November 24th is “Black Friday”. Retailers make billions in sales with this. Are the “discount days” advertised for weeks also valid for consumers?
Where can I save on Black Friday?
The Internet comparison portal idealo compared Black Friday prices and the associated savings potential in 2021: almost 10,000 products were 62% cheaper; but on average only 5%.
Good to knowAccording to Idealo, out of almost 10,000 products, 5,600 were cheaper on another day in November 2021 than on Black Friday itself.
Consumer advocates criticize advertising pressure
November is a really convenient month, every year: with Cyber Monday, Singles Day, Early, Black Friday, etc. These days retailers are fighting a real battle among consumers.
Criticism of these days of action comes from consumer advocates. “Retailers apply strong pressure through advertising and by limiting products. This means that consumers are more likely to be tempted to buy,” says Micheal Hummel, consumer advocate at the Leipzig Consumer Center.
Consumer psychologist: We are vulnerable to discounts
From a psychological point of view we are simply sensitive to discount campaigns, says Prof. Dr., market and consumer psychologist. Giorgio Felser. “We don’t like to lose anything,” he explains. When prices drop, potential savings opportunities open up.
Not taking advantage of this opportunity gives some people the feeling of wasting an opportunity and therefore missing out. “If we then believe we can avoid this loss that we would otherwise have had by accepting the agreement, then we obviously find it even more beautiful”, explains the consumer psychologist.
Two crucial discounting tricks used by retailers
To attract customers to stores, retailers use various discount tricks. On the one hand, the price of items is reduced in the hope that other goods will attract the attention of consumers in the area. “For example with discounted butter. This means that consumers come to the supermarket and then buy much more,” says Prof. Dr. Erik Maier from the Leipzig Chair of Marketing and Commerce.
On the other hand, the focus is on impulse purchases. The focus here is on the individual product that is intended to pique the interest of buyers. We’re talking about impulse discounts here. “So I would have to convince myself to buy this item at the highest possible discount, even though maybe I don’t need it at all,” Maier says.
Recognize really cheap offers
- Specifically purchase previously selected products
- Compare the prices of some products in advance
- Place a price alert on comparison portals to receive notifications about the prices you want
- Be careful when paying online in advance: prefer Paypal or invoice
- Check the footprint of online retailers to avoid falling for fake stores
MDR (cbr) | First published November 22, 2022.
This topic in the program:MDR TELEVISION | Look around | November 22, 2022 | 8.15pm