It’s Black Friday today, and some Guelph, Ont., shoppers will be out with their wallets in hand.
And as some begin to get a head start on their Christmas shopping by spending on their loved ones, others might splurge.
An economics professor at the University of Guelph said holiday shopping could become problematic for compulsive buyers.
Sunghwan Yi said to adopt a wait-and-see attitude
“Often times, it’s a much better deal for you to wait it out and it’s also very important for you to consider whether you really need this item or not,” Yi said.
Yi does research on compulsive buying at the Gordon S. Lang School of Economics.
He said compulsive buying does not get as much attention as other disorders, such as gambling, but it still influences between five to seven per cent of the population in most countries.
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And it can worsen during the holiday season.
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Compulsive buying is qualitatively different from impulsive buying, according to Yi. He said while many of us buy things on impulse from time to time, it doesn’t make us compulsive buyers.
He said people who are compulsive buyers experience a great deal of negative consequences due to excessive buying, damaging not only their finances but their interpersonal relationships.
Yi said this kind of behaviour can be developed from an early age and it can make you more vulnerable to problems purchasing items.
He said self-assessment is always a tool that’s available on his website to help identify risky shopping behaviours.
“The scale is innovative because it could provide early intervention for people who are starting to have problems with excessive buying but not yet experiencing financial or interpersonal problems,” he said in a news release on Tuesday..
And if these tips aren’t enough to prevent shoppers from burning a hole in their wallets, the Canada Post strike might make them think twice about the retailers in store and online.
Yi said many small businesses and online sellers that typically use Canada Post have already switched to other shipping companies such as FedEx, UPS and Purolator for a while.
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For shoppers who are prone to compulsive buying, he advises consumers to not place themselves in situations that’ll elicit this behaviour.
He said to erase your personal and credit card information to make it difficult for you to immediately enact your impulse.
Also, try to stay away from shopping malls, shopping websites and shopping apps and keep yourself busy with other hobbies.
