Northern Ireland consumers are going lukewarm on the concept of Black Friday with just below half saying they plan to splash out this year, a report said today.
Black Friday is an American import which sees many retailers slash the price of goods on the last Friday in November — the day after Thanksgiving in the US.
But the findings of the annual Black Friday survey from business advisors PwC suggest shoppers in NI have lost interest in the day, which for many marks the start of Christmas shopping season.
PwC said just less than half (49%) of NI consumers said they were interested in going shopping on Black Friday, which this year falls on November 29.
Black Friday has become a big shopping event in the UK and Ireland, though NI consumers may be losing interest
In contrast, 53% of those surveyed UK-wide said they were interested in nabbing themselves a bargain — significantly above the 44% who were going to suss out the sales last year.
In contrast, Northern Ireland’s level of interest had dipped from 50% in the survey last year.
And 14% of those surveyed this year said they would definitely buy, with 35% saying they may buy — compared with 18% and 32% last year.
At 77%, the majority of those who were getting ready to open their wallet in Northern Ireland were planning to do so online, compared to 68% in the UK.
And a separate survey by PwC NI said that nearly 40% of consumers here were planning to cut back on seasonal spending this year.
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However, Aine O’Hare, tax partner at PwC Northern Ireland, said the spirit of black Friday was still strong in NI. “This presents a crucial opportunity for local businesses. By offering compelling value and promotions, retailers can attract customers who are eager to make their Christmas budgets stretch further this year,” she said.
“Black Friday’s early deals provide a strategic way for shoppers to manage expenses and spread the cost of the festive season.”
Jason Calvert, PwC
Jason Calvert, director and economist at PwC Northern Ireland, said the drop in the level of Consumer Price Inflation to 1.7% (CPI) over the year to September could be a factor in ushering people into shops — it compares with price rises of 4.6% the same time a year ago.
“This easing of inflationary pressures is certainly welcome news for Northern Ireland consumers as we approach the holiday season.
“However, it’s important to acknowledge that the cost-of-living crisis is far from over, particularly in Northern Ireland. Households here continue to face tighter budgets and lower disposable incomes compared to other parts of the UK.
“This reality is reflected in the fact that over one-third (38%) of NI consumers are planning to cut back on Christmas spending this year, according to our latest Consumer Sentiment Index, so shoppers will be keen to take advantage of bargains offered by Black Friday.”
Across the UK as a whole, Black Friday spending is expected to rise from £221 per person in 2023 to £258 per person this year, which is the highest per capita spending level since before the pandemic.
Total expenditure of £7.1bn is in line with overall spending seen in 2021 and 2022, although below the record £7.9bn seen in 2019.