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There are three ways to get into Black Friday sales

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Imagine you put on an old coat you haven’t worn in a while, and to your surprise find a crumpled $20 bill in your pocket. Is it good? How does it feel?

Let’s imagine a different scenario. You’re buying ice cream from an ice cream cart, and take out a $20 bill to pay. A gust of wind suddenly sweeps the ice cream from your hands and into a nearby sewer grates. How does this affect your mood on the 1-to-10 scale?

If you’re like most people, you feel much worse over losing $20 than about gaining $20. This is known as loss aversion. Cognitive biases are dangerous judgment errors made by behavioral scientists.

One of the key reasons our minds are sucked into Black Friday and Cyber Monday sales is loss aversion. Research shows that retailers know that our instinctive reaction to losses is to avoid them. However, this drive can be twice as strong as our desire to make profits. Short-term sales are available only on Black Friday and Cyber Monday. This taps into our deep intuition to safeguard ourselves from losing the opportunity.



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