Most consumers do not trust Black Friday deals, new research shows.
The report published by the Competition and Consumer Protection Commission (CCPC) reveals that just 30% of consumers believe that the discounts displayed by businesses are genuine.
The findings are being released ahead of Black Friday which takes place this day next week, 29 November, and Cyber Monday, which follows on 2 December.
The research also suggests that overall interest in Black Friday and Cyber Monday sales has dropped significantly from last year.
Just 36% of those surveyed plan to make a purchase in the sales, compared to 45% last year.
The CCPC has warned that time-bound special offers and discounts can influence consumers to make purchases they wouldn’t normally make.
45% of its survey respondents said they have made an unplanned purchase during a sale – and regretted it afterwards.
Grainne Griffin, Director of Communications at the CCPC said many consumers begin their Christmas shopping in the upcoming sales.
“We strongly encourage consumers to plan before they shop, create a list, stick to a budget, and check companies’ returns policies,” she 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,” she added.
Electronics was the top spending category in the 2022 and 2023 sales.
However this year, it is clothing, footwear and jewellery – with half of respondents intending to buy one of these items.
The CCPC has warned that young people are more vulnerable during sales season.
The research shows that they’re more likely to shop in the sales and trust advertised discounts.
They are also less likely to research prices – which may make them vulnerable to fake discounts.
Over 80% of Black Friday shoppers said they plan on researching the advertised discount of the item before buying, with those over 45 most likely to do some research.
When it comes to methods of payment, debit card is the most popular payment option among likely shoppers at 84%.
Credit card is most popular with older cohorts with 28% of 45-54 years old and 24% of over 55s saying they intend to use one.
Cash is particularly popular among 15-24 years olds, with 45% planning on using this method of payment during the sales.
Ahead of the busy shopping period, the CCPC is reminding consumers about the rules relating to the display of prices.
Under consumer law, retailers must provide the ‘prior price’ when displaying a price reduction.
They must also base any discounts, such as an amount or a percentage off, on this prior price.
The CCPC said the ‘prior price’ is the lowest price applied to the product at any time in the 30 days before the discount begins.
Around two in three of all consumers surveyed said they’re aware of the rules for the display of discount information.
“Consumers can’t shop around unless prices are clear, accurate and easy to compare,” said Ms Griffin of the CCPC.
“While we encourage all consumers to be mindful of sales prices, traders have a duty to ensure their prices are displayed clearly and reflect honest and genuine discounts.
“The CCPC will not allow businesses to mislead consumers into thinking that they’re getting a better deal than they actually are,” she added.
Article Source – Most consumers don’t trust Black Friday deals – RTE
