Black Friday is officially here, so I thought I'd re-post these images that I used last Black Friday! #behaviouralinsight
1. Anchoring. Deciding that something is a deal based on a reduced price point, without considering if you're still getting real value for money.
2. Regret aversion. Buying things on Black Friday because of a fear that, if you don’t buy them now, you may never get an opportunity like this again.
3. Percentage neglect. The general inability of most people to accurately calculate percentages, especially ones that involve subtraction.
4. Restraint bias. Over-estimating your ability to show restraint in the face of a bargain, even if the thing you’re buying isn’t something you really need.
5. Loss aversion. Black Friday is a 'flash sale’ and if you don’t act now, the offer will be taken away. The fear of losing out on the deal has an incredible pull.
6. Hyperbolic Discounting / Present Bias). It’s all about today. The bargains may not be around in the future, so you can’t wait. Plus, that immediate gratification feels really good!
7. Finally, the full image in all its glory! Enjoy.
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