The Buyer's Remorse Effect

There's this effect in life called the Buyer's Remorse Effect. Basically, it is the feeling of regret after buying something. The effect is usually stronger when the product in question costs more. There are a few reasons for feeling the regret. One is that you realise that the item you bought is not worth the money or at a wrong price, especially knowing that there are better and cheaper alternatives or that there is a newer model coming up. Another is that you have impulsively bought the item. The third is that you know that you have been persuaded into buying the item when you previously had no intentions of getting. The fourth is that you have bought something that is not acceptable to the people around you. And lastly is that you simply bought the wrong product.

There are a few ways that people who regret their purchase tend to do. One way is to simply renounce the purchase and return it for a refund. Another is to accept the product as it is and use it to the fullest. And the last and most destructive is to fool yourself into thinking that the product is indeed the best and start to belittle people around you.

An example would be that you have bought a gadget that is significantly more expensive than other brands. Therefore, you think that because it is more expensive, it should be better. However, after buying it, you realise that there are actually better gadgets with more useful features and at a much lower price. The positive, and harder, approach is to simply admit that "hey, I didn't do my research properly, I made a mistake in buying this. It's my own fault" The negative, and more common, approach is to try to justify your purchase by discounting the arguments and tricking yourself into thinking that the naysayers are ignorant and just jealous of your spending power and your premium product. You start saying that the product you bought is actually the best and anyone who disagrees is wrong. Worse, this attitude may actually cause you to strain relationships with people close to you. Although this is a scary thought, it is actually happening more frequently that we think.