What Kinds of Things Make You Part with Your Hard-Earned Cash?
The idea of selling £4 (about $6) standing room only airline flights must surely be a joke, but it got me thinking about how we make buying decisions in general.
What kinds of things make us part with our hard-earned cash? How do factors like cost, convenience, and value interact? Would we make different decisions if we had a large budget vs. a tight one?
I’ve noticed some patterns in my own spending over the years. I tend to buy things based on several factors — factors which depend on what it is I’m buying.
For example, if I’m buying things like furniture or art, the priority for me is getting exactly what I’m looking for, almost regardless of cost. However, if the price doesn’t fit with what I have set aside to spend, I either wait or just plain old don’t get it. There’s no point in me getting something similar or “close” to what I really want, because all that does is leave me wishing I hadn’t.
In the case of things like travel or entertainment, I’ll pay to get the experience I have in mind. So standing up on an airplane = no way. First class would be a big yes, if I didn’t always look at the cost and think but I could go on a whole ‘nother TRIP for that price. More trips always wins, so no first class. Same thing with entertainment. I’ll pay for the good seats, because I see no point in going to plays and not actually being able to see the actors.
Shoes & clothes that actually fit? Here’s my money, within limits.
Those are the things that “value” wins on for me.
But for most everything else…well, cost is probably the biggest factor. That’s because the items above are the items I most enjoy. Everything else is low priority.
Convenience really isn’t a huge factor for me in most cases, unless how convenient or inconvenient something is affects something else that’s important to me. (Such as taking a direct flight vs. having hours of layovers on a short trip.)
Where do the majority of your buying decisions fall? Are they based mainly on value, cost, convenience, or something else?