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Relationship Between Unplanned Buying and Post Purchase Regret

In: Business and Management

Submitted By bidz
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Relationship Between Unplanned Buying And Post Purchase Regret

Introduction:
The theory of cognitive dissonance was developed in 1957 by Leon Festiner. Festinger describes cognitive dissonance as a psychological state which results when a person perceives that two cognitions both of which he believes to be true, do not “fit” together; that is, they seem inconsistent. The resulting dissonance produces tension, which serves to motivate the individual to bring harmony to inconsistent elements and thereby reduce psychological tension (Loudon, Bitta 2006)
Regret arises from individuals expending cognitive efforts to consider the chosen option against the rejected options (Inman, Dyer, and Jia 1997). Individuals must think in order to feel regret. For individuals to experience regret, they have to cognitively process and cross-compare one option (chosen) to another option (foregone). If the result of the comparison is perceived to be unfavourable (i.e. the foregone option is perceived to be better than the present option), then individuals are prone to feeling regret over their actions.

According to Sugden (1985) regret has been known to be a painful sensation that arises as a result of comparing ‘what is’ with ‘what might have been.

Regrets about what one has failed to do or what one has done are common. It has been defined as the negative cognitively-based emotion that we experience when realizing or imagining that our present situation would have been better had we acted differently (Zeelenberg, 1999). The use of crying over spilled milk: a note on the rationality and functionality of regret.

Literature survey:
Innumerable studies have been conducted on the field of post purchase regret and impulsive buying, here are a few note worthy references.
Studies by Keaveney et.al has shown that the more the buyers search for

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