With the holiday season quickly approaching, sales are around every corner. Whether it is a new television set for the family or simply a personal shopping treat, the temptations to buy a plethora of products are at their strongest. What, then, is the end result regarding one’s wallet? Although many Mississippi residents can coast through the holidays with financial ease, others find themselves in less appealing situations when they realize one shopping trip has turned into ten.
The impulse to buy, especially at this time of year, can be incredibly difficult to ignore. An article in Psychology Today lists some common signs that a hobby may have turned into a habit, recognizing the definition for shopping addictions as “Oniomania.” Known as a type of impulse control disorder, Oniomania is arguably as harmful as alcoholism or eating disorders. The end result is all-too-often an empty wallet and an emptier bank account. And as with most addictions, bad shopping habits can worsen over time and even threaten one’s financial stability. Some of the signs that a person may be addicted to shopping include over-preoccupation with buying and feelings of guilt after shopping.
There is no specific demographic that fuels shopping addictions, but The New York Times recently focused on one that makes up a large part of an exploding industry: young makeup enthusiasts. Despite the staleness of some retail outlets, the beauty industry has seen a significant boom — this is one example of how millennials are changing the market. Social media plays an immense role in these consumer shifts. The power of advertising new products is more popular than ever before, but what many do not consider is the effects impulse buying can have on one’s finances, future plans even mental and physical health.