How not to overspend at sales: Ways to avoid retailer tricks, cognitive biases that make you binge during festive season

economictimes.indiatimes.com:

Sale may not be your regular crusty four-letter word, but it packs quite a punch. Within sniffing distance of festive season, it sends adrenaline racing and minds gearing to succumb to temptation. Triggering a spending mania that grips the entire nation, it knocks over well-laid budgets, disrupting cash flows and relationships, while lifting the fortunes of retailers and sellers.

So, it’s no surprise that Flipkart’s The Big Billion Days sale, from 8-15 October this year, recorded 1.4 billion customer visits, with its Plus memberships reportedly witnessing a 60% increase over last year’s sale.

Meanwhile, Amazon’s Great Indian Festival 2023 saw 9.5 crore customer visits in the first 48 hours, with Prime members shopping 18 times more in the first 24 hours of early access than the average daily purchases. This, as Myntra’s sale waits in the wings to unleash its offerings, and countless other online marts cash in on the sale fever.

The blitzkrieg that starts with massive online sales in October, lingers on till the end of the year, peppered with offline sales across malls and markets. Bombarded with ‘blockbuster deals’, ‘instant discounts’, ‘up to 89% off’, ‘no-cost EMIs’ and cashback offers, customers are ill-equipped to resist the urge to spend.

“It’s impossible not to be swept up in the hoopla created by the big brands and people around you. Also, everyone wants to feel good around festival time and one of the ways to do so is to spend,” says Dinesh Rohira, CEO and Founder, 5nance. Agrees Dr.