Definition of Buyers Remorse

What does the term "buyer's remorse" mean? What is meant by "buyer's remorse"?

Have you ever made a purchase (usually a sizeable one) and immediately felt guilty about it afterwards? You think - why did I buy this item when I don't really need it? Can I afford it? Should I have held off in the hopes of getting a better deal in the future? This is buyer's remorse.

Buyer's remorse is usually felt after you make an "impulse buy". An impulse buy occurs when you make a purchase without having previously considered the situation.

For instance - let's say that you are strolling down the street and decide to stop in at a high-end coat store, just to "look around". After a bit of cheerful banter with the salesperson, you walk out with a new $2400 jacket that you don't really need. Unless you had been previously considering this purchase, this qualifies as an "impulse buy", as you weren't previously planning on buying the coat.

In this case, unless you are very well-off, you will most likely feel a case of "buyer's remorse" as you are strolling down the street, $2400 coat in hand.

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