According to a study done by University of Michigan researchers, shopping to relieve stress was up to 40 times more effective at giving people a sense of control and that shoppers were three times less sad compared to those that only browsed for items.
More than half of the 1,000 consumers polled by Credit Karma said they have impulsively shopped to deal with feelings of stress, anxiety or depression. Twenty-three percent of respondents said they’ve maxed out a credit card in the past year.
Millennials, 68 percent, responded by saying they have stress spent in the past, compared to 53 percent of Gen Xers and only 26 percent of baby boomers.
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In regards to genders, 48 percent of men and 31 percent of women who have stress spent said they had purchased alcohol when stressed. Eighty-two percent of women stress spent on clothing compared to 52 percent of men. Women also lead stress spending for jewellery, 42 percent, compared to 22 percent for men with men stress spending more for electronics 44 percent versus 30 percent for women.
In fact, shopping to reduce stress can actually help you live a healthier life by making sure that your blood pressure is lowered. Shopping to relieve stress is also called retail therapy as a form of regulating stress.
The survey found that that 82 percent had only positive feelings about their purchases and that the positive mood boost that followed those purchases was long-lasting.
However, the side effect of retail therapy, for many, can start out as a relatively harmless mood booster but could possibly grow into a compulsion that drains finances, causes conflict, and thereby adding a significant amount of stress to a person’s life.
Prepare a list prior to shopping. Whether you’re purchasing Christmas presents or buying groceries, having the items you need written down will provide you with clarity and order while you’re shopping. Reward yourself for sticking to your list and you’ll be more likely to commit to it: buy a cup of coffee while shopping or plan a fun activity for when you return home.
Think about what you struggle with most financially. Do you spend too much money at the mall? Eating out? Vacations? Make a list of where your money is going and take necessary steps to avoid temptations. For example, if you spend too much money on dining out on the weekends, stock your cupboard with groceries on Friday so you’ll be more likely to stay in and cook.
Give up the need to keep up with your neighbors, co-workers, and friends. Everyone’s financial situation is different and it’s dependent upon a variety of factors, least of all being one’s self worth. Comparison leads to debt and dissatisfaction with what you already have. Appreciate what you currently have by practicing gratitude.