Black Friday Deals Largely Distrusted, CCPC Report Reveals
Dublin: A report by the Competition and Consumer Protection Commission (CCPC) highlights growing consumer scepticism about the legitimacy of Black Friday and Cyber Monday deals. Released ahead of Black Friday on November 29 and Cyber Monday on December 2, the research underscores a significant decline in trust and interest in these highly publicised sales events.
Key Findings of the Report
Declining Trust in Offers
Only 30% of consumers surveyed believe the discounts and offers promoted during Black Friday are genuine. Many respondents indicated their mistrust is based on prior experiences, with the majority having grown wary of misleading promotions.
Decreasing Consumer Interest
Consumer enthusiasm for Black Friday shopping has waned compared to last year. The survey revealed that only 36% of respondents plan to shop during Black Friday this year, a noticeable drop from 45% in 2022.
Pre-Purchase Research
The report states that 80% of Black Friday shoppers intend to research advertised discounts before making purchases. Older consumers, especially those over 45, are more likely to conduct thorough research, while younger shoppers remain more susceptible to impulse buying.
Consumer Disappointment
The CCPC found that 45% of consumers regret purchases made during sales, realising later that the offers were less beneficial than advertised. Grainne Griffin, Director of Communications at the CCPC, cautioned against falling for flashy discounts and emphasised the importance of informed decision-making.
Shopping Advice from the CCPC
Plan and Budget
Griffin advises shoppers to create a clear budget and shopping plan, ensuring they stick to it. Consumers are encouraged to scrutinise offers carefully and avoid being lured into unnecessary purchases.
Caution When Shopping Online
- Only purchase from reputable retailers, preferably based in Ireland or the EU.
- Monitor pricing histories to confirm the legitimacy of discounts.
Compliance with Consumer Laws
Retailers are legally required to display the previous price of items when offering discounts. According to EU consumer laws, the lowest price charged during the 30 days preceding the sale must be displayed alongside the reduced price. Retailers misrepresenting deals as better than they are may face penalties.
Changing Consumer Trends
Shift Away from Electronics
In previous years, electronic goods were the top purchase during Black Friday. This year, the focus has shifted to clothing, footwear, and jewellery.
Young Shoppers Most Vulnerable
The CCPC warns that young consumers are particularly susceptible to misleading offers. Their tendency to trust promotional deals and neglect price monitoring makes them easy targets for deceptive marketing.
Payment Trends and Transparency
The report also noted that 84% of consumers prefer to use debit cards for payments. The CCPC reminded retailers of their obligation to display accurate prices and previous pricing information, even during busy shopping periods.
Two-thirds of surveyed consumers reported being aware of these legal requirements, reflecting an increase in public understanding of consumer rights.
The CCPC report serves as a timely reminder for consumers to approach Black Friday and Cyber Monday offers with caution. By emphasising research, planning, and adherence to consumer laws, shoppers can better protect themselves from misleading discounts and ensure they make informed purchasing decisions.
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