Are you scouring the web looking for the best deal, checking out one site after another? And every time emotion fights logic, should you finally click the “buy” button? You’re definitely not the only one with this happening these days.
Black Friday has a unique way of evoking seemingly irrational behavior. But these reactions are not accidental. They are deeply rooted in human psychology. So why does this annual shopping event have the power to make millions of people think that getting a discounted gadget is a matter of life and death? Let’s find out…
First, says Alisa Minina Jeunemaitre, Ph.D., associate professor of marketing at Emlyon Business School in France, Black Friday deals aren’t often the best sales of the year. Many companies use dynamic pricing based on algorithms based on consumer data, which means that some items may sell for similar or lower prices during other sales throughout the year. And yet, year after year, we line up outside stores early in the morning or destroy servers with our frenzied clicks. It’s not about logic, it’s about emotions. Black Friday is not just a shopping event. It is a psychological battlefield dominated by our instincts.
Emotion and fear do not lose anything
Imagine: You’re looking at a limited-edition smartwatch and there are only “two in stock.” Your heart is racing, your palms are sweating, and you’re clicking “Buy Now” (or “Add to Cart,” etc.) faster than you think. This uncertain mixture of excitement and anxiety is well studied by companies. Signs of scarcity—like low-reserve alarms and countdown timers—create a sense of urgency that leads to a fear of missing out (now we call it…FOMO—fear of missing out). FOMO isn’t just a catchy acronym: it’s a psychological reaction to loss aversion. He describes how the pain of losing an opportunity is stronger than the joy of winning.
But there is more to it. Black Friday also takes advantage of our desire to feel like a winner. Taking advantage of the opportunity is like winning the game – the feeling is enhanced by the festive atmosphere, the crowd and the competitive dynamic. We don’t just buy products, we “beat” others by taking the prize ourselves.
Scarcity principle
The principle of scarcity implies that people place more value on less available opportunities. On Black Friday, stores take advantage of this with “limited time” discounts and “exclusive” products. When we perceive something as rare, our desire to acquire it increases. This often leads to impulse purchases, because we fear that a delay could lead to losing something completely.
Social proof
However, we adjust our behavior based on what other people with similar consumption habits do. Crowded stores, long lines, and social media posts showcasing deals during Black Friday create the “train” effect. We figure that with so many people participating, the deals must be worth it. This collective behavior strengthens our decision to participate, even if we didn’t initially plan to buy.
Reference price theory
According to reference price theory, consumers judge prices based on an internal “reference price”—a standard they consider fair. Stores manipulate this by showing inflated original prices alongside discounted prices. Even if the final price isn’t a real deal, the contrast makes the discount more significant, forcing a purchase we might otherwise pass up.
Making decisions based on emotions
Emotions play a crucial role in our purchasing decisions. Decades of consumer research tells us that emotional responses can significantly influence consumer behavior. The festive atmosphere of Black Friday evokes strong emotional reactions. These emotions can override rational thinking and lead us to make purchases based on excitement rather than necessity. After all, what is consumption if not an interesting experience?
“is mine”
As soon as we add a product to the cart, we start to feel that it is already ours. Psychologists call this phenomenon “endowment effect”. You’ve been eyeing something for weeks. You imagine, dream (use, wear, etc.). The prospect of parting with him, of never having him, becomes more and more difficult, and the chances of giving in to temptation increase. You want it to be yours.
The goal of conscious consumption
As the adrenaline kicks in and we unpack our Black Friday shopping, many of us wonder: did we really need that extra gadget? Is the discount worth the stress? Black Friday reminds us of a universal truth: our decisions are often driven by emotion rather than logic. But it also provides an opportunity for reflection.
Let’s do it differently this year. Plan your purchases strategically, focus on the things that truly add value to your life, and remember the joy of giving not only to others, but to yourself as well. Conscious consumption is not about deprivation. It’s about aligning your spending with your values. Let the holiday season be a time of connection, gratitude and thoughtful choices.