Why we shop on Black Friday

I’ve been searching Amazon.com for weeks looking for the perfect deal on a digital piano. My goal? I want to play Christmas songs to my 17 month old girl and make this holiday season extra special. But every time I spot a “bargain,” I hesitate: Am I actually saving money or am I being duped by clever marketing? As a marketing professor, you would think I would know better. But embarrassingly, I fall victim to these tactics far too often. It’s a classic case of the shoemaker without shoes.

If you’ve ever felt that tug of war between logic and emotion while bargain hunting, you’re in good company. Black Friday has a unique ability to provoke behavior that seems completely irrational. But these reactions are not random; They are deeply rooted in human psychology. Why does this annual shopping event have the power to make millions of us act like grabbing a bargain device is a matter of life and death? Let’s find out.

First, Black Friday deals often aren’t actually the best discounts of the year. Many companies use algorithm-driven dynamic pricing based on consumer data, meaning some items may be priced similarly or even lower during other sales throughout the year. Yet year after year, we eagerly line up at stores at dawn or crash e-commerce servers with our frantic clicks. This isn’t about logic; it’s about emotions. Black Friday is not just a shopping event; It’s a psychological battlefield where our instincts take over.

The thrill and the fear of missing out

Picture this: You have your eye on a limited-edition smartwatch with only “two left in stock.” Your heart races, your palms sweat, and you click “buy now” faster than you can think. This ambiguous mix of excitement and fear is carefully constructed by marketers. Scarcity cues – like low inventory warnings and countdown timers – create urgency and trigger our fear of missing out (FOMO). FOMO isn’t just a catchy acronym; It’s a psychological reaction that’s rooted in it Loss aversion. It describes how the pain of missing an opportunity is far greater than the joy of winning something.

But there is more at play here. Black Friday also awakens our desire to feel victorious. Landing a deal feels like winning a game – a feeling that’s heightened by the festive atmosphere, crowds and competitive dynamics. We don’t just buy products; We “beat” others for a prize.

As I personally embark on my quest for a more musical holiday season, I decided to take a closer look at the psychological principles that make Black Friday so irresistible:

The scarcity principle

The scarcity principle assumes that people place more value on opportunities that are less available. On Black Friday, retailers take advantage of this by offering “limited-time” deals and “exclusive” products. When we perceive something as scarce, our desire to get it increases. This urgency often leads to impulsive purchasing decisions because we fear that a delay could cause us to miss out on something entirely.

Social proof

The concept of social proof suggests that individuals use the behavior of others as a basis for their own actions. During Black Friday, the sight of crowded stores, long lines, and social media posts showcasing purchases creates a bandwagon effect. We assume that if so many people are participating, the deals must be worth it. This collective behavior encourages us to decide to participate, even if we hadn’t originally planned to shop.

Reference price theory

According to reference price theory, consumers evaluate prices based on an internal “reference price” – a standard that they believe is fair. Retailers manipulate this by displaying inflated original prices alongside discounted prices. Even if the final price isn’t a real bargain, the contrast makes the discount seem larger and forces us to make a purchase we might otherwise skip.

Emotion-based decision making

Emotions play a central 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 – complete with festive music, colorful performances and the thrill of competition – triggers strong emotional responses. These emotions can override rational thinking and cause us to make purchases out of excitement rather than necessity. Because what is consumption other than an exciting experience?

The Endowment Effect

As soon as we add an item to our shopping cart – whether it’s in a physical shopping cart or resting in the digital recesses of an online shopping cart – it feels as if it already belongs to us. Psychologists call this that Foundation effectand that’s why letting go becomes so much harder. Take my digital piano. I had been keeping an eye on it for weeks, researching listings, reading reviews and imagining myself playing Christmas carols to my toddler. At some point it was no longer fair A piano more; it was My Piano. It had already made its way into my imagination and, more importantly, my Amazon shopping cart.

As Black Friday week started on Amazon this morning, I noticed that the discount was worse than before and the price had actually increased by €40 compared to two weeks ago. I hesitated. The logical side of my brain screamed, “Wait for a better offer!” But another voice – more emotional and much louder – whispered, “You dreamed about this piano. What if someone else buys it? What if it sells out?” With each refresh of the page, my anxiety grew. The “15% off” label stared at me angrily (even though it had been 30% off just two weeks ago), as if daring me to give up on my musical Christmas dreams.

In the end I gave in. I clicked “Buy Now” even though I knew I wouldn’t get the best price anymore. But as soon as the confirmation email landed in my inbox, I was overcome with relief and excitement. The piano was ultimately mine – overpriced, but definitely mine. And so, my friends, the endowment effect, coupled with the fear of losing a deal, wins every time.

Embrace conscious consumption

As the adrenaline wears off and we unpack our Black Friday deals, many of us feel a twinge of regret: Do we really need that extra device? Was the discount worth the stress? Black Friday reminds us of a universal truth: emotions, not logic, often guide our decisions. But it also offers an opportunity for reflection.

Let’s take a different approach this year. Don’t be like me; Plan your purchases strategically, focus on what truly adds value to your life, and remember the joy of giving – not just to others, but to yourself too. Conscious consumption is not about deprivation; It’s about aligning your spending with your values. Let’s reclaim the holidays as a time of connection, gratitude, and thoughtful choices.