It is that time of the year again - Black Friday is almost upon us. What used to be just an American event has now taken over the calendar in many other countries as one of the key shopping events of the year.
Author
- Cathrine Jansson-Boyd
Professor of Consumer Psychology, Anglia Ruskin University
However, market research by investment platform Aegon, conducted on 2024's Black Friday shoppers, found that almost 60% of participants would spend their money differently, if they could go back in time.
Regret is not unusual when consumers buy on impulse. Afterwards, they may ask themselves whether they should have bought the Sony television rather than the Samsung. There is a lot to be said for trying to engage in careful decision making.
But that's easier said than done. When we come across products that seem cheap or fairly priced, the same part of our brains that deals with pleasure is activated . Couple this feel good factor with an extra sense of urgency around sales like Black Friday and consumers often feel compelled to buy something. Such urgency may be created by stating that the product is only available at a discounted price for 24 hours or that there are only a limited number of products.
There are things you can do to curb your spending and avoid being tempted by clever marketing techniques, though.
1. Never shop when tired
Fatigue tends to lead to less rational decisions and lowers your self-control . Making decisions requires mental energy and that energy is limited.
When you are tired, your emotions tend to take over and you are more likely to be tempted by huge savings and items that look pretty, even if they are not something that you need.
2. Shop in the morning
This is when you have mental sharpness and therefore will probably make better decisions . Try to avoid making major decisions later in the day, as that's when your willpower and focus start to dip as decision fatigue kicks in.
Decision fatigue is mental and emotional strain that generally occurs when people have been engaging in too many choices. This happens to most people at some point during the day as we make hundreds of decisions everyday.
3. Don't rush
Always allow yourself enough time so you can think carefully about what you are buying. Adding just one second to the time you take when considering a purchase could help you make better decisions.
Time allows the brain to collect additional information and filter out aspects that are not relevant. For example, imagining that you are conducting a search for an iron online. As you look at the options there are some flashing banners on the side, preventing you from focusing on what you want.
Such a distraction can divert you away from product attributes that may otherwise influence your choice. Adding a second allows you to refocus and helps you to ignore the flashing banner.
4. Do your homework
Not everything on offer is a good deal. Make sure you know what the items cost previously so that you know how much it is reduced by. The easiest way to find this out is by asking an AI tool to tell you previous prices.
It has been reported that in previous years, as little as 2% of all the Black Friday offers were at their cheapest price compared to six months before and six months after. Knowing what the items cost previously can help your brain put the brakes on and stop yourself from making rash decisions.
5. Make a list and add a budget
It will reduce the temptation to engage in excessive spending.
6. Try not to purchase things using a card
You are likely to spend more when you use a card or your phone to pay. Instead, when possible, use cash. That way you can see how the money in your wallet is disappearing and you are more likely to stop spending when you are out of cash. Think of how aware you are of your budget during a game of Monopoly when your paper money starts to run low.
7. Don't touch any products
If you like shopping in-store, you should know that research has shown you are more willing to buy products and pay more for them if you touch them . So, try to keep your hands to yourself.
8. Ask yourself why something is reduced
With time pressure hanging over your head, you may not consider why a product is on sale. Perhaps it is as simple as a newer model having been released recently or possibly because previous purchasers have not viewed them favourably. Just to be on the safe side, check out some reviews for the sales item just to make sure you are getting what you really want.
As long as you are sensible, and taking some precautionary steps, you should find that you will be more satisfied with what you bought.
Cathrine Jansson-Boyd does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
