Too many shoppers buy items on sale because of sale signs offering buy one get one, or BOGO. The consumer’s fear of missing out, or FOMO, lets retailers pick the pocket’s of consumers.
With the holidays and the major shopping season here, one question comes to mind: are what people buying really amazing deals? And most of the time, that answer is resounding no.
Consumers just aren’t as aware of how much they are paying for a product when they see it is on sale.
Retailers know consumers are willing to spend more money at this time of year, and so they put items on sale for that reason.
People rarely check if they are getting a deal and retailers rely on the consumer laziness and trust.
Retailers hope consumers won’t calculate the real price and compare it to similar products to find the best deal. Retailers expect most people to see the sales sign and grab it immediately, and they are not wrong.
Consumers may see retailers advertise 40 percent off a product, and consumers snatch it right up because they’ve never seen a discount this high, but does the consumer really need that?
Consumers buy just for the sake of buying and that feeling of success that they’ve saved money. But was any money saved at all?
Most people buy stuff they don’t need and that money they tried to save ends up wasted.
Retailers also use the BOGO, buy one get one model. “The Psychology Behind Sale Shopping” article notes that consumers buy more than they need with BOGO model and often end up paying full price because they don’t end up using the second item.
Consumers fall for these tactics also because of the fear of missing out. This feeling is amplified by days like Black Friday since retailers advertise limited stock for heavily discounted items.
Store fronts catch the consumer’s attention and draws them in with advertising up to 50 percent off.
The consumer expects to see something 50 percent off and go looking for a product, yet while shopping they often pick up items slightly discounted and leave with stuff they didn’t intend to buy.
Retailers play sneaky tricks to squeeze more money out of consumer’s pockets. But it is up to the consumer to think and decide if the deal is for them.
While it may be more work for consumers to calculate an item’s actual price, deciding to forgo BOGO and FOMO, in the end, the money saved could be worth a pretty penny.