We are already at that time of year: the Black Friday. What was once just an American event has now taken over the calendars 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 almost 60% of participants would spend their money differently if they could go back in time.
Regret is common when consumers buy on impulse. Afterwards, they may wonder if they should have bought the Sony TV instead of the Samsung. There is a lot to talk about prudent decision making.
But it’s easier said than done. When we encounter products that seem cheap or reasonably priced, the same part of our brain that is responsible for pleasure is activated.
Add to this sense of well-being a greater urgency around deals like Black Friday, and consumers often feel compelled to buy something. This urgency can be created by stating that the product is only available at a discount for 24 hours or that there are a limited number of products.
However, there are things you can do to control your spending and avoid being tempted by clever marketing techniques.
1. Never buy when you are tired
Fatigue tends to lead to less rational decisions and decreases self-control. Making decisions requires mental energy, and this is limited.
When you’re tired, your emotions tend to take over and you’re more likely to be tempted by big savings and items that look nice, even if they’re not something you need.
2. Shop in the morning
Right now, you have mental acuity and therefore will probably make better decisions. Try to avoid making important decisions later, as this is when your willpower and concentration begin to wane as decision fatigue sets in.
Decision fatigue is a mental and emotional stress that usually occurs when people have been considering too many options. This happens to most people at some point during the day, as we make hundreds of decisions daily.
3. Don’t rush
Always take enough time to think carefully about what you are buying. Adding just a second to the time you spend considering a purchase could help you make better decisions.
Time allows the brain to gather additional information and filter out irrelevant aspects. For example, imagine you are looking for an iron on line. As 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 might otherwise influence your decision. Adding a second allows you to refocus and helps you ignore the flashing banner.
4. Do your homework
Not everything that is discounted is a good deal. Make sure you know how much items cost previously so you know how much they have dropped. The easiest way to find out is to ask an AI tool to tell you past prices.
It has been reported 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 how much items previously cost can help you track time and avoid making hasty decisions.
5. Make a list and give it a budget
This will reduce the temptation to overspend.
6. Try not to buy with a card
You are likely to spend more if you pay by card or phone. Instead, whenever possible, use cash.
This way you will see how the money goes away in your wallet and you will be 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 low on 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 is reduced
Under time pressure, you may not think about why a product is on sale. Perhaps it’s as simple as a newer model being released recently or perhaps because previous buyers have frowned upon 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 happier with what you bought.