Declining Trust in Black Friday and Cyber Monday: What Shoppers Need to Know
Shoppers are losing interest in Black Friday and Cyber Monday sales, according to a recent study by Ireland’s consumer watchdog, the Competition and Consumer Protection Commission (CCPC).
The research shows a notable drop in the desire to shop, with only 36% of respondents considering purchases this year, down from 45% in 2023. There is also widespread skepticism, as only 30% of consumers believe that discounts are genuine.
Despite the decline in interest, those who plan to shop during the sales are expected to spend more, averaging €431 this year compared to €343 in 2023. The survey, conducted by Ipsos B&A, involved 1,032 interviews with consumers aged 15 and older in Ireland.
The study indicates that time-limited offers may lead to regret, with 45% admitting to making impulse purchases they regretted later. Additionally, there is a noticeable gender gap: 14% more women than men express a high likelihood of shopping.
How can consumers prepare effectively for Black Friday and Cyber Monday sales while avoiding common pitfalls?
Interview with Grainne Griffin of the CCPC on Consumer Trends for Black Friday and Cyber Monday
News Directory 3: Grainne, thank you for joining us today. Your recent study revealed a decline in consumer interest for Black Friday and Cyber Monday sales. Can you share the main findings of your research?
Grainne Griffin: Thank you for having me. Our research at the Competition and Consumer Protection Commission shows a significant dip in shoppers’ enthusiasm. Only 36% of participants expressed intentions to shop this year, down from 45% in 2023. Additionally, skepticism around the genuineness of discounts is high, with merely 30% believing they are real.
News Directory 3: That’s a noteworthy shift. What factors do you think are contributing to this decline in interest?
Grainne Griffin: There are several factors at play. A key concern is the perception of time-limited offers, which can often lead to impulse purchases that shoppers later regret. About 45% of respondents admitted to making such regrets in the past. This can create a cycle of hesitance among consumers. Furthermore, the disparity in how different demographics approach shopping—such as older consumers being more cautious and conducting thorough research—adds to the complexity of this trend.
News Directory 3: Interestingly, while fewer people plan to shop, those who do are expected to spend more. Can you elaborate on this?
Grainne Griffin: Yes, it’s quite an intriguing development. The average planned spend has increased to €431 this year from €343 in 2023. This suggests that while fewer individuals may be participating in these sales, those who choose to engage are likely doing so with a more substantial budget, possibly looking for specific items or gifts, particularly for the upcoming Christmas season.
News Directory 3: Your survey also indicates a notable gender gap, with more women expressing a likelihood of shopping. Why do you think this is?
Grainne Griffin: It appears that women are more inclined to engage in shopping during these sales events compared to men. The reasons could range from the types of products typically purchased during such sales—often more aligned with categories that appeal to female shoppers—to differing shopping behaviors and strategies across genders.
News Directory 3: With almost 80% planning to research discounts before purchasing, what advice would you give to consumers preparing for the sales?
Grainne Griffin: First and foremost, I recommend making a comprehensive shopping list and sticking to a budget. It’s also crucial to check the return policies of retailers. Researching discounts beforehand can help consumers avoid falling prey to misleading offers. Lastly, businesses have a responsibility to display their discounts transparently; any misleading references to “recommended retail prices” should not occur.
News Directory 3: Thank you, Grainne, for your insights and advice for consumers. It’s clear that being informed and cautious this shopping season is more important than ever.
Grainne Griffin: Thank you for having me. It’s essential for consumers to approach these sales with knowledge and care.
Almost 80% of shoppers will research discounts before buying, especially those over 45. In contrast, younger shoppers tend to trust discounts more and research less, making them more susceptible to false deals.
Grainne Griffin of the CCPC noted that time-bound discounts can tempt consumers into impulse buys. However, over one-third of consumers still plan to shop during Black Friday sales, mainly for Christmas gifts. She advises shoppers to make lists, stick to budgets, and check return policies.
Griffin emphasized that businesses must display discounts clearly and truthfully. Misleading references to “recommended retail prices” are not allowed.