Executive Portfolio

This article was written by Danielle

Dr. Rosellina Ferraro, assistant professor of marketing at the Smith School, recently published research on unplanned purchasing, which found that there is an average 46% chance shoppers will make an unplanned purchase while at a store. In light of the current economy, Ferraro and her co-authors constructed some easy-to-use strategies for budget-conscious consumers to use during the upcoming holiday season and all year round.

• Use a shopping list.  And stick to it!
• Make more frequent, fewer-item trips.  Get in, get the items you need, and get out.
• Limit browsing.  Visiting all of the aisles increases the chance that you will make unplanned purchases.
• Limit the time spent in the store.  This will force you to focus on the task at hand: getting what you came for.
• Pay in cash. Make the decision to use cash before you enter the store. Paying by credit or check lessens the “pain of paying” and makes it easier to pick up things you hadn’t planned on purchasing.
• Last-minute shopping won’t pay off

According to Janet Wagner, a retail expert with a focus on customer service:

Consumers who are last-minute shoppers need to rethink their strategies this year. Retailers have trimmed their inventories to avoid the massive pre-Christmas markdowns, which hurt profits last year. Consumers who wait may not find the perfect gift.

Happy Holiday Shopping, shopaholics!