The holidays are upon us once more. Can’t wait to go shopping this weekend? All those discounts are nice, but is it really a good idea to spend all of your money in the last week of November for fear of missing out?
Retailers begin announcing Black Friday as the day on which we buy discounted goods. We are bombarded with Black Friday emails as customers, we see influencers on social media discussing their Black Friday shopping lists, and we hear in the news that consumers are spending more and more money on Black Friday. From every aspect, the social norm is that you go on Black Friday bargain hunting.
As a customer, you are still influenced by the smart pricing methods used by retailers to appeal to your emotions on Black Friday. Finding a good deal provides us with a dopamine boost and a brief rush of happiness.
Retailers employ clever pricing tactics to increase the dopamine thrill while minimizing the pain of paying.
Now with a 50% discount! 70% off! Doesn’t that all seem really appealing? But keep in mind that most of those discounts are only available on Black Friday, and the original price was often not as high as they’d have you believe. Do you think about how much profit there is when they can provide a piece of clothing for so little? All of those savings also ensure that you frequently purchase more than you intended. So, in the end, you spend the same amount.
Our brain, on the other hand, is obsessed with seeing “free” since we can’t lose anything with it! Of course, in practice, ‘free’ frequently leads to additional purchases: consider the ‘free’ presents you receive when you perform a certain spending behaviour.
Online retailers are increasingly using a ‘one-click order system,’ in which you order something and then pay. You’ve placed the order before you realize it (and you’re less inclined to cancel out due to the ‘pain of paying.’
How Much Stuff Do You Actually Need?
Before you rush to the store to stock up on clothes, gadgets, and other items, consider why you need so many extras. Want to buy anything solely to avoid missing out on Black Friday deals? Or do you truly require that product? Buying a Christmas present for your parents or grandparents is nice, but what about all those other things? Storage space is frequently limited if you live in a room or a small studio. Conscious shopping is a healthy habit that many people are adopting.
What Can We Do To Reduce Overconsumption?
So there are various reasons why we are drawn to Black Friday deals. Unfortunately, overconsumption is not a sustainable plan for our wallets or the environment. Can we handle Black Friday more effectively?
To avoid overconsumption, make a list of things and services that you need ahead of time and look for them on Black Friday. As a result, you can take advantage of Black Friday offers without making unnecessary impulse purchases. It is essential that you stick to your plan as well.
- A second strategy to enjoy Black Friday without leaving a large impact is to focus on experiences rather than purchases. It’s not only the products on offer. Great deals are also available at an increasing number of sports venues. Perhaps such a deal would provide you with the encouragement you need to start a healthy activity.
- A third option is to take advantage of retailers’ sustainable initiatives. More and more retailers are organizing sustainable Black Friday specials.
- Last but not least, avoid the Black Friday frenzy and use this day to treat someone else. According to research, it is not buying goods that makes us happy, but rather social connections and doing things for others. So it’s not the 70% off clothing for yourself, buy a gift for that special someone, or enjoy a coffee with a friend, that brings you a lot of sustainable happiness.
Have fun on Black Friday!
Source: Black Friday Stats, Black Friday History