Black Friday deals: Smart savings or mindless consumption?

The frenzy of Black Friday is around the corner with retailers slashing prices and consumers scrambling for deals. 

But beneath the surface of these “can’t miss” discounts lies a pressing question: Is this event a genuine opportunity for savings or a peak of modern consumerism driving unnecessary spending?

The event has evolved from a simple post-Thanksgiving sale into a “cultural spectacle centered around consumption” as described by a research on “A review on the cause of black friday consumerism” published in Journal of Education Humanities and Social Sciences.

The phenomenon is further fuelled by marketing tactics that psychologically shape consumer behavioural principles.

Black Friday deals are driven by powerful psychological triggers including the desire for a good deal, the fear of missing out (FOMO), and social pressure to participate. These triggers collectively create a perfect storm for excessive purchasing.

Retailers strategically utilise the psychological tactics into these impulses using limited-time offers to create a sense of urgency that can cloud judgment.

According to a study conducted by WalletHub research, 36% of online items listed on black Friday deals usually offer no savings as compared to their pre-black Friday.

As reported by NBC 5 Chicago, mostly retailers create an illusion of big discounts by marking items down from inflated original prices that were rarely, if ever, changed. 

This creates a false belief that they are saving more money than they actually are. If a discount is really offered, the average ranges about 24% as described in the study.

Responding to these over-consumption deals, counter-movements like "Buy Nothing Day" have emerged, advocating for a conscious rejection of the spending frenzy.

These movements signify growing concerns about the environmental impact of mass consumption, from resource depletion to increased waste, and question the true cost of cheap goods.

The narrative of Black Friday as the best shopping day of the year is a powerful marketing construct. In the end, the most valuable purchase may not be a discounted item, but a moment of reflection on what we truly need.