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5 Whys behind the Bargain Buys of #BlackFriday, #CyberMonday, Clearance sale, ...
An estimated £1.3bn is expected to be spent over the
weekend, with many stores slashing prices by more than 50% on some items.
The concept of Black Friday -the magic four days - including
cyber Monday has now been adopted into the British retail psyche.
The media hyperbole both Offline and On report the scenes at stores include “mayhem ,
bedlam, madness , carnage and stampede”. Shoppers are reported as” flooding the
stores scrambling for bargains, stealing
the best deals”
There are reports of Police concerns as to ‘customer conduct’,
stories of shoppers being prized apart, of fights, assaults ..
Yet many bargain shoppers buy things which
·they don’t end up using,
·spend money they wish they hadn’t,
·and waste time window shopping for “further
The 5 Whys behind the Buys
1. Fear of missing out
FOMO WIGIG - Buy now while stocks last
FOMO is some we are aware of in social media. Fear of
missing out on party invites, the gossip and increasingly today the news.
Online shopping is particularly potent at exploiting FOMO as
you see the stock levels of ‘bargains’ selling out before your very eyes. The
power of buy now while stocks last or when its gone it’s gone (WIGIG) is strong.
We see the same on the TV shopping channels when the viewer is constantly updated
on how well the ‘bargain’ is selling.
The rational solution is to make a list of coveted items and
only buy what you’re sure wanted before it went on sale.
2.Competition of the crowd
In the stores at sales there is a sense of competitive
sport. Some get a positive rush when they nab an item ahead of others whom they
are sure wanted the item. Crowds heighten our emotions and sense of competition. This in turn can reduce our
ability to think carefully about the true value of what we’re buying.
Time is the solution. Take time and few calm moments to
level off the excitement of the moment. It’ll reduce the chance of making
ultimately an unsatisfying purchase.
3. Believed Value
Strangely enough we depend on the price charged for goods
to figure out their value. Yetmost folk
don’t understand why for example one pair of
shoes is £ 85 and another £400. So we rely on the price as a benchmark of
quality and style. ( You don't get something for nothing) That explains why those £ 400 shoes that are now £150 seem
like a much better purchase than a £85 full-priced pair that we might use more
The cure is to imagine the sale price as the initial,
unreduced price, recommended retail price and ask yourself if you’d be as excited.
4. Focus change from
Spending to Saving
Black Friday type sales shift our focus from what we’re spending to what we’re saving .
We are faced with a myriad of reduced items . Retailers tap into our frenzy of
saving by tallying our savings on our receipt or posting savings rather than
costs on websites and in the stores.
The fastest 'hit' is to settle up with cash. Credit cards are a
cushion and carry the weight of what you’re getting rather than what you’re
giving when you shop. Gift cards, coupons and vouchers are even worse, they can seem like “toy
money” rather than real money.
5. Return on Time
Investment ( ROTI)
Sale shopping, and for manybargain hunting, takes time and it’s a considerable emotional
investment. Many shoppers feel pressure to make good on that investment by not
leaving the store empty-handed. Finding
something, anything, can feel like winning a treasure hunt - and of course you
can’t leave without the prize.
Keeping things in perspective remains the key. Ask yourself if you really
want the item or if your caught up in the moment.
Gaining that desirable item you want is wonderful.
Gaining that discount you need is also wonderful.
Gaining both at the same time is a harder target to gain.
A simple shift of focus and bit of planning and is all it
takes to master the ability to consistently make that truly great discounted
Yet for many they share Oscar Wilde's opinion " I can resist everything but temptation"