“…Just as O’Sullivan (2016) argued that “eccentricity, profanities, suspension of hierarchies and emotion bond” are the four features of “carnival,” consumers often enjoy playful carnival promotion activities, such as shopping games, gifts, and shows, and share their pleasure with others. Second, the trading volume and transaction amounts will be considerably enlarged ( Yu et al, 2018 ) due to the dramatically increased number of participating merchants ( Liao et al, 2022 ) and much bigger discount magnitude than during general promotions, even reaching half-price or less ( Xu et al, 2015 ), as well as the overwhelming increase in advertising on television, the internet, social media networks, and newspapers. Furthermore, the number of participating consumers will increase dramatically since herd behavior is evoked ( Liao et al, 2022 ).…”