What is slow shopping and how can it help your holiday budget?
You've probably heard of impulse buying, but have you heard of slow shopping?
No, it's not taking hours on a shopping trip, though the concept does have to do with time.
The idea behind slow shopping is taking time before you make a purchase, which may mean you buy it later or not at all, said money-saving expert Andrea Woroch.
"Slow shopping ultimately focuses on giving yourself time to make a purchase, rather than being impulsive with a buying decision and buying something just because you see it right then and there," Woroch told Paste BN.
Consumers plan to slow-shop this holiday season
In a study by Talker Research for Affirm – and provided exclusively to Paste BN – nearly 3 in 4 consumers (73%) said they have adopted a slow-shopping approach for the holiday season. Additionally, 3 in 5 consumers (60%) say they’re starting earlier, making more frequent, smaller trips, and being mindful of what they buy this year.
When asked why they were slow shopping, consumers pointed to value and intention, said Affirm, a buy now, pay over time provider also known as buy now, pay later.
More than 1 in 2 consumers (53%) say they slow-shop to ensure they’re purchasing only items they truly want, and more than 1 in 3 (36%) say it helps them take more time to research their purchases in advance and compare different brands and styles. At the same time, more than half (51%) say they’re using slow shopping to take advantage of more deals and promotions.
According to the Talker/Affirm research, nearly 70% of consumers (68%) plan to spend the same or more than they did last year – fully aware of higher costs. More than 1 in 3 (34%) cite inflation as the reason they expect to pay more for the same number of gifts.
The National Retail Federation (NRF) recently released its holiday forecast for the season, saying holiday sales are expected to grow 2.5% to 3.5% over last year.
In its latest consumer holiday spending report, out Tuesday, the retail group said consumer holiday spending is expected to reach a record $902 per person on average across gifts, food, decorations and other seasonal items. That's about $25 more per person more than last year's figure and $16 higher than the previous record set in 2019, the NRF said.
According to the Talker/Affirm research, consumers are using different payment methods for purchases:
- More than half of consumers (55%) prioritize getting the best value by hunting for the best deals.
- Half of consumers (50%) consider 0% APR financing options to be just as, if not more, valuable than traditional discounts.
- More than half of consumers (53%) are using pay over time options to make the cost of a purchase more affordable. The next-most popular reason for that choice is those options help them budget (52%).
Slow-shopping characteristics can vary
Taking the time to slow-shop gives a consumer plenty of time to think through the purchase, assess the value, the ability to afford it and to compare prices, Woroch said.
"It's really just giving you ample time to make the best buying decision and save yourself the most money," she said.
The decision to slow-shop can depend upon the purchase or time of year, Woroch said. For instance, she said, if you're shopping for a new bed, you might take a month to comparison-shop and think about what you want.
Holiday shopping: Why a new survey expects shoppers to spend more this holiday season
Or it could be something you do in the spur of the moment, she said. If you're running into a store for groceries, but you see a shirt that piques your interest, don't pick it up and put it in your cart. Go do your other shopping and think about coming back to it. If you don't, you didn't need it, Woroch said.
What are the disadvantages of slow shopping?
Taking a slow-shopping approach may not work out if your child is hoping for a hot toy for the holidays, Woroch said. Typically the hottest toys aren't going to be discounted for more than 30% during the holiday season, so if you find a good sale, you might want to get the item so it doesn't sell out, she said.
Shipping delays could also affect gift-giving if you wait too long to buy, Woroch said.
Are you an impulse shopper?
The opposite of slow shopping is impulse buying, or buying something you weren't planning to purchase.
Retailers have gotten very good at influencing our purchases with a variety of strategies, like limited-time deals. Social media influencers and targeted ads have also increased the likelihood for impulse buying, Woroch said.
Woroch says creating what she calls "purchase hurdles" to slow impulse buys can be helpful.
"Anytime you make something more difficult, the less likely you are to buy on impulse," she said.
That includes disabling one-click shopping on your phone or computer, deleting a saved payment card on an account so you have to physically get the card to make the purchase, and if you are heading to a store to pick up a purchase, opting for the curbside service so you don't go inside and buy more than you intended, she said.
Tips to save money with slow shopping
Here are some tips from Woroch to save money while slow shopping:
- Make a budget and stick to it. Set a realistic budget for the holidays, including travel.
- Write out a gift list. Stick to it and talk to friends about limiting gifts.
- Check on price adjustments. If you purchase something, check the store's price adjustment policy. If the price dropped, you might be able to get some money back.
- Layer coupon codes and rewards. Use the extra time to find coupons and free rewards, which may come from signing up for a store email list or mobile alerts. If you've saved rewards from your credit or debit accounts, use them.
- Sign up for free trials, which may include free shipping. Some retailers will offer special membership programs, which offer free shipping for a trial period. Sign up and take advantage of those offers, Woroch said – and don't forget to cancel before the trial is over if you don't want to keep it.
Betty Lin-Fisher is a consumer reporter for Paste BN. Reach her at blinfisher@USATODAY.com or follow her on X, Facebook or Instagram @blinfisher. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here.