Teach Your Child Smart Spending Habits During Sales Season

Black Friday: Raising Savvy Shoppers

Updated April 27, 2023

An Intro to Sale Psychology and Good Money Habits

After a cozy, calorie-induced stupor of gratitude and family bonding, Black Friday hits us with a tidal wave of materialism.  Retailers, it seems, are yelling at us to spend.  Doorbusters! Super sales! Buy now or regret forever! 

How do we teach our kids to be savvy shoppers and practice good money habits when stores are begging for our money and attention?  What better way to start than by examining the psychology behind Black Friday ourselves...  

We all know everyone loves a good deal.  Even if you are getting a lower price on an item you don’t even need, on some level, any purchase at a discount is still inherently satisfying.  Because of clever marketing, consumers feel a rush to purchase on this one day of discounts, even though holiday sales run for days or even weeks on end.  In fact, most retailers have sales periodically throughout the year as seasonal items fluctuate in prices and consumer demand shifts.  

The rush to buy is simply a product of an unfounded fear of missing out on a once-a-year deal, and when shoppers spend money, they tend to keep shopping on other items.  In short, shopping begets….more shopping.  Doorbuster sales are specifically designed to get consumers in the door, where they inevitably shop for other items and spend money they hadn’t budgeted to start. 

W.K.S.K. (What Kids Should Know)

WHAT IS BLACK FRIDAY?

As the legend goes, retailers traditionally operated at a loss, or “in the red,” until the Friday after Thanksgiving, when huge profits from discounted items put them back in the “black,” or making money again.  Decades later, retailers turned this myth into a consumer holiday of sorts, encouraging shoppers with promotions, sales and store-wide discounts.  

WHAT IS A SALE?

A sale is when stores offer items at lower prices.  “If a Lego set is usually $25, it might be offered for $19.99 during a sale.”  Sales also encourage people to purchase items, even if they don’t really need them.  

The Takeaway

Just because something costs less than usual, it doesn’t mean we should purchase it.  The solution to this shopping feeding frenzy? Make a list of items and gifts that need to be purchased in advance.  Shop for these items, and nothing more.  Or, walk away, both literally and figuratively.  Avoid the stores, close the laptop and hop over to the park as a family.