HerMoney Classic: The Psychology Behind Our Shopping Habits

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Entrepreneurship, Business

4.8 • 1.3K Ratings

🗓️ 6 September 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Did you spend too much this Labor Day weekend? Yeah...us too. Marketers are smart and they're only getting smarter. These days, there is so much targeted marketing based on what we like on Instagram, what we're watching on TikTok, or even (more creepy) the conversations we’re having with friends. Sometimes it can be really difficult not to just click buy when the recommendations are SO spot on. So, how do we resist? And how do we know when it's really the best time to buy the mattress, or the TV, or the couch, or whatever is featured in that back-to-school special? Mindy Weinstein, marketing and psychology expert, and author of: “The Power of Scarcity, Leveraging Urgency and Demand to Influence Customer Decisions,” says it's all about figuring out if you actually need that thing or if you're a target of what she calls scarcity marketing. Takeaways: Scarcity is a powerful marketing tool that taps into our primal instincts and influences our decision-making process. Scarcity triggers a sense of urgency and fear of missing out (FOMO), leading to impulsive purchases. There are four types of scarcity: demand-related scarcity, supply-related scarcity, limited edition scarcity, and time-related scarcity. Scarcity can be used by individuals to improve their personal and professional lives. Understanding the tactics of scarcity marketing can help make smarter financial decisions. Chapters: 00:00 The Power of Scarcity 03:19 The Science Behind Scarcity in Our Brains 09:11 Four Types of Scarcity 23:31 The Influence of Scarcity in the Economy 25:00 Transition to Mailbag Segment 26:00 Mailbag Question 1: What are the pros and cons of maintaining a long-term care policy? 32:00 Mailbag Question 2: Should I leave my full-time job and take on multiple part-time jobs? Have a question for us? Write to us at [email protected]. While you’re at it, join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe! Thank you to Gainbridge® for supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuity, to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ here. The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney. Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to an airwave media podcast.
0:06.0	Her money is proudly sponsored by Edelman Financial Engines.
0:10.0	When you think about your financial plans, are you diversified?
0:14.3	After the year we had in 2022, it is a really good question.
0:20.7	Is it time you rebalanced or made other adjustments? Help make sure your
0:25.0	investing strategy is right for you. Visit plan EFE.com slash Hermani to
0:30.6	schedule your complementary wealth checkup.
0:36.2	Hey everybody, it's Jean Chatsky.
0:37.9	Thanks so much for joining me today on her money.
0:40.4	I cannot believe it, but it is the end of summer. It's also one of the biggest
0:45.7	shopping weekends of the year labor day. Did you buy anything? And how do you feel about that? Are you like, yes I bought something great or are you
0:56.9	like, ugh, I bought something? I regret it. Let me know by emailing me at mailbag at her money. Reddit And there is so much targeted marketing based on what we like on Instagram, what we're watching on
1:17.7	Tik-Tok, they're only getting smarter still.
1:21.2	I feel like I mentioned something I want to a friend or my husband and poof hours later
1:27.0	it shows up as an ad on my feed and sometimes it can be really difficult not to just click by.
1:35.0	It's even more difficult now that it only takes a single tap with Apple Pay.
1:39.0	So, how do we resist?
1:41.0	How do we resist all this marketing all of these deals? How do we know when it's really
1:46.9	the best time to buy the mattress or the TV or the couch or whatever is featured in that back to school special.
1:54.4	Mindy Weinstein, marketing and psychology expert, author of the power of scarcity, leveraging urgency and demand to influence customer decisions says it's all about
2:06.0	figuring out if you actually need that thing whatever it is or if you are
2:11.4	about to be a victim of scarcity marketing tactics.
	...

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