Black Friday is almost here, bringing the excitement of incredible bargains and unbelievable discounts. But have you ever wondered about the real story behind this shopping frenzy ? Are these truly worth it, or are we being lured into a shopping trap ? Let’s delve into the truth behind Black Friday deals and decide if it’s worth our money. So let’s uncover the hidden secrets of this worldwide retail phenomenon.

1. The origin of Black Friday : 

Black Friday is a super popular shopping day in the US (progressively in the whole world) and it kicks off the Christmas shopping season. The exact origin of the term "Black Friday" is a bit of a mystery, but a few theories are floating around:

• In the 1960s, some folks in Philadelphia started calling the day after Thanksgiving "Black Friday" because of all the crazy traffic and chaos. Eventually, retailers caught on and started using the term to describe their profits going from the red to the black after Thanksgiving.

• Another theory suggests that "Black Friday" goes way back to the 19th century when plantation owners would sell slaves at a discount on the day after Thanksgiving.

Pretty grim, right? Thankfully, the true origins of the term are still up for debate.

As a result of the growing tendency throughout time, Black Friday has become one of the biggest shopping days of the year. Black Friday is now observed in many ways throughout the world and has expanded from physical stores to online businesses with the growth of e-commerce.

It is important to note, though, that Black Friday's commercialization and heavy emphasis on sales have come under fire for being perceived as promoting excessive consumption and obscuring the genuine meaning of Thanksgiving.

2. The Psychology Behind Black Friday Sales :

Retailers frequently use scarcity strategies to instill a feeling of urgency in customers and sway their choices. These strategies may involve, among other things, countdown timers, exclusive discounts, limited-time specials, and restricted numbers. The intention is for customers to believe that a product or offer is limited, which will prompt them to act quickly to make a purchase.

There are several ways that scarcity strategies influence the decision-making process and lure customers to their stores or websites: 

• Retailers capitalize on our FOMO (Fear of Missing Out) by inducing a sense of restricted availability or time-limited offers. This makes us fearful of losing out on a desirable product or a good price. Even if we don't really need or want the thing, this worry might lead to rash purchases.

• Increased Perceived Value: Scarcity can make a thing look more valuable than it is. When an object is rare, our sense of its value rises. Retailers use this psychological bias to persuade us that we are acquiring a highly sought-after item, increasing our likelihood of purchasing it. 

• Emotional Triggers: The thrill stems from the possibility of winning a limited-time offer or being a member of an exclusive group. Anxiety, on the other hand, stems from the fear of missing out or regretting not taking advantage of a limited-time offer. These emotions can cloud our judgment and cause us to make impulsive purchasing decisions to satisfy those emotions.

• Reduced Rational Education: Scarcity tactics may hinder our capacity to assess a purchase logically. We often focus more on the urgency and fear of missing out when faced with limited availability or a ticking clock than on more reasonable factors like whether we really need the product, its true value, or whether it fits within our budget.

3. The impact of social proof on consumer behavior:

The psychological phenomenon known as "social proof" describes how people base their behavior on the thoughts and deeds of others. It has a variety of effects and is a major factor in shaping consumer behavior.

• Validation: Customers can feel validated by social proof that the options they choose are in line with what other people think is the best or most desirable option. When we observe other people exhibiting a specific behavior or recommending a product or service, it strengthens our conviction that it is a wise decision. We may be more confident and less uncertain after receiving this validation, increasing our likelihood of making a purchase.

• Influence on Decision-Making: Through influencing our attitudes and perceptions, social proof has the power to influence how we make decisions. We are more inclined to see something favorably and think of it as a good option if it is widely accepted or very popular among others. Persuasive cues are opinions and behaviors of others that influence our own decisions.

• Herd Mentality: in which people tend to follow the herd without carefully weighing their options, can be brought on by social proof. We could experience social pressure to fit in and prevent being left out if a product or service is seen as popular or supported by powerful people or organizations. This may result in rash purchases or illogical choices driven by a need to follow the crowd or follow the trend. Social media can easily trigger the herd mentality.

• Bandwagon Effect: This is when people want to be associated with what is successful or popular—can be caused by social proof. A product or service that becomes popular and widely adopted draws in more customers because of the idea that "everyone is doing it." A self-sustaining cycle of popularity and rising customer demand may result from this effect.

4. Hidden Costs of Black Friday Shopping: 

Although purchasing on Black Friday may appear like a fantastic way to find discounts, there are several unintended expenses involved, such as:

• Shipping Costs: While a lot of stores provide free shipping on Black Friday, some might have minimum purchase requirements or charge extra for expedited or express shipping. These expenses may mount up, particularly if you're buying from several merchants.

• Taxes: Sales tax may be imposed on your purchases, depending on where you live. You'll frequently pay more than you had planned because these taxes aren't included in the prices that are advertised.

• Extended Warranties: For an additional fee, retailers frequently provide extended warranties or protection plans for appliances or electronic devices. Even though these warranties might give you extra piece of mind, you should think about whether you really need them or if the manufacturer's or your credit card's current coverage already exists.

• Product Quality and Returns: Occasionally, things you buy on Black Friday might not live up to your expectations or might be of worse quality than you thought. Restocking fees, shipping charges, and other return policies might apply when returning such items, which would raise your costs even more.

The hectic and high-pressure atmosphere of Black Friday can encourage impulsive purchases. Alluring discounts and time-only offerings may persuade you to spend unnecessary money on things you may not really need or have planned for. But it's crucial to keep in mind that you don't have to buy anything just because it's on sale. Before making any purchases, take a step back and consider whether the item is in line with your values and objectives.

In the past, I already found myself buying clothes, not wearing them or only once or twice, then forgetting about them. Only to realize several years after that I owned them. So it’s important to be aware of your purchase, especially during huge sales like Black Friday.

Moreover, Black Friday impulsive purchases may have long-term financial consequences. If you use your credit cards to the limit or spend more than you intended, you might have to pay back debt later on or incur high-interest rates. Even in the throes of a major sale, it's imperative to take affordability and usefulness into account before buying anything.

Some brands praise they want to make the world a better place by working with an eco-responsible approach. But isn’t pushing people to buy excessively when participating in big sale events ? Scarcity strategies and how they affect our ability to make decisions must be understood. We can make better-informed decisions about what to buy and prevent ourselves from succumbing to impulsive buying motivated only by a false sense of scarcity by being aware of our emotional reactions and pausing to assess our actual needs and priorities.

One thing that really helps me to make the right decision is how much is the sale. If it’s more than 30% or 40%, for me the quality might not be as it appears to be. So I’d rather pay a little bit more for a good quality product than wait for the sales and buy items that won’t even last a year. When the sale is too high on big sale events like Black Friday, it gives me the impression that the true value of the product is not what it was before the sale. 

When it comes to my photography business, I don’t do sales or lower my prices just because it’s Black Friday, Cyber Monday, or other sale events. I need to have and keep the right clients. Lowering prices may attract clients or customers but the wrong ones. Only people who won’t truly value what you do.

I believe that we should prioritize quality over quantity. It's always better to invest in a product or service that will last longer and provide us with the best value for our money, rather than buying something just because it's on sale. Moreover, sales events like Black Friday can be overwhelming and lead us to impulsive purchases. We might end up regretting our decision later when we realize that what seemed like an outstanding deal was not worth it. Ask yourself if you really need the item, or if it’s just a temporary desire influenced by marketing strategies.

Remember: investing in high-quality products is always more cost-effective in the long run than constantly replacing cheap items every few months. So let’s make smart choices and choose wisely !