November 24 is “Black Friday.” Retailers make billions in sales from this. Are the “discount days” that have been announced for weeks also worth it for consumers?
Where can I save on Black Friday?
Internet comparison portal idealo compared prices around Black Friday and the associated savings potential for 2021: almost 10,000 products were 62% cheaper; but on average only 5%.
Good to knowAccording to Idealo, 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 every year a real month of bargains: Cyber Monday, Singles Day, Early, Black Friday, etc. Retailers have a real battle among consumers these days.
Criticism of these days of action comes from consumer advocates. “Retailers exert great pressure through advertising and limit products, which makes consumers more tempted to buy,” says consumer advocate Micheal Hummel from the Leipzig Consumer Center.
Consumer psychologist: we are vulnerable to discounts
Psychologically we are simply susceptible to discount campaigns, says market and consumer psychologist Prof. Dr. George Felser. “We don’t like to lose anything,” he explains. When prices fall, potential savings opportunities open up.
Not taking advantage of this opportunity gives some people the feeling of wasting an opportunity and thus losing something. “If we believe that we can avoid the loss that we would otherwise have suffered by accepting the deal, then of course it seems even bigger to us,” explains the consumer psychologist.
Two Crucial Discount 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 catch the attention of consumers in the area. “For example, with discounted butter, which means that consumers come to the supermarket and buy much more,” says Prof. Dr. Erik Maier from the Leipzig Chair of Marketing and Commerce.
On the other hand, there is a focus on impulse purchases. The focus here is on the individual product that is intended to arouse the interest of buyers. We’re talking about impulse discounts here. “Therefore, I should be convinced to buy this item at the biggest discount possible, even if I don’t need it at all,” Maier says.
Recognize really cheap offers
- Specifically purchase previously selected products
- Compare prices of certain products in advance
- Set a price alarm on comparison portals to receive notifications of desired prices
- Be careful when paying online in advance: prefer Paypal or invoice
- Check the imprint of online retailers to avoid falling for fake stores
MDR (cbr) | First published November 22, 2022.
This topic on the program:MDR TELEVISION | Look around you | November 22, 2022 | 20:15