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5 Tips on How to Outsmart this Black Friday

Black Friday is no longer just one day – it has developed into weeks of exclusive, time-limited deals that our brains have a hard time resisting. It’s important to be aware of the marketing tricks that are being used. This can prevent us from overspending or buying things we will later regret.

According to Intrum’s ECPR report (2023), the rising cost of living has made 65% of European customers more aware of how much they spend on things they don’t need, such as digital subscriptions and takeaway coffee. Furthermore, the report shows that 67% are more inclined to buy the cheapest possible alternative of a product or service than they were 12 months ago. 
 
Being more financially conscious and restrictive might make you think you won't fall for the Black Friday marketing ploy, but we also know from behavioural science that "knowing is half the battle." 

Being aware is the first crucial step, but then we also have to resist falling for the marketing traps, which is a whole other story.
Beatrice Widmark, Behavioral Scientist, Whateverland

Here are 5 tips on how to become a more conscious shopper this Black Friday and, thus, avoid a financial hangover: 

  • Delete, delete. Remove things that can trigger you to buy. Unsubscribe from newsletters with tempting deals, block websites that you find yourself checking out all too often, mute big brands on social media during the sales period and, last but not least, delete your card information from your browser. 
  • Get an overview. Create a budget (today) and stick to that rigorously. Don’t find excuses to stretch the budget – hold yourself accountable and think of a budget as a tool that will prevent you from making too hasty shopping decisions while at the same time helping you reach your financial goals. 
  • Pause and think. Especially online, it’s easier than ever to make purchases – just a few clicks. To make more intentional purchases, always ask yourself: why do I buy? Is it simply to chase the excitement of a new purchase? 
Looking at whether a purchase is truly a need or more of a want, is the secret sauce to understanding the motivation behind a purchase. It’s about taking control and feeling more mindful in our purchase decisions.
Beatrice Widmark, Behavioral Scientist, Whateverland
  • Focus on your goals. 45% consider themselves able to set financial goals and targets (ECPR, 2023). Yet, when seeing all the lucrative deals during sales, it can be tempting to save less or even “borrow” from one’s savings to be able to afford to buy discounted goods. However, buying something we don't need so that we don't miss out on a fab deal isn't really a way to save. It's spending money we shouldn't have spent in the first place.
  • Buy experiences instead of things. If you participate in Black Friday this year, consider earmarking some of your budget for experiences. Studies show that buying experiences make us more happy, not only after purchase but also before [1]. Buying things may feel good initially, but making memories and sharing experiences with others is often more rewarding in the long run [2]. And the best thing is, the experiences don’t have to be expensive to create these positive effects. In the end, getting the time together with loved ones is what counts. 
  • [1] Kumar, A., Killingsworth, M. A., & Gilovich, T. (2014). Waiting for Merlot: Anticipatory Consumption of Experiential and Material Purchases. Psychological Science, 25(10), 1924–1931. doi: 10.1177/0956797614546556
  • [2] Van Boven, L., & Gilovich, T. (2003). To Do or to Have? That Is the Question. Journal of Personality and Social Psychology, 85(6), 1193–1202. doi: 10.1037/0022-3514.85.6.1193

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