The Black Friday of buy now, pay later

For Black Friday, many people mark up the prices of products they have been interested in since September, in stores and online. Behind this at first sight rational behaviour lies the 'pleasure of the offer' studied by psychologist Richard H. Thaler, Nobel Prize winner in economics. Knowing that one is buying an object at a lower price than the initial request generates an increase in self-esteem; therefore, pleasure is linked to the bargain, not only to the possession of the good. Pleasure is also linked to the purchase itself. Two neurotransmitters are activated: dopamine and oxytocin. Dopamine is the molecule responsible for joy, which is activated in the pleasure we feel when we possess an object or simply when we are the centre of attention, including through a purchase. Oxytocin, the hormone of attachment relationships, is activated in purchases made as gifts.

Buying gratifies between the hedonism of giving yourself pleasure, giving pleasure to the people you love and feeling smart for having made a bargain.

Black Friday is a strong push for impulsiveness, perhaps after months of cost-consciousness. Estimates by the School of Management of the Politecnico, indicate a growth of +9 per cent compared to 2023. The most purchased products are: clothing, beauty products, food and wine, household items and travel.

Among the trends that are revolutionising this Black Friday is the phenomenon, quite unprecedented for Italy, of 'Buy Now, Pay Later', a fast-growing dynamic that alleviates the psychological burden of payment, radically changing the dynamics between customer and retailer. Paying, from a neuroscientific point of view, is much more than an economic gesture. It is an experience that generates stress and even physical pain, activating the same brain areas responsible for the perception of bodily pain. It is an opposite and conflicting dynamic to the pleasure dynamics described above. And it is here that the phenomenon of 'buy now, pay later' comes into play, capable of intervening in this psychological mechanism of payment pain. By postponing or deferring payment, the consumer experiences a lower level of stress and greater satisfaction related to the purchase.

Buy Now, Pay Later is not just a financial option, but a psychological lever that amplifies the pleasure of buying on Black Friday. The pleasure is enhanced by the feeling of financial control. Consumers reduce post-purchase guilt and regret through the perception that they have better managed their budget. According to the ScalaPay Observatory, there is a +55% increase in this shopping mode during Black Friday compared to the rest of the year.