(4) Consumer Psychology on Black Friday

(4) Consumer Psychology on Black Friday

• Pre-Black Friday Psychology
• The consumer during BFCM
• EXERCISE

1. Pre-Black Friday Consumer  

They start seeing ads with “Early Black Friday.”  

During November, they start to think how they’ll spend part of their paycheck, and there’s some degree of planning involved.

Assumption:

• Nov 1st to Nov 10th: full salary available, I can spend
• Nov 10th to Nov 20th: ????
• Nov 20th to December 1st: it’s BFCM and my November salary is coming very soon, so I can spend

Meta Insight:

- 93% of consumers intend to buy 1 product, BUT  

- 59% want to spend less than last year (that's what they say, but we’ll see; in theory, no one wants to spend more).

Meta:

Users are predisposed to discover new products, especially during Black Friday. Many are considering buying things they wouldn’t normally purchase throughout the year.

Meta Insight:

- SPAIN: €248 is the average spending during Black Friday.  

- SPAIN: €676 is the average spending during Christmas.

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2. Black Friday Consumer

In general, I believe this type of consumer is in a hurry.

I would avoid long videos and funnels like advertorials and stuff that “hides” the product.

• What you sell
• What the offer is

CONSUMER BIASES AND WHY WE BUY  

1. Scarcity and Urgency is what closes the deal:  

   Time-limited offers or messages like “only X left in stock” make people feel the need to buy before it’s too late.

2. FOMO (Fear of Missing Out):  

   If I don’t buy it during Black Friday, I’ll have to pay full price later… and I won’t want it then. Plus, it seems like I’m the only one not joining the party.

3. Bargain-hunting and Price Anchoring:

   Showing the original higher price alongside the discount makes the offer seem more attractive and creates the perception of big savings.

4. Social Proof:  

This has a double effect: if everyone is buying it, I’m not afraid to buy too.  

But it also triggers FOMO, as you feel like the only one not invited to the party.

5. Expectations of Big Discounts:  

Show the BIG discount in the ads.  

“The biggest discount ever”

“Biggest discount of the year”

6. Early Access is Expected:  

Offer loyal customers or your email database early access to the deals so they feel valued.

7. More Emotional Behavior:

During Black Friday, purchases are more emotional than logical. Responding to timers, etc., works better.

8. Impulse Buying:  

Don’t put too many obstacles in the buying process.

One-click checkout “Pay Now”

3. EXERCISE  

Define which of the 9 points above are relevant for you and how you will use them.

Remember:  

What you sell + What the offer is