Although most people don't have these sums to spend, buying in a time crunch is something we can all relate to.
Whether it's buying Christmas presents on Christmas eve, eyeing the clock as the sales draw to a close, or picking a purchase a couple of minutes before your train departs, we've all felt rushed into making a decision.
"If you are under time pressure, you are basically looking for cues and shortcuts in the process," he says. "You'll be more likely to look at products that the retailer has positioned in places for you to pick out easily."
So when a shopper is looking for a can of beans at the supermarket, they are more likely to pick out the more recognisable brand, the can placed at eye level, or the one with a price promotion, he says.
Sales usually last for a limited time and products on sale tend to have limited stock.
Most shoppers attach greater significance to potential loss - missing out on a bargain - than they do to a reward like having bought something that was needed. The purchaser thinks if they don't buy the item at that instant they might miss out entirely.
when an item is discounted, consumers focus on the discount as opposed to the actual price of the good, even if the ticket price is still high
An abundance of choices can confuse shoppers because there is too much to consider. We tell ourselves we like choices, but when we have more choices we get confused
So an outside factor, like a refrigerator breaking, that forces consumers to make a fast purchase can actually help them reach a decision quickly before they become overwhelmed by the options.
But if a shopper hasn't gone through a rational process because of time constraints or other elements of stress, they may feel guilt or anxiety, referred to as "buyer's remorse
According to Planet Retail's research director Natalie Berg, consumers have been buying wisely during the recent austerity. To stretch their budget, shoppers have tightened their purse strings and are generally sticking to lists.
But this is bad news for retailers, as impulse buys are often more profitable, she explains.
Retailers are scrambling to figure out how to get consumers to spend more again - and not just on their shopping list, but also on unplanned purchases.
http://www.bbc.com/news/magazine-12335556
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