Black Friday : An Analysis from Consumers' Perspective

BLACK FRIDAY: WHAT ARE THE CONCERNS OF PEOPLE??

Since Black Friday is nearby, people are tweeting their feelings, needs and wants while waiting for that day. We have analyzed the concerns people have manifested on Twitter, the most important are:?

• People want to shop on Black Friday even though they can not afford it.

We all know that Black Friday is, at least theoretically, the period in which we can buy products with great discounts. The problem that is affecting many people is about money: How can I buy products If I have zero in my bank account?

In a recent survey by Bank of America, 23% of consumers say they intend to do the bulk of their holiday shopping on Black Friday. However, the majority can’t afford products even with Black Friday deals.

We have analyzed the sentiment regarding Black Friday related to bank account and it’s totally negative:

1. Who has the money is going to spend them all during Black Friday and Cyber Monday

2. Who does not have the money is extremely sad not to be able to buy products.

Why do we all want to buy products during Black Friday?

• Fear of missing out. Though Black Friday now tends to be spread over several days (especially online), not taking advantage of a discount that is only available for a limited period makes us act on impulse.?
• Peer pressure. We probably buy more on Black Friday because everyone else is doing it. This is known as the cluster effect, where we make decisions that have been subconsciously influenced by others.?
• The need for now. This is the reason we have no problem spending money on Black Friday. We see buying items at discounted prices as a reward that overshadows saving for the future or hitting a financial target.
• Price expectations. Special offers are what make Black Friday so appealing. Our temptation outweighs any real need or use we have for an item. Because we buy so as not to pass up the opportunity, it’s not surprising to find stashed away things we only bought because of a discount.

Do we really need Black Friday?

Many consumers love to get a bargain, but some feel that events like Black Friday encourage people to buy things that they don’t really need and can’t afford. Many people seem to completely lose control of both their spending and their tempers.?

• At the time of the Covid-caused crisis, people are arguing about why we still celebrate Black Friday Shopping Day

Is it really necessary? This is what people are wondering about. Still in a pandemic period, where all the festivities are not celebrated because of this situation, why Black Friday has been spared? The answer is quite easy: This day meanwhile attained a status of being indispensable for shoppers and businesses.?

There are 2 sides of Black Friday:

• On the one side, Black Friday and the period until Cyber Monday can be a great opportunity for your business to attract some customers who are receptive to spending their holiday budget.?
• On the other side, especially when you are running a smaller company, it is hard to attain sales in the arena with big multinational brands that fall back on huge budgets. The line between providing excellent deals and being profitable at the same time is for small businesses (SMB) often very thin. Aggressive price slashing is one of these games an SMB can’t win. It is also argued that Black Friday is bad for small shopkeepers, who cannot afford to offer the kinds of price cuts that the big companies can.?

Someone defined Black Friday as a “grotesque exercise in consumerism” while someone else also stated:?

“Do not participate in Black Friday. Take a stand! #FightBack Identify large corporate schemes such as Black Friday to get the consumers (us) to spend more money. If you're used to doing something on Black Friday with family members and/or friends, do something else!”

This year is unique because people are returning to pre-pandemic behavior.

In addition to Bank Account related concerns, the Credit card is also another topic related to the concerns of consumers :

Debit and credit cards have been tested during this period. Anyone with a credit card is get the most out of it to do shopping.?

There are Pros and Cons emerged from Black Friday.

Pros:??

• Great Deals
• Family or Friends reunions
• Some people look forward to Black Friday every year as a way to spend time with their close friends and family while shopping for holiday gifts.?
• A sort of Entertainment
• For those who take it seriously, it can provide hours of diversion and entertainment. Some people consider it a hobby of sorts.?
• Jobs to Retail Employees
• While some people are bothered about the fact that retail employees often end up working on Thanksgiving to prepare for Black Friday, it does provide a job and an income to many retail employees.

Cons:

• ?It Detracts from Thanksgiving
• One of the main arguments against Black Friday is that it flies in the face of the meaning behind Thanksgiving. Thanksgiving is all about being thankful for everything in our lives. Then, just a few short hours later begins the biggest consumerism-focused day of the year.???
• Deals or not Deals?
• While there are some great deals to be had on Black Friday, not all items are at their lowest price. For example, some items might reduce their price even more as Christmas approaches. Then there’s also the issue of quality.?
• It Can Lead to Overspending
• The sense of urgency and immediacy created by the fact that these “deals” will only be available on Black Friday can lead to overspending. This can encourage people to spend money now rather than sticking to their plan. Thinking very carefully about whether shopping with a credit card on Black Friday is the best approach for you.
• Lines and Crowds
• One of the things people dislike the most about Black Friday is the huge crowds of people all vying for the same items. Some people wait outside in the cold just to save a few dollars.
• Bring out the worst in somebody
• The biggest con of all may be the increasing trend of violence during Black Friday events in recent years.?

In conclusion, Black Friday is a controversial day. We have analyzed the most crucial concerns people have highlighted on Twitter. There is a financial issue that businesses should consider. Tweets on people’s thoughts, concerns and wants are fundamental to get into consumers’ minds and hearts, to understand deeper what you can offer to them and to make the most of these personal opinions.??