Shoppers are losing interest and trust in Black Friday and Cyber Monday sales, according to research published by Ireland’s consumer watchdog.
A “significantly” diminishing desire to shop in the relatively new sales window, which opens towards the end of November, has been identified by the Competition and Consumer Protection Commission (CCPC).
Only 36 per cent of those polled said they were likely to buy anything this year compared to 45 per cent in 2023, suggests the new research published on Friday.
It also points to scepticism among consumers, with just 30 per cent trusting that discounts displayed by businesses are real.
There may be a fall-off in interest and trust, but spending will still be significant – those who will partake in the sale are likely to spend up to €431 compared to €343 in 2023.
The survey, conducted by Ipsos B&A in October, is based on 1,032 interviews with consumers in Ireland aged 15 and above.
It shows how “time-bound special offers and discounts” can influence people in a negative way, with 45 per cent saying they had made unplanned purchases during a sale only to regret it afterwards.
This year the gender gap is much wider than in previous years, with 14 per cent more women than men saying they were much more likely to buy.
Almost 80 per cent of Black Friday shoppers will research the advertised discount of the item before buying, especially among those over the age of 45. Young people by contrast are more likely to trust advertised discounts and less likely to research prices, which may make them vulnerable to bogus deals.
[ Black Friday is nothing more than Bleak Friday when it comes to environmentOpens in new window ]
“We know that time-bound discounts and special offers can really tempt consumers into making purchases that they wouldn’t usually make,” said the CCPC’s Grainne Griffin.
“While numbers are down, over one-in-three consumers are planning on shopping in the upcoming Black Friday sales, with most of them making a start on their Christmas shopping.
“We strongly encourage consumers to plan before they shop, create a list, stick to a budget, and check companies’ returns policies. Consumers should also take particular care when shopping online, making sure they buy from well-established businesses based in Ireland or elsewhere in the EU.”
Ms Griffin pointed to very strong legal requirements on businesses when displaying discounts. “They must be genuine and clearly show the consumer the prior price,” she said. “References to ‘recommended retail price[s]’ or RRP cannot be used to mislead consumers into thinking that a product has been discounted.”
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
