We're all uncomfortably familiar with that sinking feeling after buying something you thought you really wanted, only to realise it wasn't quite right. Whether it's a splurge you didn't need, a product that didn't live up to the hype, or simply a case of buyer's guilt, post-purchase regret is more common than you might think.
There are practical steps you can take to handling your purchase wisely, protecting your finances, and making better choices in the future. In this guide, we'll walk you through what buyer's remorse is, why it happens, and how to respond when it strikes, helping you to move forward feeling confident and in control.
What is Buyer's Remorse?
Post-purchase regret, more commonly known as buyer's remorse, is a difficult feeling that is all too familiar for many of us. Specifically, it is a sense of anxiety, regret, or discomfort that we sometimes feel after making a purchase, particularly when our anticipations and expectations aren't met in the way we had hoped they would be.
Buyer's remorse can happen with purchases big or small, from something as simple as a new pair of shoes to a major financial investment like a car or property. It's often fuelled by second guessing the decision, comparing alternatives, or worrying about the money spent. In some cases, it may be linked to external pressure, impulse buying, or a lack of clear information at the time of purchase.
Return and Exchange Policies
If your purchase was a mistake or impulse buy, your first port of call should be the return and exchange policy of the retailer you purchased from. This may be found on your receipt or, alternatively, the company's website. If neither of these are available, contact the retailer to ask where their return and exchange policy can be found.
Once you have a copy of the retailer's return and exchange policy, check whether your purchase is eligible to be returned, exchanged, or cancelled. It is important to act quickly here, as many policies have time limitations, with an average limitation of around two weeks to one month being applicable to most purchases. If your order was delivered to you, you may be responsible for paying for the return shipping.
Before attempting to return your purchase, ensure it is in an unused condition with any tags or packaging still intact. Some items, such as personalised goods, perishable items, or sale products, may not be eligible for return at all. It's also a good idea to keep proof of purchase, such as a receipt or confirmation email, as most retailers will require this before processing any return or exchange.
Know Your Rights
With every purchase made, consumers in the UK are protected by consumer protection and the Consumer Rights Act 2015. This gives consumers routes to go down if the product or service they receive fails to meet their expectations and they are unable to reach a resolution directly with the retailer.
If you are experiencing buyer's remorse, a consumer protection lawyer can help you with resolving your upset. Whether your concern is with quality, safety, fitness for purchase, distance selling, misrepresentation, contractual fairness, or something else, contacting a legal professional affords you invaluable advice to consumers who would otherwise be in the dark about their rights.
Make the Most of Your Purchase
If you can't return or exchange the item and you don't wish to go down a legal route, try to make the most of your purchase in other ways. Consider whether you could repurpose, resell, or gift the item if it is inappropriate for you. Alternatively, perhaps consider adjusting how you use the product or service you have bought in order to make it more worthwhile or applicable to your life.
Guilt and shame often ride along with remorse. Instead of beating yourself up, treat this as a learning opportunity. Instead of questioning your decision, try to spend that time and energy thinking about how you can learn from this experience. Always remember that one bad purchase doesn't define your financial habits: you're human, and it's only natural for you to make mistakes. Exercising self-compassion at this time can help to prevent overcorrection, such as returning everything you've bought recently or vowing to never spend any money ever again.
