Consumer Trust in Black Friday Deals Plummets: Only 30% Believe Discounts Are Genuine

Consumer Trust in Black Friday Deals Plummets: Only 30% Believe Discounts Are Genuine

November 22, 2024 Catherine Williams Business

Black Friday Deals Study Reveals Consumer Distrust

A new study from the Competition and Consumers Protection Commission (CCPC) shows that many consumers do not trust Black Friday deals. Only 30% of respondents believe that the discounts offered by retailers are genuine.

The report comes out just before Black Friday on November 29 and Cyber Monday on December 2. It notes a drop in consumer interest in these sales compared to last year. This year, only 36% plan to shop during the sales, down from 45% last year.

The CCPC warns that time-sensitive offers often pressure consumers into unplanned purchases. About 45% of surveyed shoppers admitted they have regretted unplanned buys made during sales.

Grainne Griffin, Communications Director at the CCPC, urges consumers to prepare before shopping. She recommends making a shopping list, setting a budget, and checking return policies. Consumers should be cautious when shopping online and prefer established businesses based in Ireland or the EU.

In 2023, the most popular items to buy include clothing, footwear, and jewelry, with half of the respondents planning to purchase these items. Last year, electronics led in spending.

Young consumers are particularly vulnerable during sales. They tend to trust advertised discounts and are less likely to compare prices. In contrast, over 80% of Black Friday shoppers plan to research prices before buying, especially among those over 45.

Debit cards remain the preferred payment method, with 84% of shoppers using them. Credit cards are more common among older shoppers, while 45% of those aged 15-24 intend to pay with cash.

As the shopping season approaches, the CCPC reminds consumers of their rights regarding pricing. Retailers must show the original price when offering discounts. The ‘prior price’ should be the lowest price in the 30 days before the discount.

Approximately two-thirds of consumers know the rules about price displays. Ms. Griffin emphasizes the importance of clear and accurate pricing for consumers to make informed decisions. The CCPC is committed to ensuring consumers are not misled by false discounts.