As consumers, we all love a good deal. Whether it’s a discount code, a limited-time offer, or an exclusive deal, saving money on our purchases can be irresistible. However, many of us fail to realize that these deals might not be as good as they seem. In fact, some of them could be designed to deceive us into spending more money than we intended. In this blog post, we reveal the hidden truth behind exclusive deals and how to escape the trap of false promises once and for all.

Marketing experts have long known that people love a good deal. In fact, according to a survey by Coupon Follow, 94% of consumers say they are more likely to make a purchase if they have a coupon or a discount code. This is why retailers and marketers go to great lengths to create exclusive deals that they know will grab our attention.

In some cases, retailers will use tactics such as inflating the original price of a product or service to make the deal seem more attractive.

For example, a retailer might offer a 50% discount on a product priced at $100. In reality, the product was never actually sold at that price! This can make it difficult for consumers to determine the proper value of a deal.

Another tactic that retailers use to deceive consumers is creating a false sense of urgency.

This can be done by offering a limited-time deal or creating a sense of scarcity by stating that there are only a limited number of items available. This can create a sense of FOMO (fear of missing out) in consumers, causing them to purchase without fully considering the value of the deal.

Furthermore, retailers may use exclusive deals to upsell consumers on additional products or services.

For instance, a retailer might offer a discount on a product, but only if the consumer purchases another product at full price. This can lead to consumers spending more money than they intended or purchasing products they don’t need.

So, how can consumers escape the trap of deceptive deals?

The first step is to do your research both externally and internally. For external research, compare prices and look for reviews of the product or service to determine its proper value. For internal research, analyze all of the influences included with the product and how they may influence you internally. Never take a deal at face value. Is the product trendy? Does it satisfy other needs like your need to belong? Does that cruise look appealing because you may be participating in emotional spending? Look deep! There may be other influences and seeing the exclusive deals may be the cherry on top that drives the purchase.

Implementing the 72-hour rule can help avoid the false sense of urgency. This rule means that you wait 72 hours before your purchase to cool off from the heat of the moment. Take that time to reflect on whether or not you really want this or if it's being marketed to you in a way that deceives you to want it. Yes, finance is deep! Worry not. This is why we are here. We want you informed so you can make more knowledgeable purchasing decisions.

Remember, by being aware of common marketing tactics, researching prices, and discovering what weakens you to purchase, you can avoid falling into the trap of false promises. For more tips on boosting your budget, your life, and in this case - boosting your critical eye with deceiving deals, subscribe to our newsletter!