We are fast approaching that time of the year when ‘unbeatable’ Festive Season offers will fill up our screens and inboxes. This will follow hot off the heels of ‘limited time only’ Black Friday specials which are ‘unmissable’. For many, it’s an opportunity to get that must-have item for an absolute bargain. Those who receive their bonuses ahead of time may experience a bigger flutter of the heart. Afterall, over an exhilarating few weeks they can make full use of the seemingly endless bargains, in preparation for the season of giving, hosting family and friends and travelling.

Here are the T’s & C’s though – when you think it’s a bargain you may need to think again. It all comes down to how we think about shopping, and the triggers marketers use to evoke overwhelming emotions within us.

The psychology behind a bargain

Many of us consider ourselves super-smart and seasoned shoppers who are not easily misled down the aisle. However, as Zig Ziglar, the acclaimed author and salesman once said “People don’t buy for logical reasons. They buy for emotional reasons.” This decades-old quote is still being taught to marketers and the very stores that want to ‘bring you joy this festive season’. For example, after decades of seeing price points that end with R0.99, our brains still round off the price to the lower number. Even though we all know full well that R299 is R300, it’s that number ‘2’ that grabs our attention and keeps it. The adrenalin rush and endorphins of getting more for less overrides our thinking.

Should you follow your heart?

The simple answer is no. Yes, bargain-hunting can lead you to a deal that feels like love at first sight. Its magical to find that special price on that item you’ve been searching for – an offer that’s irresistible. Unfortunately, far too often, it’s an irrational choice we regret later. The attraction builds that moment you step in store or click on a site online. Here, savvy marketers are ready to offer you your perfect match. The ‘Buy One, Get One Free’ (BOGOF) offer is an incredible example of the psychology of shopping. Here’s what typically happens:

Logically, the offer is based on getting something for less – apparently 50% less. However, studies reveal that when we think about a BOGOF, our brains focus on what we’re getting for free rather than what we’re actually paying for. This overriding idea of ‘free’ can compel us to switch from our preferred brand or more alarmingly, we can forget the fact that we didn’t even want or need the product. Our entire focus is on getting a product for free. Then there’s the ‘limited time’ offerings, which make us feel pressed for time – a pressure to act quickly. A feeling of scarcity is created. This raises a product’s perceived worth, increasing the likelihood that we may make an impulsive buy.

Knowledge is buying power

To avoid the traps many shoppers fall into, it helps to do your research before you enter the store or site. Simply Google comparative sites like your wallet depended on it. If you’re monitoring prices beforehand, you’re much more likely to avoid being ‘triggered emotionally’ into buying what you do not want. Of course, as we all now know, we will leave cookies on this online search – a trail marketers follow with eagerness. This is where we can use our mind as the wonderful tool it is. By associating the sudden influx of ads targeted at us as a constant test of will power, we seize control. Even when we do get to the checkout stage, remember to check it out i.e., take one more glance at the purchase/s and think again.

If you’re buying online, you could even simply leave the items in the basket and step away from the site for a bit. Not only does this allow you time to rethink your decision-making but you could in fact also end up with a bonus special offer. This happens because your unpaid basket does not go by unnoticed. The stores’ intelligent analytics pick up these unchecked baskets and, in some cases, entice you to check-out by offering an added incentive or deal. This time it’s the stores that compromise and this power is the real bargain.

There are many empowering ways to take control of your journey to financial freedom. A free coaching session by a money management expert might be that bargain you’re actually looking for. Afterall, it’s always a good idea to put the power of money in your own hands.