We live in an era of connectivity and widely accessible information. That is why advertising and promotions are creating ‘new trends’ to attract consumers, which is creating pressure for them to buy new things. The pressure of having the newest products can lead to impulsive and unnecessary spending.
To get away from this consumerist hype habit, we need to investigate practical strategies to reject its attractions by making the right financial decisions and avoiding unnecessary expenses. That way, you won’t be buried in debt with quick money lenders.
What is Consumerist Hype?
Before giving you insight on how to avoid it, let’s speak about what consumerist hype is and how it works.
Definition and examples
According to Wikipedia, the term hype refers to cultural trends among contemporary consumers, who will always search for the latest. The phenomenon is present based on expectations, marked by excessive hopes for products, services, or technological advances that have not been released. This is further amplified by hype beasts, which generally refer to marketers dedicated to creating far-reaching, unmissable, and insidious advertising campaigns for brands.
Psychologically, consumerist hype often influences consumers to buy products and services to avoid feeling left out or outdated. The pressure to stay cool and in the know overrides rational decision-making, thereby leading to impulsive buying.
This phenomenon can be seen in various goods, from technology to fashion. Companies create consumerist hype and a FOMO mindset by giving products or services a sense of scarcity or exclusivity, thereby encouraging individuals to make impulsive purchasing decisions. Strategies that entice consumers to buy then and there include limited-edition releases, flash sales, exclusive pre-orders, and advance copies.
Social Media plays vital in creating consumerist hype
Social media platforms play a significant role in creating consumerist hype because they help spread ads that create false needs at breakneck speeds using virtual methods. They serve as a breeding ground for trends and viral sensations, and companies make good use of that fact.
The algorithm curates which ads the user gets depending on their likes. Influencers take advantage of this by endorsing the latest products and targeting users to persuade them to buy them. These virtual bandwagon effects and the incorporation of advertising into users’ social media feeds further blur the barrier between actual requirements and artificial desires.
Establish your goals
If you have established your financial goals, already developed them, and know what you actually want and need, you’ll be better equipped to resist consumerist hype.
Save for a home so you no longer have to pay rent. Fund your education and improve your career. Savings for wedding expenses because your lover has been waiting for years to realise a life-long promise. These well-defined goals will protect you from the allure of impulsive spending.
When you have clear goals as your compass, it’s easier to create a budget and control your finances. This is because you have already planned where the money will go, which will prevent unnecessary spending.
Let’s move to reality. When we have made a decision and committed to what we are planning, we need to be more mindful of what we’re spending our money on. Many conveniences are created nowadays. There are many cheap offers mushrooming when time is tight to do something. This is where your role is to dare to ask yourself.
What’s the point of buying thick clothes if you’re only going to wear them a few times a year for vacation? What’s the point of using a shared taxi that is offering express promotions when you have free time to start work so you can still wait for your turn on the train?
The questions above are important for you when you want to decide how to use money. Because, in the end, what we want is not always in harmony with what we need.
When you have already fixed your long-term financial goals, there is one tactic to control your craving for spending: delayed gratification. To help yourself achieve this, keep in mind the 24-hour rule and the phrase “don’t buy it if you can’t buy it twice.”
For the former, it’s about waiting a full day before buying something. Research its value, reflect on its necessity in your life, and assess if it aligns with your current personal values and priorities.
As for the latter, the phrase means that if you can’t buy something twice, that means you can’t truly afford it. This should push you towards a more practical approach and way of thinking when it comes to purchases. Imagine you’re eyeing a new $2000 iPhone. If you can afford to buy two of them without disturbing your budget or your savings, that means you are in a safe position to buy them. If not, it is best to wait, save your money, and don’t rush to buy until you reach financial stability.
Both basic but effective strategies can help you appreciate the real benefits of your prospective purchases while decreasing the likelihood of regrets and impulsive ones.
It’s never too late to build your principles
Resisting the urge to buy something that is widely advertised is a tough challenge. But if you keep the habit of falling for consumerist hype, you will feel regret later. And if you are reading this page, that’s good. That means you have the intention of avoiding these hype-based marketing strategies. This is the time to build your principles to support you in building your long-term financial goals.