Black Friday did not exist in Ireland a decade ago however, it has been embraced with so much enthusiasm by so many shoppers and retailers that tens of million of euro will be spent in the days ahead by people with a keen eye for a bargain. Black Friday, or an extended discount period around it has been embraced in Ireland and is widely regarded as the beginning of the Christmas shopping season and one of the busiest days of the year for retailers.
Retailers cash in…..
The period around Black Friday is one of the most important of the year for the marketing departments of many retailers, with 30% of annual sales occurring between Black Friday and Christmas on average. It is crucial sales are maximised through carefully thought out promotions and advertising. Black Friday has become more popular than ever before, with some unsettling results – violence, over-crowding and traffic issues represented some of the problems created by frenzied consumers enticed by huge cut-price deals. Due to the resulting negative publicity, some retailers, such as Asda, opted not to take part in Black Friday in 2015.
Black Friday often represents huge savings and therefore can be of significant benefit to many consumers, enabling them to save hundreds of euros on necessities and dramatically reducing the cost of Christmas gift shopping. However, Black Friday is also seen as a marketing ploy, and it may be argued that it causes customers to overspend and purchase frivolous, unnecessary items.
How much savings do consumers really make?
The first and last rule of prices is that nobody knows what anything is really worth. Shoppers are guided by shallow clues (“this is cheaper than that”) and latent emotions rather than knowledge and deliberate thinking.
Despite the flurry of deals and coupons, people generally don’t save much on Black Friday. Most purchases are made in a rush without time to compare pros and cons. Irish and UK News have shared that Black Friday isn’t even the cheapest shopping day of the season. Instead, the days leading up to Christmas is the prime time to shop. During this period, retailers are more focused on pushing out product before the new year.