As Black Friday approaches, shoppers across the country are adopting a more mindful approach to spending, new data from Revolut, the global fintech with more than 2.8 million Irish customers and over 50 million globally, suggests.
As financial pressures continue to tighten the purse strings, 30% of Irish consumers have reported that they plan to spend less this Black Friday, reflecting a blend of financial caution and a desire to indulge in more meaningful purchases either for themselves or loved ones.
The study also suggests that ‘treat culture’ is still making a significant mark on Irish society, with one in five (20%) citing a desire to treat themselves to something new as their main motivation for any Black Friday spending. Those wanting a little treat this Black Friday are 25% of 18-24-year-olds, while half (49%) of 18-34-year-old consumers will use this occasion to spend mindfully, purchasing things they wouldn’t normally be able to afford.
This move towards a more mindful way of spending has also impacted where consumers are choosing to shop. Despite Black Friday historically being a popular online retail event, many plan to head back to the high street this year. Two in five (42%) shoppers will hand Ireland’s small shop owners a boost, with many citing a desire to support small businesses and escape long delivery times as factors in their decision-making.
Youngsters are the most motivated by Black Friday shopping with 90% of 18-24-year-olds agreeing Black Friday is a good chance to grab a great deal compared to the more sceptical over-65s (59%) – 15% of whom claim that the deals on offer aren’t as good as they used to be.
Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “Managing your money needn’t be complex or confusing but it pays to be mindful, and this data clearly shows a change in consumer behaviour ahead of this year’s Black Friday. Irish shoppers are purposefully savvy, but with plenty of deals on offer, it’s good to see consumers unafraid of treating themselves at this time.”
With consumers in Ireland increasingly prioritising mindful purchases, brands and retailers alike are preparing for a season defined by quality offerings and compelling deals. Revolut will also take part in this year’s Black Friday with some exciting deals available in-app this month:
- Aer Lingus: Until the end of November 2024, earn 10x RevPoints when you choose to pay with Revolut Pay at the checkout.
- The Irish Independent: Until the end of November 2024, earn 10x RevPoints when you choose to pay with Revolut Pay at the checkout.
- HelloFresh: Until the end of November 2024, get a 50% discount and 20x RevPoints.
- Vision Express: Until the end of November 2024, get a free eye test and 30% off when you spend €60 or more, as well as 20x RevPoints.
Revolut Bank UAB (Irish Branch) was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.
For more information, visit: www.revolut.com/en-IE
