KNOXVILLE, Tenn. (WVLT) – Black Friday sales are a great way to save money on holiday shopping, but the day can also cause some consumer depression, according to Bob DuBois.
Bob DuBois, a professor of psychology at the University of Tennessee, said that Black Friday deals lead people to look for things that make them happy, and then quickly discover that there isn’t enough to keep them happy.
A psychological concept is called the “hedonic treadmill.”
“I buy a new iPhone 13 and feel great — on top of the world — and then the new model comes out and I feel less than,” DuBois said.
According to Chain Store Age, Tennessee is the seventh most obsessive state in the country about Black Friday deals. The company looked at Google Trends data on keywords frequently used by people interested in Black Friday.
Kristy Archuleta, a financial coach, says Black Friday also makes people feel depressed and overwhelmed.
“We see this all the time where people overspend, didn’t really have a plan for what they were going to do,” Archuleta said.
The holiday season can account for 20% or more of annual sales for many retailers, according to The Balance.
The fear of missing out on these deals can also cause anxiety. According to DuBois, some companies may try to get you to spend more by giving shoppers a bargain on items they plan to lose money on.
Archuleta says deep breathing exercises, calming your mind and mentally preparing yourself for the Black Friday deal won’t happen can help you manage stress.
“Have a plan to walk away, go do something different, whatever it takes to create success for yourself and maintain those boundaries,” Archuleta said.
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