I noticed majority of the people in my area tend to spend more money then usual when they get their salary, like buying things they don't really need.
I said majority of people because my dad owns a grocery store, I have noticed that most of the customers tend to buy more stuff on the 1st and 10th day of the month because on these days they get paid in my country.
I already seeing this pattern on news or business related youtube videos, but I didn't think it was a big deal.
Now I realized that its very important to consider this behavior of people when making business decisions because it can have a big impact on the sales or finances.
I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.
Do you also find yourself spending more on you payday?, or you approach your expenses differently?
I don't really know how you came to the conclusion that they don't really need what they are buying. Using your father's grocery shop as an example is not valid because groceries are an essential need. Usually, people always buy what they need at the end of the month when they receive their pay. My family makes a list of what is needed for the month and it is bought immediately after salaries are paid.
There are also people that a wasteful spenders. They don't plan how to spend what they earn and don't even save for the future. I know some people who drive straight to nightclubs immediately after they receive their salaries. They are not concerned about investing or having emergency funds. These set of people buy not because they need it but because they can afford it. In most cases, they will access loans or credit before the end of the month because of careless spending.
I live in a country where if don't plan, you will end up a debtor or a beggar. The economic situation has forced most people to spend only on what they need. I have a monthly budget that enables me to spend only what I need and also assist me in keeping aside funds for investment and emergency. There is no difference between my payday and other days because I already have a plan.