Hello babes, today I’m sharing with you the second part on how to shop like a pro. In this post I’ll cover the three most common shopping fallacies and what you can do to avoid them.
1. Expensive is high quality. This is perhaps the biggest shopping fallacy that a higher price equals a higher quality. Of course, in most cases, the price and quality connection is perfectly reasonable, but sometimes, and especially when it comes to shopping for new wardrobe additions, that shortcut can also turn into a fallacy for reasons like; First, the relationship between the price of an item and its quality is not 100% linear. Sure, in an ideal world every manufacturer would use the extra money they get from higher retail prices to produce a higher quality product. But the reality is of course that, especially at high luxury price segments, only a portion of it goes into the manufacturing process. Second, quality means something different to every person. The quality of a garment mostly depends on objective criteria like the quality of the fabric, the finishing of the seams, the tailoring, but there’s also an individual or subjective component to quality and that includes things like how well the garment fits ones shape and ones personal preference for that particular material. And that means it is totally possible that a lower priced item fulfills ones individual quality criteria better than a higher priced item.
Tip: If your goal is to build a high quality wardrobe, put in the work and study up on garment quality, so you can compare the quality of possible new wardrobe additions yourself, without having to rely on price as an indicator.
2. Scarcity. I believe we are all about getting a good deal in shopping. In the past six months have you;
• Tried to put another 10k piece in your shopping bag just to get free shipping or free courier delivery services (which would have been 5k)?
• Tried to make the most out of the sale season and snap up as many good deals as possible?
• Lowered your standards during the sales?
If your answer to any of these is yes, then you fall into a group of sales strategies that all based on the psychological concept of scarcity. Two things that show the effects scarcity has on shoppers are; when items that were previously available in unrestricted quantities suddenly become restricted and when we have to compete with others to get them. During the sales season, both conditions are present, which explains why so many people go into hunter-gatherer mode during sales time and reasonable decision making goes out of the window.
Tip: Accept that, making sensible purchasing decisions when faced with crazy reductions and time constraints is something only very few can accomplish, and only shop the sales with a pre defined shopping list of things you know you need from now on.
3. Sunk costs , these are costs that we have already paid and can’t get back, that is; money spent on anything that isn’t returnable. Because we as humans are very loss averse and far more motivated by the possibility of losing things than the possibility of gaining things, sunk costs are pretty much the worst for us. That’s why we have developed a very irrational behavioral response to deal with them, which may not actually seem all that irrational to you at first, simply because it’s so common. Here’s an example, People will talk about a product that they hate, but then they’ll add “of course I’ll use up the bottle”. The fashion equivalent here would be if you bought a garment that for whatever reason you can’t return and then force yourself to wear it or, even worse, buy something else to pair it with, that is; throw even more money on top of the already lost amount.
Tip: Of course, the main motivation behind wearing or using up something even if we don’t like it is that we don’t want to be wasteful. But that’s exactly where the fallacy lies, the money is already spent or lost, so there is nothing left to waste, except for your time, energy and closet space. And just because you don’t like the item doesn’t mean somebody else won’t love it. So find a new owner for it either sell it to them at a slightly lower price or just do a give away and then move on.
Thanks for stopping by,