Buyer's remorse refers to the feeling of regret or unease that a consumer experiences after making a purchase. It is a psychological phenomenon that often occurs when a person realizes that their purchase does not meet their expectations or that they may have made a hasty or impulsive decision.

There are several factors that can contribute to buyer's remorse:

• Impulse buying: When a person buys something on a whim without thoroughly considering whether they actually need or want the item.
• High expectations: If a consumer has overly optimistic expectations about a product or service, they may feel disappointed when the reality falls short.
• Peer influence: Sometimes, people make purchases based on the recommendations or opinions of others, only to realize later that it may not have been the right choice for them.
• Financial concerns: If a purchase puts a strain on a person's budget or financial situation, they may experience regret or anxiety about their decision.

For example, imagine someone buying a new smartphone without doing thorough research on its features and compatibility with their needs. After the purchase, they may discover that the phone's battery life is shorter than expected or that it lacks certain essential features. This realization can lead to feelings of regret and dissatisfaction, resulting in buyer's remorse.

Buyer's remorse can also occur in larger purchases, such as a car or a house. In these cases, the financial implications can amplify the feelings of regret if the buyer realizes they made a poor choice or if unexpected issues arise after the purchase.

References:

1. Velázquez, B. L., & Roca, J. C. (2018). Buyer's Remorse: Antecedents and Consequences. Journal of Consumer Satisfaction, Dissatisfaction and Complaining Behavior, 31, 1-14.
2. Park, C. W., & Lessig, V. P. (1977). Students and Housewives: Differences in Susceptibility to Reference Group Influence. Journal of Consumer Research, 4(2), 102-110.