Black Friday sales are designed to give you FOMO. Don’t let them
Black Friday is a highly anticipated shopping event that has become a staple in the holiday season. With posters plastered everywhere and emails flooding inboxes, the hype surrounding the big sales is hard to ignore. However, amidst all the excitement, experts warn that impulse spending can easily get out of control.
According to a survey by Deloitte, Canadians are expected to increase their holiday spending by 10 per cent this year, with the average household spending around $1,478. With 48 per cent of consumers planning to shop on Black Friday, the pressure to snag the best deals is real.
Annie Taurasi, a shopper at Sherway Gardens in Toronto, shared her excitement about finding great deals on food, skincare products, and gift cards for her family. She expressed a sense of accomplishment and the temptation to spend even more due to the discounts.
On the other hand, some shoppers like Michelle Latchman feel overwhelmed by the constant bombardment of advertising. The urgency created by phrases like “one day only” or countdown clocks can trigger a fear of missing out, leading consumers to make impulsive purchases.
Ying Zhu, an associate professor of marketing at the University of British Columbia, explained how companies use advertising tactics to tap into consumer emotions. Red text creates excitement and prompts action, while yellow is associated with happiness and affordability. The sense of urgency generated by these tactics can lead to unplanned spending.
Social media plays a significant role in shaping shopping decisions, with influencers influencing consumer choices. Personalized shopping links and instant access to online marketplaces make it easy for consumers to make impulse purchases. Retail therapy, a common response to stress, can lead to unnecessary spending to boost one’s mood.
Financial planners like Natasha Knox emphasize the psychological aspects of money management to help clients understand their spending habits. Knox suggests that consumers identify the underlying reasons for their urge to shop and find alternative ways to improve their mood, such as spending time in nature or talking to a friend.
While Black Friday offers enticing deals, Zhu advises consumers to do their research and stick to a budget to avoid overspending. Having a shopping list and a plan in place can help curb emotional-driven purchases and ensure a more mindful shopping experience. By being aware of the tactics used by advertisers and staying disciplined, consumers can make the most of Black Friday without falling into the trap of impulse spending.
