It’s the most wonderful time of the year again. Cookies are baking, Christmas decorations are going up, and shoppers are fighting over the last TV. Nothing says “holidays” like shoppers pushing through the crowds and fighting to get that last cool gadget a la The Hunger Games.
But it’s not a post-apocalyptic novel. It’s real life. According to “Special Edition: The Psychology Behind Black Friday,” car accidents increase by 34 percent on Black Friday. We’ve all heard the stories about people being trampled or fights breaking out between shoppers.
What accounts for this? Is there any method to this madness?
Actually, yes.
The madness that comes with Black Friday can be attributed to the psychological concept of scarcity. When there are fewer resources, these resources become more valuable because people need to compete for them. A high demand, limited supply, fear of missing out, and our biological drive for survival can make us act more aggressively than we normally would in everyday life.
So how can we as businesspeople encourage a safe, successful holiday season? Be aware of the concept of scarcity, and take steps to minimize the risk of people getting hurt. Making a profit is important, but no one needs to get injured over it. That’s hardly in the spirit of Christmas.
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