This Week's Obsession: No More Buyer's Remorse

Buyer's remorse is a feeling of regret or unease that someone experiences after making a purchase. It's common for people to feel this way, particularly after buying something expensive or making a decision they later question. Several factors contribute to buyer's remorse including peer pressure and social media.

In today’s digital age, the allure of luxury goods is omnipresent, thanks in no small part to the pervasive influence of social media. Platforms like Instagram, TikTok, and Pinterest tantalize us with curated feeds showcasing the latest designer handbags, high-end gadgets, and lavish experiences. Yet, beneath the glossy facade lies a common phenomenon: buyer’s remorse. Influenced by the relentless pressure to keep up with the Joneses, many luxury goods buyers find themselves grappling with regret after the initial thrill wears off.

However, amidst this consumer conundrum, a beacon of hope emerges in the form of circular models—a sustainable solution to assuage buyer’s remorse while championing mindful consumption.

. Social media can significantly contribute to buyer's remorse in several ways:

 

1. **Comparison culture**: Social media platforms often showcase the highlight reels of people's lives, where they display their possessions, experiences, and accomplishments. Seeing others with seemingly perfect lives or material possessions can create a sense of inadequacy in some individuals, leading them to make purchases to try to keep up with their peers.

 

2. **Influencer marketing**: Influencers on social media often promote products or experiences, sometimes in a way that makes them seem essential or life-changing. People may be influenced by these endorsements to make purchases they otherwise wouldn't have considered.

 

3. **FOMO (Fear of Missing Out)**: Social media can amplify feelings of FOMO by constantly exposing people to what others are doing or buying. Seeing friends or influencers enjoying a particular product or experience can create a sense of urgency to join in, even if it's not something the person truly wants or needs.

 

4. **Unrealistic portrayals**: Social media often presents unrealistic portrayals of products or experiences, with images and descriptions carefully curated to highlight their best aspects.  

5. **Ease of impulse buying**: With the rise of e-commerce and social commerce features on platforms like Instagram and Facebook, it's easier than ever for people to make impulse purchases based on a single image or video. Without the opportunity to thoroughly research or consider their decision.

 

Overall, social media can exacerbate buyer's remorse by fostering a culture of comparison, promoting unrealistic expectations, and facilitating impulsive buying behaviours. It's essential for individuals to be mindful of these influences and make purchasing decisions based on their own needs and values rather than external pressures.

And Yes, embracing circular models can indeed help reduce buyer's remorse in several ways:

 

1. **Extended product lifespan**: Circular models, such as co-ownership, rental, leasing, or second-hand markets, promote the use of products for longer periods. By co-owning, the outlay for the item is much less, so people can enjoy the item for a much longer time as a fraction of the cost. So they don't have regrets if they don't use it as often as they thought they would. 

 

2. **Access over ownership**: Co-ownership models allow consumers to access goods and services without owning them in full. This approach reduces the financial risk associated with purchasing expensive items that may later cause regret. Instead, consumers can enjoy the benefits of the product on occasion, knowing they can rmonetise it if it doesn't meet their expectations.

 

3. **Product durability and quality**: Circular models often prioritise product durability, repairability, and quality over disposable, single-use items. When consumers invest in well-made products designed to last, they are less likely to experience buyer's remorse due to premature wear and tear or dissatisfaction with the product's performance. We keep all our bags in pristine condition retaining their beauty and their value. 

 

4. **Value retention**: Second-hand markets and resale platforms enable consumers to recoup some of their investment by selling or trading items they no longer want or need. On More, we make selling or monetising your share so you can recover a major portion of the purchase price, This can alleviate feelings of regret associated with buying something that didn't meet their expectations.

 

5. **Environmental and social impact**: Embracing circular models aligns with sustainable consumption practices, which can enhance consumers' satisfaction with their purchases. Knowing that their choices contribute to reducing waste, conserving resources, and supporting ethical business practices can increase consumers' sense of fulfilment and reduce the likelihood of regretting their purchases.

 

By shifting towards circular models like More, consumers can make more informed and sustainable purchasing decisions, ultimately reducing the incidence of buyer's remorse while promoting responsible consumption habits. It's a win for consumers and the planet!