Although money is tight NI consumers still want a bargain

Despite the cost-of-living crisis almost four in five consumers in Northern Ireland are interested in spending this Black Friday says PwC.

Unveiling its annual Black Friday research, the local professional services network outlined that although money is tight NI consumers still want a bargain.

The result revealed two thirds (67%) of consumers in NI are interested and may pick up a deal on Black Friday, compared to just 37% across the UK; while 15% of NI consumers stated they will buy something, compared to a UK average of 24%. This is in contrast to 2020 levels where only 16% of UK consumers planned to purchase in the Black Friday period.

PwC’s research also found that almost half of under 35s in the UK will spend (48%), interest from male shoppers sits 10% higher than females. Amongst men, 29% plan to purchase with 34% interested opposed to 19% of women spending and 35% interested.

Interest in Black Friday is highest amongst under 25s with nine out of 10 Gen Zers saying they’ll be looking for a bargain, and three-quarters of them planning to buy a treat for themselves.

David Armstrong, economist and consulting partner at PwC NI, said: “Our analysis shows that households in NI have, on average, lower levels of disposable income and less flexibility in their households budgets than in other parts of the UK, due to lower wages and rising inflation.

"As a result, households here typically have less discretionary spending. So it makes sense that NI consumers are the most interested in shopping for deals over Black Friday, although fewer will definitely buy something. NI consumers want a bargain, but with money tight, it's got to be the right deal.

“Many will be keen to take advantage of bargains offered by Black Friday, purchasing bigger ticket items, like electricals, and trying to spread the cost of Christmas over a longer time period.”

Cara Haffey, partner and private business leader for PwC NI, explained: “We anticipate many retailers will see Black Friday as an opportunity to engage with their customers, clear excess stock, and offer value for money.

“For Belfast in particular, it will be a great opportunity to encourage people into the city centre to take advantage of the promotions as well as the momentum created by the recent reopening of The Bank Buildings. There is a real buzz in the city and retailers will hope this pays off in terms of high street sales. Across NI, high street and shopping centre retailers will be vying for footfall.”

PwC estimates the average spend per consumer to be around £238 which will add £0.5billion extra to the retail economy this year taking the overall spend on Black Friday bargains to £7.5billion.

Shoppers will predominantly be shopping for electricals (51%), fashion (32%) and stocking fillers (28%). Interest in homewares (25%) and beauty (24%) have increased from 2021. Shoppers are also showing a renewed interest in shopping in store rather than online, with 19% planning to hit the high street and 12% planning to click & collect - a 2% increase in both arenas from 2021. 69% plan to shop online - a 4% decrease from 2021.