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Posted by Ben Voyer @drbenvoyer at 5:54 - 1 Comments

Every year, seasonal promotions come back, and every year, consumers wonder: should I buy or should I not?

Originally a Northern American concept, gravitating around the Thanksgiving holiday, Black Friday is now synonymous with sales even in parts of the world that do not celebrate Thanksgiving. Why? Primarily because consumers are always savvy and looking for discounts and sales. In fact, most consumers find it difficult to resist discounts. The larger the discount, the more consumers will consider a product or service, even if they do not really need the product. There is also a social influence component to explain the success of these types of sales. Buying is often related to displaying one's power and status. Therefore, if every one else is buying, that is displaying their power and status, one will certainly want to compete and do the same!

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