Research commissioned by the State’s consumer watchdog has found there will probably be a drop in the number of people expected to make a purchase during the sales period.
Fewer than a third of consumers believe that discounts displayed in Black Friday and Cyber Monday sales by businesses are genuine, data published by the Competition and Consumer Protection Commission (CCPC) revealed.
Overall interest in Black Friday and Cyber Monday sales shopping has dropped significantly from last year. Black Friday is a week from today, November 29, with Cyber Monday on December 2.
The research, carried out by the CCPC in conjunction with Ipsos B&A, found that 36pc of respondents expect to buy something in the upcoming sales period. This is compared with 45pc of respondents who expected to buy last year. However, shoppers who will flash the cash expect to spend more, with the average expected spend at €431, compared with €343 last year.
Young people are more likely to shop in the sales, more likely to trust advertised discounts, and less likely to do research about prices, which may make them vulnerable to fake discounts, the CCPC said.
Consumers that were surveyed plan to avoid using credit as their preferred method of payment. Debit cards are the most popular overall method of payment.
The likelihood of using cash is highest among those aged 15 to 24. This year, the gender gap is much wider than in previous years, with women much more likely to buy something than men.
Almost 80pc of Black Friday shoppers plan on researching the advertised discount of the item before buying, with those over the age of 45 most likely to do some research.
Two out of three consumers reported being aware of the rules for the display of discount information. Under consumer law, retailers must provide the previous price when displaying a price reduction. They must also base any discounts, such as an amount or a percentage off, on this previous price.
CCPC executives said the previous price is the lowest one applied to the product at any time in the 30 days before the discount begins.
Director of communications at the CCPC Grainne Griffin said: “We know that time-bound discounts and special offers can really tempt consumers into making purchases that they wouldn’t usually make.”
She said that although numbers are down, more than 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,” Ms Griffin said.
“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. There are very strong legal requirements on businesses when displaying discounts, they must be genuine and clearly show the consumer the prior price.”
