Black Friday is the retail industry's favorite day. It is the day people line up at the wee hours in the morning and buy products they wouldn't normally buy. Arie Kruglanski a psychology researcher believes that a major factor in the phenomenon that is Black Friday, is the theory of need for closure. Some people take a long time to make a decision then take an action based on the decision, while others are quick to make a decision and then quickly make an action. Someone's need for closure can certainly motivate them to act.
In the case of Black Friday, it motivates people who don't think about a decision as much to take action quickly. They don't consider all the factors in that moment. They simply want the product and know they can "afford" (sometimes they have to give up things to afford the product) it, so they buy it. Retailers have noticed this is the main factor behind the success of Black Friday. Which is why they make deals that any quick decision maker would go for!
Being a big fan of Black Friday I realize now that I am very much an impulsive buyer. Also, I can easily justify a purchase to myself. Knowing that I am a quick decision maker, maybe now I will try to take my time before making a decision on Black Friday. We will see how that goes..
What about you?! Are you a quick buyer or do you think things out before making a decision?
Showing posts with label Psychology. Show all posts
Showing posts with label Psychology. Show all posts
Sunday, March 27, 2011
Sunday, February 6, 2011
Gallup!
One of my favorite places to get information from is Gallup. They have been doing consumer behavior research for 75 years and have become one of the most respected research firms in the country.
One study they constantly do is the unemployment rating and what people are thinking who are unemployed. This is a study I follow because in just a few short months I will be heading out into the workforce and I like to keep tabs on what is happening out there. Gallup has just reported that the unemployment rate is currently at 9.8% (up by only 0.2%) from last month. This is almost a whole point down from this time last year when the country was at a 10.9% unemployment. The graph below shows the unemployment level over the past year.
The reason Gallup is one of the most trusted companies is that they give their survey methods and a margin of sampling error (calculates any errors that might have occurred) right on the page. For more information on this report and more articles please visit Gallup's website!
One study they constantly do is the unemployment rating and what people are thinking who are unemployed. This is a study I follow because in just a few short months I will be heading out into the workforce and I like to keep tabs on what is happening out there. Gallup has just reported that the unemployment rate is currently at 9.8% (up by only 0.2%) from last month. This is almost a whole point down from this time last year when the country was at a 10.9% unemployment. The graph below shows the unemployment level over the past year.
The reason Gallup is one of the most trusted companies is that they give their survey methods and a margin of sampling error (calculates any errors that might have occurred) right on the page. For more information on this report and more articles please visit Gallup's website!
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