Black Friday, which falls on November 24th, is one of the most popular shopping times of the year. Black Friday shoppers typically spend $313.29 on merchandise. Remarkably, gifts for others account for 70% of this expenditure, with self-indulgence making up the remaining 30%. There’s more to Black Friday than just shopping for deals. Psychologists claim that it causes a spike in adrenaline. Shoppers’ reward centers, fire in response to the rush of limited-edition purchases, releasing the feel-good neurotransmitter dopamine. Beyond just financial savings, Black Friday is an occasion to bond with others. Friends come together with the common goal of finding the ideal gift or securing a deal. A further factor driving many to join the frenzy is the fear of missing out (FOMO).
How does Black Friday work?
Black Friday is a US tradition that ushers in the holiday season by signaling the conclusion of Thanksgiving festivities and the start of the holiday season. This indicates that for many, it’s a crucial time to purchase gifts before Christmas. Many shoppers take advantage of the Black Friday and Cyber Monday sales to purchase those highly desired gifts because they are under pressure to please loved ones without going over budget.
How does the Black Friday process operate?
The desire for a good deal originates from deep within our minds; in fact, it is a natural part of our chemistry. German neuroscientist Christian Elger describes how our brain responds to various stimuli encountered during this time.
- The pleasure center is located in the brain’s “reward system” of structures. It is pleasurable to feel these structures being stimulated or triggered.
- When we see words like “sale,” “deal,” or “discount,” this feeling intensifies, and our rational minds find it difficult to remain impartial and determine whether or not this purchase is necessary.
- During Cyber Weekend, these terms are used more frequently, which intensifies people’s shopping behaviors. Furthermore, color is employed to elicit this favorable emotion in customers.
Also read: Understanding the Excessive Craze of Online Shopping
FOMO: The Fear of Missing Out
Your brain is influenced by the excessive media coverage of Black Friday, which encourages you to shop even if you don’t have any specific items in mind. This is due to the perception that everyone else is taking advantage of a fantastic deal, which can lead to FOMO or the fear of missing out.
- Empirical studies indicate that the fear of missing out significantly influences our decision-making process. We frequently feel short-term regret for decisions we make that don’t work out well. We frequently come to regret the things we chose not to do in the long run. It can be difficult to think about anything else when you’re experiencing FOMO. As a result, you’ll inevitably become more obsessed with shopping.
- Additionally, studies reveal that using social media can make FOMO worse. You might be more inclined to go shopping or plan a vacation if you see your friends having a great time on their vacation or in their new purchases on Instagram stories.
- Large companies are taking full advantage of this and leveraging FOMO to entice you to buy on Black Friday.
- Marketing professionals can also take advantage of Black Friday FOMO by claiming that deals are “limited.” Many campaigns will have time restrictions on their offers; keep an eye out for promotions that state things like “hurry before all stock sells out” or “one day only.” This is a good way to instill a sense of urgency in our minds so that we act fast to grab a deal.
- It’s a very strategically placed day because it’s also the last payday before Christmas for a lot of people, which means they have more disposable income right after they get paid before any monthly expenses are deducted, and they are therefore more likely to spend it.
Brain chemistry changed After Black Friday
Events such as Black Friday have intriguing consequences for our brain chemistry, as Neuropsychology demonstrates.
- Too much dopamine is harmful to us if it isn’t balanced by the production of different substances like serotonin. In fact, it has been observed that activities that spike dopamine play a role in the development of addictions like gambling.
- Black Friday’s enormous discounts also make it more difficult to second-guess your purchases. Words like “sale” and “save” have the power to activate our brain’s natural reward systems.
- The areas of your brain that would normally prompt you to pause and weigh your options, or, to put it another way, prompt you to question whether you truly require a certain thing, become inactive when those reward centers come alive.
Also Read: Why do you feel good after shopping? Let’s understand the retail therapy
Social Psychology and Black Friday
Black Friday’s antisocial behavior in stores, where customers line up and cause chaos that affects security, is a regular story in the media.
- The sudden antisocial behavior of intelligent people on Black Friday can be explained by a number of social psychology theories.
- Some shoppers, for instance, exhibit such extreme aggression that they damage other people’s property or even run them over. According to science, we are less likely to control our behavior when we are among a big group of people (imagine fervent football supporters yelling the meanest insults). This is a result of our feeling less identifiable when we are “hidden” in a big group.
- Furthermore, studies indicate that our behavior is influenced by elevated levels of both positive and negative emotions. For instance, even though we’re usually too shy to dance, we might gladly dance in front of a crowd. Research indicates that when we observe antisocial behavior, particularly in a crowd, our likelihood of engaging in it also increases.
- Furthermore, studies demonstrate that the kind of crowd can affect behavior. In essence, Black Friday shoppers are akin to an acquisitive mob: a sizable populace engaged in conflict over scarce resources.
- Many businesses have tried a variety of strategies in recent years to try and defuse the chaos that Black Friday brings. The most widely adopted approach has been to extend the period before Black Friday from one day to as much as a full week. This lessens the strain on retail establishments that may experience a spike in business on a given day or on websites that might crash from excessive traffic.
Behavioural Science Ways to Shop Smarter This Black Friday
1. Make a predetermined list of your actual needs, not just wants.
Getting swept up in the Black Friday frenzy may cause you to make purchases you otherwise would not have made. Making a list of the things you really need to buy in advance helps you avoid impulsive, needless purchases. Look around for the stores that are having real sales on the things you want to buy, as Black Friday can be a good time to score some deals before Christmas.
Also Read: Is Compulsive Shopping a serious Mental Health Concern?
2. Verify whether the sale is actually a good deal rather than just something that looks nice.
Some stores increase their prices in advance of Black Friday in order to make their deals and discounts appear like incredibly good values on the actual day.
Before Black Friday, make sure the item you want is priced fairly! Investigate a little. How much is the item typically available for elsewhere? Furthermore, be ready to wait because you might find an even better deal after Black Friday, allowing you to make a more well-informed (and frequently more financially savvy) decision later on.
3. Recognize the mentality of the mob
You may become more aggressive than usual just by participating in the Black Friday frenzy, so you’ll need to control yourself. Additionally, if you know that you are easily overwhelmed by the fervor of a crowd, you might want to shop online, the following day, or later in the day when stores are usually less crowded.
Choosing not to shop on Black Friday is one of the best strategies to reduce your risk of making impulsive purchases. For the day, make other plans. Visit friends, for instance, and resist the urges “as a team.”
Simply eliminating the possibility of shopping on Black Friday is crucial. Because behavioral science asserts that you will be tempted to spend if you are left on your own.
