Most Irish consumers do not trust promises of deep discounts in the run-up to the so-called Black Friday and Cyber Monday sales, with older people far less likely to believe the claims made by retailers than teenagers and those in their early 20s.
Despite the level of mistrust about the sales patter, more than a third of shoppers still plan to go bargain hunting over the last weekend in November, with the average spend of Black Friday and Cyber Monday shoppers put at almost €400, according to research published on Monday by the Competition and Consumer Protection Commission (CCPC).
The research also suggests that 81 per cent of consumers plan on researching the advertised discounts of products that catch their eye, rising to 87 per cent among those aged over 45 and falling to 69 per cent in the 15-24 age group.
The scepticism is not misplaced, with repeated studies over many years by British consumer watchdog Which? showing that the vast majority of products advertised as having a big discount over the Black Friday and Cyber Monday sales period were cheaper either not long before or soon after the weekend in question.
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According to the CCPC, 46 per cent of consumers intending to buy in the November sales will be looking for electronics, with laptop or tablets the most popular items, followed by mobile phones and televisions. Clothes, shows and jewellery are likely to be the next most sought-after items.
Despite the popularity of the sales, confidence in the accuracy of the advertised discounts is low and among those planning to spend money 49 per cent said they did not trust the accuracy of the discount information provided. When responses from all consumers – including those who don’t intend to buy in the sales – were looked at, trust rates fell to 35 per cent.
Despite the low levels of trust in discounts, they still play a significant role when shoppers are deciding to make a purchase with, 23 per cent saying the discount was the most important factor and 61 per cent saying the level of discount would influence their decision to some extent.
“Our research shows that over one in three consumers are planning on shopping in the Black Friday sales this year. While slightly down on last year, this still represents a very significant percentage of consumers,” said CCPC director of communications Gráinne Griffin.
She said the research made it clear that “consumer confidence in the legitimacy of advertised discounts is very low. Only 35 per cent of consumers trust that discounts or presale prices displayed during sales are accurate. Misleading advertising is illegal and consumers should be able to trust in advertised discounts,” she said.
She expressed confidence that the upcoming enactment of the Price Indication Directive will tighten up the rules on sales advertising and “empower the CCPC to take enforcement action when businesses mislead consumers through discount advertising. We also encourage businesses to play their part in building consumer confidence by providing clear and transparent pricing history to consumers during sale periods.”
Speaking more broadly, she reminded consumers that they have more and more easily enforced rights when they shop from a site based within the European Union, a category which no longer includes UK retailers.
“Our advice to consumers who are planning on purchasing is that they have stronger consumer rights when they buy from an EU website and a ‘.ie’ domain is not a guarantee that a company is based in Ireland. Consumers should shop around to compare offers, and focus on selling prices rather than advertised discounts,” she concluded.
