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A half-price TV, a small-budget wardrobe and salesmen working overtime: Sale days around Black Friday turn bargain hunters into hunters. Some consumers realize they don’t need many products only after purchasing them. Principles such as sustainable shopping are also often forgotten in the shopping frenzy.
St. Scientist Johanna Gollnhofer, Director of the Marketing Institute of the University of St. Gallen, explains why the brain stops looking for special offers: “Discounts activate the happiness hormone dopamine in the consumer’s head. “Neuroscientific studies have shown that this effect is comparable to cocaine consumption.” This means that everyone who discovers a sale becomes enthusiastic and wants to take advantage of the purchase.
Time pressure is also very important
“There is another important factor: scarcity,” says Gollnhofer. Offers are usually only valid for a few days; Some are even valid only on Singles Day, Black Friday or Cyber Monday, i.e. for 24 hours. “This means consumers have the feeling that they absolutely must have it now, otherwise they will miss the chance to score a bargain.”
Gollnhofer, who studies consumer behavior, explains this with evolutionary psychology: Since our ancestors often had a shortage of water and food, we learned to buy it immediately and stock up whenever we could. “Scarcity makes us want more,” says the researcher.
The combined effect of discounts and scarcity is so strong that some people throw away their other habits and no longer compare prices when shopping during Black Week. Although so-called bargains are sometimes not that cheap, this was discovered in a study by consumer protection last year. “There are many people who no longer think logically and buy things they do not need. For some, this is too much of a strain on their wallets,” says Gollnhofer.
Policies are confidential
And for shoppers on a shopping spree, personal principles suddenly don’t matter that much anymore. When a product is claimed to be unbeatably cheap, the idea of sustainability becomes secondary. “And even consumers who have actually decided to have fewer things (keyword minimalism) sometimes continue to buy unnecessary things on days like these.”
When the hangover sets in after a spending spree and people realize they spent too much money or bought items they don’t need, many return their purchases. According to delivery company DPD, Switzerland already has the highest return rate in Europe at 25 percent, and it is even higher after Black Friday.
Although many online stores and shops accept returns, there is no general right of return in Switzerland. “Research also shows that reselling through an online platform is very time-consuming and frustrating for many people, so once you have it in your home, it is very difficult to get rid of it,” says Gollnhofer. (SDA/wgr)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
