50% of people feel buyer’s remorse AS US study found that up to 50% of US shoppers experience buyer’s remorse, at least occasionally.  The situation in Australia is likely to be very similar. ‘Buyer’s remorse’ occurs when a customer regrets a purchase shortly after making it. It occurs when there is an absence of post-purchase […]

50% of people feel buyer’s remorse AS US study found that up to 50% of US shoppers experience buyer’s remorse, at least occasionally.  The situation in Australia is likely to be very similar. ‘Buyer’s remorse’ occurs when a customer regrets a purchase shortly after making it. It occurs when there is an absence of post-purchase rationalisation known as choice bias.Choice bias, also called post-purchase rationalisation, is the tendency to retroactively ascribe positive attributes to an option one has selected and/or to demote the forgone options. In this regard, Neil Patel notes ‘all of us hold preferences that have little factual evidence to support them. We will defend a preferred flavour of ice cream, type of phone, favourite sports team, political ideology, superstitious hunch, or worldview because we focus on its positives, not giving much consideration to its negatives’. Successful post-purchase rationalisation is the opposite of buyer’s remorse.According to Patel, choice bias impacts…