Is Black Friday a Con?

Jan 01, 2024

The History of Black Friday

Black Friday, the day after Thanksgiving, has been a shopping tradition for many years. Originally coined in the 1960s, the term "Black Friday" was used to describe the chaotic traffic that would occur as shoppers flocked to stores to kickstart their holiday shopping.

Brown paper box on red miniature shopping cart and laptop on wood table,Online shopping order from site over internet,E-commerce concept.

Over the years, Black Friday has transformed into a global phenomenon, with retailers offering significant discounts and promotions to lure in consumers. However, as its popularity has grown, so too has the controversy surrounding it. Many consumers question whether Black Friday is truly a bargain or just a clever marketing scheme.

Are the Deals Real?

The main allure of Black Friday is the promise of unbeatable deals and discounts. But are these deals really as good as they seem? According to some studies, many Black Friday deals are not unique to the day or even the holiday season. In fact, some items may be cheaper at other times of the year.

Financial growth graph. Sales increase, marketing strategy concept.

Retailers often use a tactic known as "price anchoring". This involves setting a high original price, then offering a discount off that price. This makes the deal seem more attractive, even if the final price isn't significantly lower than what it would be at other times.

The Influence of Consumer Psychology

Black Friday taps into powerful psychological triggers that can lead consumers to spend more than they originally intended. The sense of urgency created by limited-time offers and the fear of missing out can cause consumers to make impulsive purchases.

person in white shoes standing on gray concrete road

Furthermore, the social aspect of Black Friday – the shared experience of hunting for deals, the tradition of shopping with friends and family – can also contribute to overspending. The excitement and competition of the day can make it easy to forget about budgets and financial goals.

So, Is Black Friday a Con?

The answer to this question largely depends on how you approach Black Friday. If you go into it with a clear plan, a set budget, and a thorough understanding of the true value of the products you're interested in, you can potentially snag some great deals. However, if you're easily swayed by marketing tactics and pressure to buy, you might end up spending more than you save.

Black Friday shopping

Final Thoughts

Black Friday can be a great opportunity to save money on items you've been eyeing all year. But it's important to approach it with a healthy dose of skepticism. Do your research, know your budget, and don't let the hype cloud your judgment. Remember, a deal is only a deal if it's something you were planning to buy anyway.