Irish Black Friday spend expected to fall 14% since last year
John O’Loughlin of PwC Ireland said while 64% of respondents to the survey said they favour shopping online, a strong 36% prefer in-store shopping. Stock picture: Denis Minihane
Irish consumers will spend an average of €283 over the forthcoming Black Friday sales weekend, down 14%, from €329, compared to last year, but still more than the European average.
According to consultancy firm PwC’s survey, 73% of Irish consumers are planning on spending the same as, or less than, last year in the sales weekend. And only 14% say they will spend more than €500, whereas 20% did last year.
The average European consumer is expecting to spend €268 during the weekend.
Partner for retail and commerce practice at PwC Ireland, John O’Loughlin, said the cost-of-living pressures, including high prices, mean “Irish shoppers plan to spend the same or less during the Black Friday sales period”.
“Shoppers are increasingly seeking value, focusing on specific items and the best deals to maximise value for money in the run-up to Christmas.”
Despite the Irish being among the highest spending of the consumers surveyed, PwC said many shoppers are more selective and value-conscious, focusing on specific items and better deals, driving more value-conscious spending.
Some 62% of Irish consumers said that they are likely or extremely likely to purchase at least one item over the sales weekend, while 24% have been planning their Black Friday purchases since November.
To comply with Irish law, shops that have sales must display the prior price and this must be the lowest price in the 30 days preceding the sale.
However, impulse buying remains prevalent, with 37% of Irish consumers still shopping on impulse, which is higher than their European peers, at 30%.
Preparing for Christmas appears to be the main driver for many in the sales, with 83% of Irish consumers saying they will use the time to buy presents for the festive period. Nearly a quarter, 23%, report that they tend to buy more items and spend more on Christmas gifts during this period than they had planned.
Online shopping is the preferred option for many Black Friday consumers, with 64% saying they favour it, while 36% prefer in-store shopping.
The survey highlights that Irish shoppers use multiple sources to research and plan their shopping, with both retailers, 38%, and brand websites, 29%, playing a role to help customers find a deal. Mr O’Loughlin said:
“Delivering seamless omni-channel experiences — both online and in-store — and maintaining competitive pricing will be essential to winning customer loyalty in this peak trading period.”
Electronics and technology items are the most popular products consumers are looking to buy, cited by 38% of those surveyed, followed by adult clothing, shoes, and accessories, cited by 35%, and health and beauty, by 23%.
According to PwC, Irish consumers are less likely than their European counterparts to use credit cards or other credit services, with just 29% saying they will use ‘buy now, pay later’ options, much lower than the European average of 39%.
On returning items, 67% said they had no or fewer returns from previous Black Friday sales periods compared to other sales periods, down from 71% the prior year.
Director of retail and consumer practice at PwC Ireland, Ruth McNamee, said retail and consumer businesses that “successfully adapt to the changing shopping needs and behaviours will be best positioned to build lasting customer loyalty in an increasingly competitive market”.
The survey was conducted among 2,000 Irish and 10,000 European consumers across France, Italy, Germany,
and Turkey.
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