Black Friday is a massive deal every year. Stores force-feed ads, websites set up countdown timers, and everyone talks about “crazy deals.” Black Friday might seem like the perfect time to buy everything you ever wanted, but the truth is that a lot of Black Friday is a marketing ploy rather than a true savings event for shoppers.
Many major companies take advantage of human psychology to pressure you into spending more than you originally planned. For example, they use urgent appeals like “limited time only” or “while supplies last” to overwhelm shoppers and force them into impulsive decisions that may lead to buyer’s remorse (U.S. PIRG). Claire Rathke, a sophomore at Hingham High School had a similar experience, explaining, “I blew all of my money on a bunch of things, and by the next week I regretted almost everything I bought.”
Another commonly used strategy is price anchoring. Retailers often jack up regular prices in the weeks leading up to Black Friday, so that when they mark items down, the sale price appears much more appealing. Most items only experience modest discounts, around 5 to 15 percent, and the dramatic “up to 70 percent off” claims usually only apply to a small group of products (Investopedia). Sophia Peregrine, a junior at Hingham High School noticed this, stating that “there are countless times where businesses advertise ‘crazy sales and deals’ but it’s really 5% off on a $300 item. It always feels like a scam.”
Social proof also plays a major role during Black Friday. Long lines, posts on social media promoting certain companies, and the idea that everyone is searching for the best deals creates a bandwagon effect. Further, digital payments and one-click checkouts make spending money feel less tangible, which can make it easier to spend without hesitation (Psychology Today).
However, Black Friday doesn’t have to be a money trap if you shop with a goal set in mind and some self-control. Start with a spending plan and decide what you actually need. Set a budget and avoid buying things you didn’t already plan on buying. But, if you see something that you like, give yourself some time, about a day or two, before committing. Compare prices across multiple stores and check price histories to make sure an item isn’t a marketing gimmick. If the price hasn’t had major changes over the past few weeks or is similar to what you would find at another time, it’s most likely not a real “deal” (Investopedia).
Just keep in mind that Black Friday is less of a time of savings, but more of a trap that forces shoppers to impulsively spend money that could be put elsewhere.
