Image source, Getty Images
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- author, Katherine Janson Boyd
- Author title, Conversation*
We’re already in that time of year: Black Friday. What was once just an American event is now on the calendar of many other countries as one of the biggest shopping events of the year.
However, a market study conducted by investment platform Aegon among Black Friday 2024 shoppers revealed that nearly 60% of participants would spend their money differently if they could go back in time.
Regret is common when consumers buy on impulse. Next, they may wonder if they should buy a Sony TV instead of a Samsung. There is a lot to talk about making wise decisions.
But it’s easier said than done. When we encounter products that appear cheap or affordable, the same part of our brain responsible for pleasure is activated.
Add to this feeling of luxury a greater urgency around deals like Black Friday, and consumers often feel compelled to buy something. This urgency can be created by indicating that the product is only available at a discounted price for 24 hours or that there is a limited number of products.
Image source, Getty Images
However, there are things you can do to control your spending and avoid the temptation of clever marketing techniques.
1. Never buy when you are tired
Burnout tends to lead to less rational decision-making and reduces self-control. Making decisions requires mental energy, which is limited.
When you’re tired, your emotions tend to take over and you’re more likely to be attracted to big savings and things that look nice, even if they’re not something you need.
2. Shop in the morning
Right now, you have mental acuity and are therefore likely to make better decisions. Try to avoid making important decisions later, as this is the time when your willpower and focus begin to wane as decision fatigue sets in.
Decision fatigue is a mental and emotional stress that usually occurs when people consider too many options. This happens to most people at some point during the day, as we make hundreds of decisions every day.
Image source, Getty Images
3. Don’t rush
Always take the time to think carefully about what you buy. Adding just one second to the time you spend considering a purchase can help you make better decisions.
Time allows the brain to collect additional information and filter out irrelevant aspects. For example, imagine you are looking for an iron connected. When you look at the options, you see some flashing banners on the side that prevent you from focusing on what you want.
This distraction can distract you from product attributes that may influence your decision. Adding a second allows you to refocus and helps you ignore the flashing sign.
4. Do your homework
Not everything that is discounted is a good deal. Make sure you know the cost of items in advance so you know how much they will drop. The easiest way to find out is to ask an AI tool to tell you historical prices.
Reports indicate that in previous years, only 2% of all Black Friday deals were at the lowest price compared to the six months before and the six months after.
Knowing the cost of items in advance can help you keep track of time and avoid making hasty decisions.
Image source, Getty Images
5. Make a list and allocate a budget to it
This will reduce the temptation to overspend.
6. Try not to buy with a card
You’ll likely spend more if you pay by card or phone. Instead, whenever possible, use cash.
This way you will see how money disappears in your wallet and you are more likely to stop spending when you run out of cash. Think about how budget conscious you are during a game of Monopoly when you start to run out of cash.
7. Do not touch any products
If you like shopping in physical stores, you should know that research shows that you are more willing to buy products and pay more if you touch them. So try not to touch them.
8. Ask yourself why something has been reduced
Under time pressure, you may not think about why a product is on sale. It could be as simple as a newer model being released recently or perhaps because previous buyers resented it.
To be on the safe side, check out some reviews of the sale item to make sure you’re buying what you really want. If you are sensible and take precautions, you should be much happier with your purchase.
*Catherine Janson-Boyd is Professor of Consumer Psychology at Anglia Ruskin University, London.
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