Tempted by the amazing bargains being offered for the post Thanksgiving sales?
Your kids are too!
The terms Black Friday and Cyber Monday may cause your adrenaline to spike because of the accompanying marketing of promised discount prices and huge savings. However, a recent article in The Conversation seems to suggest the extent of savings made by shoppers on these days is highly questionable.
Black Friday vs Cyber Monday
Black Friday (November 23rd) — is a day regarded as the first day of the Christmas shopping season, on which brick-and-mortar stores discount products heavily. This day occurs the day after the US Thanksgiving holiday.
Cyber Monday (November 26th) — is a day which continues the ‘Black Friday’ event, by moving the discounted shopping online. It occurs the first Monday after Thanksgiving.
What does The Conversation say?
The Conversation article discusses the marketing tricks that retailers employ to get the most out of their buyers on Black Friday (and therefore, Cyber Monday).
It also refers to ‘price point’ and ‘timescale’ manipulation — frequently used techniques by marketers — and how these impact the buyers’ success in sticking to their planned purchases; essentially they are intended to increase impulse buying.
The article draws attention to a research survey that found 80 per cent of participants said they purchased products that they did not intend on buying during the Black Friday event.
Interestingly, this impulse buying may not just be linked to clever marketing, but also by the ability of shoppers to experience FOMO (fear of missing out) or buyer’s remorse.
What does this mean for families?
The concern for families regarding Black Friday and Cyber Monday stems from the fact that the marketing is so clever around this time of the year and can, therefore, make this a difficult time of the year for children especially to navigate their purchases (in store and online) safely.
For example, popular gaming sites like Steam or apps with in-app purchases might promote discounts or deals directly targeting children while putting pressure on them to ‘Buy Now’ before the offer runs out.
The Conversation article shares four practical ways which can help any savvy shopper (child or adult) stick to their planned Christmas purchasing agenda.
The four-step process is as follows:
Make a list of items you plan on buying.
Make a budget that you can rigidly stick to.
Make a Black Friday spending pot (separate your bank accounts), and
Make time to rule out making snap decisions.
For a detailed version of this list visit The Conversation article here.