The world of video rentals has been transformed by these wonderful $1 rental kiosks by Redbox and Blockbuster. Not only are the rentals dirt cheap, oftentimes there are codes available online for free rentals, too bad it didn’t stop there. Unfortunately, these rentals have a hidden cost that could be tanking your budget!
It seems convenient that those cheap rental kiosks are available at the entrance of your favorite stores, but this isn’t a coincidence. Marketers are well aware that each and every time you enter a store, you’re likelyhood of making an impulse purchase increases. What you might be surprised to learn is that according to marketing studies, impulse spending accounts for an estimated 45-50% of all spending!
For a supermarket, their most difficult task is to get you into the door. They know that by renting a movie, you’ll have to visit the store Twice. That’s two chances to lure you into the store. Once they’ve accomplished that feat, their deceptive (yet highly effective!) marketing ploys will do the rest.
What should you do?
This doesn’t mean you shouldn’t take advantage of the great deals on movie rentals. It means that you should be mindful of the fact that the store is anticipating your arrival, sticking sales items near the entrance, allowing the smells of the bakery (strategically placed near the entrance/exits) to waft your way while you rent/return your movie. Make it a point to avoid shopping and simply keep your money in your pocket.