Nearly two-thirds (64%) of Irish consumers will likely go bargain hunting over the Black Friday/Cyber Monday period - says PwC Black Friday study

64% per cent of Irish consumers will likely go bargain hunting over  the Black Friday/Cyber Monday period and purchase at least one item (Europe: 64%).  On average, Irish consumers plan to spend €329 over the period, more than all other European countries surveyed (Europe:  €277). A fifth (20%) of Irish consumers will spend at least €500 or more during the period (Europe: 14%).

Irish bargain hunters have marked 29 November in red in their calendars this year: Black Friday falls this Friday, 29 November with retailers enticing shoppers with special offers and discounts aimed at driving both store footfall and online traffic. The shopping event, which originated in the USA, is firmly established in Ireland and Irish shoppers are making specific preparations. 

36% of Irish consumers said that they are planning to spend more compared to last year’s  Black Friday/Cyber Monday period, ahead of European counterparts (30%). Key reasons for this include higher prices as well as being hopeful of getting good deals.

At the same time nearly half (46%) will spend the same (Europe: 48%) and 18% will spend less compared to last year (Europe: 22%). Irish consumers cite the key reasons for spending less is having less money to spend while being cautious about their spending, reducing the number of things they own and not believing that they will get a genuine deal. 

A fifth of Irish consumers (20%) intend to rely on a ‘Buy now, pay later’ service to finance their Black Friday/Cyber Monday purchases (Europe: 19%). 

November is the key month for planning Black Friday spend with 56% undertaking their planning before or during the week of Black Friday (Europe: 52%). 25% do not plan ahead (Europe:31%).

These are some of the key findings from a PwC study of 2,000 Irish consumers by age and gender carried out across the Republic of Ireland alongside similar research in five other key European countries, published today.  The study aims to establish shopping trends during the Black Friday/Cyber Monday period including how much is spent, online vs bricks-and-mortar and sustainable shopping. European percentage comparators are for the average of all European countries surveyed. 

John O’Loughlin, Leader, PwC Ireland Retail & Consumer Practice, commented: “Black Friday/Cyber Monday remains an attractive shopping event that has become an integral part of the Irish consumer landscape. Many Irish consumers will look to avail of good deals and do a large part of their Christmas shopping during this shopping period. Understanding how Irish shoppers engage with both the store and online creates the opportunity for retailers to shape product and promotional strategies in a way that will resonate across this Black Friday weekend.”

A good deal means a price reduction of between 25 and 50 per cent  

Over half (52%) of Irish consumers are of the view that a bargain means a price reduction of between 25 and 50 percent (Europe: 45%) of which 22% think that a good deal is a discount of around 50 percent (Europe: 18%). 

Irish consumers get more frustrated when shopping over the Black Friday period than their European counterparts on a number of issues.  22% of Irish consumers said that they are unhappy about excessive queues, stock running out and stores being too busy (Europe: 19%).  A fifth (20%) are not confident that they will get a genuine deal (Europe: 19%). 14% say that there is too much advertising in the lead up to Black Friday/Cyber Monday (Europe: 12%). Over one in ten (13%) are frustrated by longer delivery times than expected, more than European counterparts (11%).

Majority use Black Friday for Christmas shopping 

One in two (51%) Irish consumers said that they expect to purchase at least half of their Christmas presents during the Black Friday/Cyber Monday period (Europe:53%). 72% will use it to shop for family (Europe: 70%). When it comes to Christmas shopping, over a third (35%) will buy more items with the same budget (Europe: 35%). More Irish than European consumers reported that they tend to spend more on Christmas gifts than they had initially planned during the Black Friday period (Ireland: 25%; Europe: 21%). 

Stores  remains highly relevant but Online is key over the Black Friday period

A large majority (77%) of Irish consumers said that it is important that they can shop both online and in bricks-and-mortar stores during the Black Friday/Cyber Monday period (Europe: 73%). 

At the same time, over half (52%) of Irish consumers’ Black Friday budget is invested in online purchases that are delivered to their home (Europe: 56%).  In-store shopping remains important with 37% of Black Friday spend going to this channel (Europe: 30%).

Three out of ten (30%) say that they shop more online now than before the pandemic (Europe: 30%).  

Conscious consumption is on peoples minds this Black Friday

The study highlights that sustainability is becoming more important around Black Friday and Cyber Monday.  For example, 38% of Irish consumers say that they will only buy products that they need (Europe: 38%).  28% will try to avoid impulse buying (Europe: 28%). Almost one in five (19%) said that they will avoid ‘fast fashion’ (Europe: 15%). 

Nearly a third (30%) say that they try to avoid returns during the Black Friday/Cyber Monday period, ahead of European counterparts (26%). At the same time over half (55%) said that they never had to return an item during the period (Europe: 55%).

The majority shop with a targeted approach 

The majority of Irish consumers generally take a targeted approach when shopping over the Black Friday period. Over half (53%) reported that last year they had a product or a list of products which they were intending to or interested in buying (Europe: 57%). On the other hand, over a third (34%) admitted that they purchased on impulse during the black Friday period last year (Europe: 29%). 

Electronic devices are traditionally particularly popular on Black Friday: 41% of Irish consumers expect to spend the majority of their Black Friday budget on electronics or technology items (Europe: 42%).  This is followed by clothes, shoes and accessories (Ireland: 35%; Europe: 39%) and health and beauty (Ireland: 23%; Europe: 18%). 

Owen McFeely, Director, PwC Ireland Retail & Consumer Practice, concluded: "While consumers are more likely to purchase online over the Black Friday weekend, the importance of an omnichannel approach remains, with a significant number of consumers still preferring in-store shopping. These in-store shoppers create a real opportunity for retailers to deliver excellent in-store service, build trust and deepen their relationships with these shoppers.”

“The survey also highlights that consumers have become more demanding. Customer service, product availability and strong promotional value are key to winning the hearts and minds of Irish shoppers. Retailers who understand the customer purchasing journey and allow the shopper to engage seamlessly across both online and in-store shopping channels will be the winners in 2024.”

Ends

Notes to editors:

About the survey

The survey was carried out during October amongst 10,000 European consumers including in France, Germany, Ireland, Italy and Turkey. In Ireland, 2,000 Irish consumers participated across the Republic of Ireland, all age groups and men and women. The study aims to establish shopping trends during the Black Friday/Cyber Monday period including how much money is spent, online vs bricks-and-mortar and sustainable shopping.