The Hidden Psychology of Black Friday

We’ve all seen it — grainy footage of frenzied shoppers wrestling over Black Friday deals. The reality of this modern tradition often resembles the most harrowing of horror-movie scenes. But what is it that drives consumers to such crazed behaviour and what is behind the psychology of Black Friday?

5 Effects That Explain the Psychology of Black Friday

1. FOMO (Fear Of Missing Out)

In the lead up to Black Friday, stores flood social media with bargain deals. They also receive substantial attention from news channels. This media saturation exerts a powerful influence over consumers, creating the impression of a major social occasion and establishing a Fear of Missing Out.

2. Scarcity Effect

Retailers are experts at communicating product scarcity. For example, how many times have you heard the phrase “buy whilst stocks last” and “selling out fast,” only to be told the same thing the following week? The ‘Scarcity Effect’ causes individuals to place a higher value on scarce objects and a lower value on those readily available.

3. Social Proof

Why do some people spend all night queuing outside a shop? Because other people do, too. ‘Social Proof’ describes how, when individuals are unsure how to behave, they will often look to others for reassurance.

Have you ever joined a queue without knowing exactly what it was for?

4. Commitment and Consistency

So, you’ve driven to the store, jostled with the crowds, and searched the shelves for bargains - are you going to leave empty-handed? I didn’t think so. This feeling of investment is referred to as ‘Commitment and Consistency.’

5. Anchoring Effect

Black Friday prices are already cheap, but how do the shops make them look even cheaper? Shops often display the original price of the product ($59.99) struck through above the new reduced price ($39.99). The Anchoring Effect describes the way individuals use the first piece of information they are presented with as a point of reference when making judgements about subsequent pieces of information.

How to Apply the Psychology of Black Friday to your website

The psychology of Black Friday is filled with Cognitive Biases. Retailers know that these effects will boost sales, leading consumers to make choices based on feelings rather than calculations.