Irish Consumers Set to Spend €329 This Black Friday and Cyber Monday: Key Insights from PwC Survey

Irish consumers plan to spend an average of €329 during the upcoming Black Friday and Cyber Monday weekend. This amount exceeds the planned spending of consumers in other surveyed European countries.

One-fifth of Irish shoppers intend to spend €500 or more. Nearly two-thirds expect to shop for bargains and buy at least one item. Over a third plan to spend more than last year due to rising prices and the desire for good deals. Almost half will maintain their spending level, while 18% will spend less. Some consumers will spend less due to concerns about financial caution, wanting to reduce possessions, or doubting they will find genuine deals.

A significant 77% of shoppers value the ability to shop both online and in physical stores during this period. More than half will opt for home delivery, while 37% will shop in-store. Owen McFeely from PwC Ireland emphasizes the importance of both shopping methods. He notes that in-store shoppers present opportunities for retailers to build trust through excellent service.

Most Irish consumers take a targeted approach to shopping. Over half had specific products in mind last year, while about a third made impulse purchases. The most popular items purchased during Black Friday include electronic devices, clothing, shoes, accessories, and health and beauty products.

How are Irish consumers balancing online and in-store shopping this holiday season?

Exclusive Interview with Owen McFeely, ‌PwC Ireland: Insights on Irish Consumer Spending ⁢Trends for Black Friday and Cyber Monday

NewsDirectory3: Thank you for joining us, Owen. Recent surveys show⁤ that Irish consumers plan to spend an average of €329 during​ the‌ upcoming Black Friday​ and Cyber ​Monday weekend, which is notably higher than their European counterparts. What do you attribute⁣ this enthusiasm for spending to?

Owen ⁤McFeely: Thank you for ‍having me.​ The data reflects a unique characteristic of the Irish consumer—they are driven by ⁤bargains and discounts, particularly in an environment where rising prices are prevalent. The desire to find good deals is crucial, especially as we’re seeing a significant percentage of shoppers indicate they plan to spend more this year compared to last.

NewsDirectory3: It’s interesting that nearly one-fifth of Irish shoppers intend to spend €500 or more. What does this say about consumer confidence?

Owen McFeely: Indeed, it shows ⁢that a segment of the ​market feels secure enough ⁣to ⁣make larger purchases.⁣ However, it’s important to note that almost half will maintain their spending levels, while 18% are displaying‌ caution by planning to spend less. This ⁤indicates a mix of confidence and caution in the market.

NewsDirectory3: ‌ Sustainability seems ⁣to be becoming increasingly important for these consumers. Can you elaborate on how it influences their shopping behavior?

Owen McFeely: ‌ Absolutely. About 38% of consumers are prioritizing need over want, and⁤ 28% are making a conscious‍ effort to avoid impulse purchases. This shift is particularly critical as more shoppers indicate their intentions to steer clear of ‘fast fashion.’ Retailers need ‌to align their strategies with this growing trend towards sustainability—consumers are looking for brands that ⁤reflect their values.

NewsDirectory3: Your data​ reveals that 77% of shoppers appreciate the mix ​of online ⁣and in-store shopping. How critical is this flexibility for retailers?

Owen McFeely: ‌It’s incredibly important. The ability to switch between online and physical stores gives consumers the ⁣best of both⁣ worlds‍ and enhances their‌ shopping experience. Retailers who can offer excellent service in-store, coupled with enticing online shopping options, are more likely to build ⁣trust and loyalty among consumers.

NewsDirectory3: What are the primary items that Irish shoppers will be targeting this season?

Owen McFeely: Last year, we saw a​ strong inclination towards electronic devices,‌ clothing, shoes, accessories, and health and beauty products. This trend is ​expected to continue, with shoppers coming in with specific products in ‌mind, which is indicative of a more targeted and ⁤strategic shopping approach.

NewsDirectory3: Looking‍ ahead to 2024, what advice do you have for retailers trying to capture ⁤the attention⁣ of these‍ increasingly demanding consumers?

Owen McFeely: Retailers⁢ must prioritize understanding their customers’ shopping journeys. Key factors⁣ include exceptional customer service, product availability, and ⁤strong promotional strategies. By creating seamless⁢ shopping experiences that bridge online ⁤and offline environments, retailers can foster loyalty and drive sales⁤ in the ⁣coming year.

NewsDirectory3: Thank you, Owen, for sharing these insights. It’s⁤ clear that Irish shoppers are not just looking for bargains but are also increasingly conscious of their purchases and ⁢the‍ shopping experience itself.

Owen McFeely: Thank you for having me—it’s essential for retailers⁢ to adapt to these⁤ evolving consumer behaviors to ⁢thrive in this competitive market.

Sustainability plays a growing role in shopping decisions. About 38% of consumers plan to buy only what they need, and 28% aim to avoid impulse purchases. Nearly one in five intend to steer clear of ‘fast fashion.’

Mr. McFeely notes that Irish shoppers are increasingly demanding. Key factors for winning their loyalty include customer service, product availability, and strong promotions. Retailers that understand the shopping journey and facilitate seamless experiences across online and in-store channels will succeed in 2024.