Did you know that once you add something to your cart (online or IRL), it starts to feel like yours? Psychologists call this the endowment effect! Once it’s in there, you start to picture yourself with it and before you know it you’re on the hook. At this time of year, with Black Friday deals galore - it’s personal people!
I get myself into absolute knots asking myself, am I really saving money, or is this just marketing? If you’ve ever had the “Should I? Shouldn’t I?” conundrum, well welcome to the club! Black Friday doesn’t just encourage this chaos in the mind; it actually survives and thrives on it. It’s the one of those times of year when perfectly sane adults are prepared to physically fight and/or get up at 4am for a discounted toaster – but why?
There are many psychological tricks at play. Let’s look at three!
1. FOMO is real, people – read the sign … ONLY TWO LEFT! LIMITED SUPPLY! ONLY WHILE STOCKS LAST! ONE DAY ONLY!
OMG. Suddenly, your
pulse quickens, your palms sweat, and your brain screams, “buy, buy.”
It’s marketing at its best. Scarcity triggers a fear of missing out (FOMO), making us panic-buy like it’s Black Friday or bust. Psychologists call it loss aversion, which is fancy talk for “missing out hurts”. Ahhh, the proverbial one that got away!
2. Social Proof = Your
Frenemy
You weren’t even planning to shop Black Friday, but then you see your friend’s IG… Ever heard of a bandwagon? Well, this is the called the bandwagon effect. If my friends are in on it, shouldn’t I be, too?
Crowded stores, trending hashtags, influencer posts, live radio reports, the hype creates social proof, making you think, if everyone’s doing it, it must be good. It is a contagion!
3. The Illusion of
“Savings”
The Black Friday Jedi mind trick that rules them all - the price! That $399 TV with the “original price” of $799? It’s truly possible that the $799 price point never actually existed. Retailers love to slap inflated prices next to discounts to make you feel like you’re getting a deal, a steal even. Meanwhile, you’re too busy high-fiving yourself to realise you just dropped $400 on a TV you probably didn’t even need.
So, what to do?
First, let’s all take a deep breath! Black Friday might be a jungle of marketing and psychological mind games, but you don’t have to fall for them. Here are three tips to reclaim your sanity and to actually score a deal!
- Plan your buys. Make a list (and check it twice). Tis the season! Know what you need and check price histories – is that “deal” actually a deal?
- Ask yourself, do I need this, or do I just want it or want the dopamine rush of a “bargain”?
- And remember, the best savings might just be the dollars you don’t spend!


