![]() How many times have you seen someone you follow on social media mention something they recently bought and thought ‘oh I’d like that too’, on Black Friday, with limited stock of so many products, the race is on to beat those other keyboard ninjas and win the prize.Įven your method of payment can have an impact on how your mind processes shopping activity. The increased media attention leading up to Black Friday and Cyber Monday, more social media use and even the timing of the event (at the end of the week and pay day for many) can all work to amplify the feeling that you’re missing out while others are taking advantage. That FOMO feeling can also be heightened by a number of environmental factors. With just 10% of stock remaining and 8 mins 37 seconds to go, consumers are sure to feel the pressure to purchase before it’s too late. These show customers how long for, and how many units are available at a discounted price. Take Amazon for example, and their ‘Lightning Deal’ offers. This generates a huge sense of urgency and makes consumers feel that they need to act immediately in order to save. Companies exploit this ‘scarcity principle’ and create artificial exclusivity by setting arbitrary limitations on stock to make their products appear to be in short supply. The ‘Fear Of Missing Out’ or FOMO is a huge factor in Black Friday and Cyber Monday sales. Next up, let’s look at consumer behaviour. Ever seen a red ‘sale’ sign and immediately felt drawn in? That doesn’t happen by chance, it is in fact the pleasure centre in your brain being stimulated, encouraging you to follow the good feeling and this also rings true when these triggers are presented digitally, so we won’t escape the draw this year either. Additionally, colour is also used to trigger this positive feeling in consumers. The use of such words is magnified over cyber weekend which sends shopping habits into overdrive. This feeling is amplified when words such as ‘sale’, ‘deal’ or ‘discount’ are seen, and the rational part of our brains struggle to remain objective and figure out whether this purchase is necessary or not. ![]() When these structures are stimulated or triggered, a feeling of pleasure is experienced. ![]() The brain has structures known as the ‘reward system’ which houses the pleasure centre. Christian Elger, a German neuroscientist, explains how our brain reacts to different stimuli experienced over this period. The need for a bargain stems from deep within our psyche – in fact it’s in our chemical make-up. In this piece, we’ll unpack the psychology behind the phenomenon, why it is one of the most successful dates in the retail calendar and how things are set to change this year amidst a global pandemic. But what is it that’s so special about these days in particular? We all know people love a bargain, but the Black Friday and Cyber Monday craze runs deeper. Under pressure to please loved ones but not break the bank, many consumers take advantage of the Black Friday and Cyber Monday sales to get those much sought after gifts. For many, this means it’s a critical time for buying gifts ahead of Christmas. In 2019 alone, British consumers spent a whopping total of £5.6 billion on Black Friday and Cyber Monday.Ī tradition originating from the United States, Black Friday marks the end of Thanksgiving celebrations and welcomes the beginning of the festive period.
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