Buyer’s Remorse; Shameful Shopping?

We have all experienced impulse shopping and had the painful ping of buyer’s remorse. However, what happens when you don’t just experience remorse, but an intense feeling of shame and self loathing? According to a study of 222 college students by Sunghwan Ti, marketing/consumer studies professor at the University of Guelph in Ontario, Canada, several students experienced shame from their impulse purchases.

Their shame caused them to turn to negative coping methods, such as hiding the impulse item, not opening their bill, becoming defensive when asked about their purchase, or mentally beating themselves up about it – increasing negative feelings of self worth.

Many of these impulse buys are related to an instant feeling of happiness related to the purchase. Who hasn’t felt that? According to Duffy Spencer, a psychotherapist who works with people with buying issues, she advises people to recognize that the consequences are not worth the momentary happiness.

Some quick tips to curb bad shopping habits:

- Make a list of what you need before you shop

- When you are looking through a catalog and see something you like, mark the page, but not the item. In a couple of days if you come back to the page and cannot remember what you wanted, don’t buy it.

- When window shopping (online or in a store) leave your wallet somewhere else, then if you get the urge to buy something, you won’t be able to spend.

- Think of something else you really wanted, and imagine the money you didn’t spend going towards that other item.

Are you a shameful shopper, or are you a budget savvy fashionista?

Steve & Barry’s To Be Auctioned

Yet another brand to file for bankruptcy, the Washington-based retailer began the auctioning process yesterday. It is expected that the investment firm, Bay Harbour, is going to purchase the hard-hit chain. Steve & Barry’s attorney; Weil, Gotshal & Manges Llp. are hosting the auction at their Manhattan office.

Steve & Barry’s is expected to sell for about $163 million. Despite the economic downturn Steven B. Greenberg, president of the Greenberg Group, Hewlett real estate advisers to leading retailers expects a turn-around for the retailer under new ownership. He expects them to focus on the more profitable stores and eliminate a number of the rest of the stores, about 30-50 percent.

Steve & Barry’s is known for it’s low priced products, usually keeping their clothing for $10 or less. They are expected to look for a supplier that can provide even lower priced services, to save on expenses. Hopefully they will experience the same success as other discount retailers have experienced during the recession.

Do you shop at Steve & Barry’s?

Stay up to date on the latest fashion tips and tricks, favorite sites, and fashion advice on the subjects you want to talk about. Have thoughts, questions, or want advice, post below.
Subscribe to FashionBitch

Economic Analysis

According to economic analysts it appears that we have a longer road to recovery than originally planned, in fact we may be waiting until well into 2010 until we see any significant improvements.

With several stores announcing closings, including Starbucks and Dillard’s, and several more announcing bankruptcies, it isn’t surprising that most retailers are bracing for the worst. There have been whispers through the employees of several retail companies of possible layoffs; hour’s being cut, and benefits and inventory cut backs. Corporations are striving to save wherever and however possible.

While several markets (including oil and gas) are showing skyrocketing profits, how is the average American coping with the economic hardship that we are all now facing. Typically, they are shopping less, and spending thriftier. It is a terrifying downwards spiral, as the consumer shops less; the retailers make less, and have more cut-backs… which leads to less money for employees.

Yet, despite the droop most retail has seen, the accessories online business has boomed. It is one of the few highlights in the otherwise dark economy. Most jewelry sales, specifically costume jewelry has been announcing record profits more that before the economy started to fall.

I’m guessing this is because most people know the best way to re-use clothes, is to change up the accessories. It is the easiest way to keep your wardrobe fresh and new, without spending a fortune. Click here for some really great Sale Accessories.

To see some really unique sale accessories, at a great price, check out the unique products at Free People: Free People Accessories

How has the economy affected you?

Subscribe to FashionBitch by Email