If You Want to Save Money, Shop Alone
If you want to save money shopping these days, then shop alone – especially if you’re a guy! That’s the basic conclusion of several new studies we read about in Smart Money magazine. The research suggests that men and women have different priorities when they go shopping. Our spending habits can vary drastically, depending on whether or not we’re shopping with a friend.
In one new study, college students were asked to buy one of five brands of batteries - all costing different prices. There was a twist: While shopping, some of the volunteers were “surprised” by a friend - who the researchers had arranged to be there. The result? All students spent an average of $4 on batteries when they shopped alone, but for those who “ran into” a friend, male students spent an average of 25 cents more. It may not sound like much, but that result confirms a second study, which tracked the spending habits of more than 1,200 shoppers. In that one, researchers found that guys typically spent 56% more when they shopped with friends.
Why would this happen? One reason is that guys tend to think of spending money as an expression of “power.” In other words: A guy may be tempted to spend more money around other people to give the impression that he’s more powerful. That may also explain why men tend to spend more when they’re approached by an attractive saleswoman! On the flipside, researchers say women tend to be “communal” shoppers, who strive for cooperation and harmony. In fact, experts say groups of women are more likely to help each other find bargains. Of course, this research also confirms something we’ve said many times on this show: If you want to save money, shop alone – simply because you’ll be less likely to give into impulse buys, or be influenced by others.
