2024-04-17 13:27:16
“The latest data from March show that the prices of goods in the country fell by almost 2.5% during the year, reminding once again that the period of rapid inflation in Lithuania has already ended. At that time, the rapid increase in wages returned the purchasing power of the population to its previous level, which continues to increase. Despite this, the population’s need to buy goods at a discount is extremely high. Depending on the product category, only 15-20 percent do not “hunt” for discounts. population”, says Swedbank economist Greta Ilekytė.
Decisions are often driven by emotions
However, according to G. Ilekytė, we look for discounts not necessarily because we cannot buy goods at full price: our decisions are often determined by emotions and not entirely rational calculations. The most flawed “discount mentality” is when we buy an unnecessary item just because it’s discounted with the idea that we might need it someday.
“Let’s imagine that we are looking for a towel in a store. One costs 10 euros without discount, the other costs the same with 20 percent. discount A significant proportion of the population will choose the one with the discount applied, despite their price being the same. The discount provokes an emotional reaction – we will feel that we have lost less, because we “saved” more than 2 euros by buying with a discount. We feel better about buying a product at a discount than buying a very similar product without a discount. Thus, the size of the discount can often determine the decision of the buyers, rather than the design or functionality of the desired item. For example, when choosing between two items of the same price, the discount is more important than other criteria. This is not a completely rational choice”, says G. Ilekytė.
The economist also notices another psychological trick of merchants – creating a sense of urgency by emphasizing that the discount will end soon.
“That’s why in stores we can often see the date until which the discount is valid. This forces us to compare the current price with the price in the future, and we do not want to “lose” by not purchasing the product cheaper, despite the fact that after some time the same product will likely be “garnished” again with a similar discount”, says G. Ilekytė.
Visits multiple stores for discounts
For her part, Swedbank’s Head of Financial Literacy, Justina Bagdanavičiūtė, points out that the population’s tendency to buy goods at a discount depends on the product category – the longer the product is suitable for use, the more often we buy it at a discount.
“When purchasing short-lived everyday food items, 78 percent take into account the discounts applied.” population. When buying long-life food products, even 84 percent take discounts into account. respondents. A similar share is 85 percent. residents – they take discounts into account when purchasing household goods”, J.Bagdanavičiūtė mentions.
As the research reveals, in order to save, a number of residents check in advance which supermarket chain has the most promotions or visit the stores of several different supermarket chains. A third of the population plans to buy daily short- and long-life food items, and 35% plans to buy household items. people.
“Two-thirds of respondents say they believe that they save up to 100 euros per month by shopping with discounts. My savings of more than 100 euros per month is 22%. population. A very small part of the population doubts the extent to which rational financial behavior can be maintained after seeing discounts. Only 3% point out that they buy too many discounted goods and don’t use them all. respondents”, says J. Bagdanavičiūtė.
The mission to “outsmart stocks”
As J.Bagdanavičiūtė observes, the essential conditions for shopping with discounts to be really financially beneficial are extremely simple – buy only those goods that you need and only such a quantity that you will be able to use before the expiration date. True, the study shows that with large discounts, a significant part of the population tends to purchase larger quantities of goods, especially when it comes to household appliances.
“If, however, we decided to purchase a larger quantity of goods, then it is advisable to choose goods that have already been tested and are used regularly. After purchasing a large amount of products of a brand that has never been used, for example, even long-lasting washing powder, it may turn out that they cause us allergies, and the money spent on them is a waste of money”, advises J. Bagdanavičiūtė.
She says residents’ habit of checking out discounts at several different retailers can actually help save money. However, it’s better to do this before you go shopping – checking the specials online will save you time and gas on trips to different stores.
A representative survey of the country’s population in 2024. March 18-28 On behalf of Swedbank, the market and public opinion research company “Spinter research” was carried out. During the study, 1009 respondents were interviewed, the results of the study represent the opinions and assessments of the country’s population between the ages of 18 and 75.
2024-04-17 13:27:16