Irish consumers forecast to spend €25,000 a minute on Black Friday

Irish consumers are expected to spend over €25,000 a minute during Black Friday, according to a new AIB forecast.

Clothes are expected to be the most popular purchase on the day with some €8,000 per minute spent buying items online this Friday, up 232 per cent in volume terms compared to daily averages.

This equates to more than 135,000 transactions on clothing websites. On a normal day, transactions would total around 40,000 purchases.

The forecast comes from AIB data and is based on over one million transactions carried out during Black Friday 2020.

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Electronics will be the second most-popular purchase made this Black Friday if previous years are anything to go by, followed by hardware, health and beauty, and jewellery.

Consumers are expected to spend €4,400 a minute on electronics during Black Friday, a 192 per cent increase in spending compared to a normal day.

The busiest time for shopping online during Black Friday is between 11am - 12pm, with the second busiest time being just before that, 10am - 11am.

Head of SME Banking at AIB John Brennan said while shopping online allows more choice for consumers, “it’s also important to consider the impact that buying from abroad can have on the climate. Shopping locally where possible ensures we are minimising our carbon footprint. It also ensures we are supporting local Irish businesses who have invested in their online shopping services and have faced challenges over the past two years as a result of the pandemic.”

Shopping safely

AIB says people should be aware of the following when shopping this Black Friday:

-When buying something online never transfer money directly to a seller’s account.

-Beware of bargains. While Black Friday is all about getting the best bargains, buyer beware, because if it seems too good to be true, it probably is!

-Check that the payment page you are buying through is secure - make sure you’re not buying from a fake or imitation website.

-Check your bank statements often. You can view your statements quickly online after you have purchased something to ensure you have been charged the correct amount.

- Finally, log out! Once you’re done shopping online, ensure you have logged out of any websites you have used to ensure there isn’t a risk of them being used by someone else.