£1,400! – Revelations of a reluctant shopper #049

The Psychology of Shopping

You may have noticed it’s been a tad chilly recently. The thing is, I have an aversion to padded coats. I’m more of a tailored, fitted kinda girl. Style over function. A bit like why I ‘power dressed’ back in the day. Until I realised that years of wearing high heeled, pointy stilettos had ruined my feet leading to various unglamourous and painful foot manifestations.

But back to coats.

I’m off to Boston on Thursday and its proper cold there. Crazy temperatures ranging from about zero to minus 10. Cold, even for a Brit!

I debated with a few friends whether my 1989 faux fur coat with the 3 foot shoulders would work but was swiftly informed it didn’t make the cut - I can’t think why. So I decided I needed to get over my puffa coat phobia and go buy something warm.

How to chose

This was where my dilemma began.

How much should I spend? What’s the best brand? What features are important? What’s my budget? How often will I wear it?

I knew I wanted super snuggly warm and waterproof. Something that would work in sub-zero Boston as well as a windy, wet, winter walk on the Dorset coast. Ideally with some sustainable credentials perhaps evidenced by a BCorp stamp.

And most importantly, wouldn’t make me look like the ‘Michelin Man’.

Off I set towards Oxford Circus. My first stop, Canada Goose, a brand favoured by a few friends. The stylish Regent Street flagship store, the super helpful assistants and an offer of coffee warned me it was going to be pricey. Undaunted I tried a sleekish parka with a massive hood. Nice, warm, well made for sure. But £1,400! For a coat I didn’t really want, in a colour (black) I didn’t want, topped off with a garish logo? I wasn’t sure.

Next stop an outdoorsy shop in Covent Garden, home to a few potential alternatives - North Face, Arc’teryx and Patagonia. Each offered warmth, waterproofing and some colour choice. There was little offer of assistance and certainly no beverages but with a price range of £300-£700 maybe to be expected.

I began my personal fashion parade rustling and swishing in front of the mirror as I slipped each on and off.

But which one to choose?

Cue mind chatter!

“£1,400 is a fortune to spend on a coat, yet alone one you don’t really want…but, ohhh, it’s a fancy brand”

“What if I hardly ever wear it? That’s a lot of money to blow. If I bought a cheaper one I could use the difference to buy something else”

“ The £300 one is OK, and it’s probably warm enough but it’s a tad ‘puffy’ and shiny and maybe the brand is a little ‘youf’”

“The £500-£700 ones aren’t too bad, the green or blue is quite nice. Actually one of them also has sustainability creds…”

“Does my body look big in this?” … as if anyone notices or cares what I’m wearing.

So which did I chose? I’ll leave you to guess.

The psychology of shopping

What fascinated me, as a student of behavioural finance, was the thought processes and emotions I went through to make my decision:

• Framing and Anchoring – the first coat set a high ticket, thereafter the other coats seemed good value, if not cheap, in comparison. When did £500-700 for a coat I didn’t really want become ‘cheap’!

• Values and Identity – what might the brand I purchase say about me as a person? I’m happy to spank a lot of money versus I care about the planet? Am I just trying to virtue signal? And is price a proxy for quality or status?

• Opportunity cost – If I spend less or more, what might I otherwise buy or forego?

• Mental Accounting - Why not allocate the money you had from blah for Christmas to go towards it?

• Justification or rationalisation – I earned the money I can chose to spend it how I want. Treat yourself. It will be a long term ‘investment’.

• Confirmation bias – everywhere I go all I see is people wearing puffy coats…I must have one.

• Guilt – all laced with a healthy amount of guilt about my ability to spend freely when others can’t. How lucky am I?

You

Sometimes I wish I could just say sod it! And buy the bloody thing. But maybe as I’ve got older I’ve come to appreciate these checks and balances are important to a life of gratitude and appreciation. Clearly shopping is more than just price calculations; it involves complex emotional and cognitive interactions and trade-offs. It’s exhausting. No wonder I dislike shopping so!

How about you, how do you approach a new purchase? How do you set your boundaries or do you just free flow? What are your cognitive biases? What does your internal chatter say? And how do you deal with it?

Do drop me a line, I’d love to hear from you.

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Last weeks blog - Wishy Washy

Some great comments last week my friends, thank you. In particular a recommendation from my book worm friend Helena, Deviate by neuroscientist Beau Lotto. I’ve only just started but this quote spoke to me:

“Nothing interesting ever happens without active doubt. Yet doubt is often disparaged in our culture because it is associated with indecision, a lack of confidence and therefore weakness”

Turns out Wishy Washy is indeed a strength!

Until next week my friends,

And remember, you’re never going to be any younger than you are today, what are you waiting for?

Ruth x

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