Amazon Prime Day is July 15 to 16, 2019.
Amazon will be offering more than 1 million deals for Prime members, but sales can cause us to buy impulsively and lead to buyer’s remorse.
The key to buying things that will make us happy on Amazon Prime Day is focusing on what will enhance our experiences, social relationships, and lives.
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Amazon Prime Day will take place from July 15 to July 16 and will offer more than one million deals — but those kinds of sales can also lead to some serious buyer’s remorse.
Amazon’s annual retail holiday was first introduced in 2015 to celebrate Amazon’s 20th anniversary. Every July, the global shopping phenomenon offers thousands of deals for Prime members that start as frequently as every five minutes.
Last year, Amazon Prime Day saw more than 100 million products sold, and small- and medium-sized businesses on Amazon exceeded $1 billion in sales, reported Sarah Perez for Tech Crunch.
But be careful: Amazon Prime Day is likely to put the two sides of our decision-making process — the “elephant” and the “rider” — at war. The “elephant” is the part of the mind that is impulsive, powerful, and thinks short-term, while the “rider” is the analytical, rational side of the mind, CFP Blake Gray, a PhD candidate in Texas Tech’s financial planning program and research assistant working with the Financial Therapy Association, told Business Insider.
When shopping, advertisements and limited-time offers play to the “elephant” side of our decision-making process, Gray said. The elephant in us can mispredict which purchases will make us happy, leading to buyer’s remorse. In the lead-up to Amazon Prime Day, he said, “be prepared to take the elephant by the reins and keep it on the path.”
Research finds that buying material goods doesn’t bring lasting happiness, Amit Kumar, Professor of Marketing and Psychology at the University of Texas at Austin, told Business Insider.
The enemy of happiness, he said, is hedonic adaptation, in which we acclimate to positive or negative changes, habituating back to a base level of happiness.
“Many of the things people impulsively buy during sales probably make them happy for a short period of time and happiness declines as time goes on,” he said. “People think some material goods are a wise financial investment because they …read more
Source:: Business Insider