Why Is Black Friday So Popular?
You might think it is too obvious a question: who doesn’t love a good deal! Well, the actual answer lies within consumer habits that have changed in the last few years. Especially with online shopping becoming more and more popular, our shopping habits changed drastically. We now expect a faster shopping process, lower prices, endless deals and fast delivery. Yes, these services are making our lives much easier, but the pace and accessibility also leads to phenomena like Black Friday.
We are prone to buying more than we need due to the time limitations and the fear of missing out that are seen during Black Friday. Black Friday puts us into a different headspace while we are shopping online or in a store. First of all, seeing all those deals makes us greedier, which leads us into despair because we get anxious about missing the best deals. The moment we start believing that what we have got isn’t the best version of that product or isn’t the best deal available, we start getting jealous of the people who got the best products and deals. When we see a normally expensive product on a deal, we believe that we have to get the deal so as to be proud of our decisions.
All in all, Black Friday deals lead to a rollercoaster of emotions. The fear of missing out, FOMO, increases the interest in shopping events like Black Friday because the “limited time, limiter offer” concept creates a sense of competition.
How Special Are Those Deals?
If you do your research and compare prices, you can actually get great deals on Black Friday. However, that might not be the case for all the products you purchase. First of all, we already know that some stores inflate the prices right before Black Friday so that they can create the illusion of a great deal. Also, if you haven’t done your research about the products you want to buy and if it is the first time you have seen a particular product, it is likely to be an impulse purchase that you’ll regret later on.
Studies show that Black Friday deals do not change year-to-year. So, a product that is on an exclusive deal on this year’s Black Friday probably had the same deal last year, as well. Also, the products that get the highest discounts on Back Friday are most probably poor-quality products. Stores and online shopping platforms are not always transparent on this issue, so there is a high chance you won’t get to know whether you have bought the latest edition of an electronic device.
When you compare the prices that you get on Black Friday to those you get during other shopping events throughout the year, you can see the prices don’t really change. You can even get better deals during other shopping events. So, by shopping on Black Friday, you might even be missing the chance of buying the smartphone that you think you won’t get a better a deal on for much cheaper.
The Crowds Lead to Anxiety
Even though Black Friday has become more of an online shopping event recently, we still see massive crowds in shopping malls and consumer electronics stores especially. The long lines at the checkout, people fighting over the same product, stocks running out… When we encounter these scenes, we feel obliged to make quick decisions, which increases the likelihood of us making impulse purchases that we’ll regret afterwards.
So, before you spend all your money on Black Friday deals, thinking that they are the best thing that’s ever happened to you, be cautious and make good purchases that you have thought through.