, Yi advises avoiding situations that may trigger excessive spending. Keeping yourself engaged in hobbies or activities unrelated to shopping can help divert attention from the urge to buy. Remember, the holiday season should be about connection and joy, not financial stress.
