Researchers from San Francisco State University found that shopaholics tend to overspend because of poor finance management and also it is a mood booster.
More than 10 percent of the population in Western countries has compulsive spending disorder that leads them to lose control over its buying behavior. This percentage is constantly rising, researchers found. In a study to determine what makes people overspend, researchers from the San Francisco State University conducted a survey on more than 1,600 participants who answered questions about their money management, shopping habits and how much they value material possessions.
"Compulsive shoppers tend to be people who bury their head in the sand and ignore the credit card bill," said Ryan Howell, associate professor of psychology at SF State in a press release. "We also found that these individuals keep on buying because they are looking for that 'buy high,' hoping their purchases will lift their mood and transform them as a person. A lot of research has shown that shopaholics tend to have materialistic values. Our results explain why materialistic people shop compulsively."
Through the study, researchers observed that irrespective of personality, gender, age and income, people who lack proper finance management tend to overspend. Poor finance management includes not paying attention to credit card bills, not paying bills on time and exceeding credit limits.
Howell also felt that credit cards further accentuate the problem of overspending because they presents buyers with the opportunity of purchasing stuff without actually paying.
Researchers also found that shopaholics also spend extra when they're trying to get into a better mood. Shopping gives them a belief that new purchases will create a happier life.
"We know that a person's values impact their shopping habits, but values aren't the easiest thing to change" Howell said. "Even if you are still materialistic and you have the desire to acquire more possessions, it's how you manage your behavior that counts. Our findings suggest that you can keep your shopping under control by paying attention to your credit card and checking in with yourself about whether you are shopping for emotional reasons."
