Record online spend forecast for Black Friday

November 21, 2023

One week out, AIB is forecasting that online Black Friday spend in Ireland this year will surpass last year’s record-breaking total.

In 2022, customers of the bank spent €66,000 every minute or €95m in total, the highest online spend ever recorded by the lender over a 24-hour period.

A total of 900,000 card transactions by customers were recorded on the day, with the busiest period between 10am and 11am when 59,000 were carried out.

That represented an increase of 14% on Black Friday in 2021.

“Our data shows that Black Friday and Cyber Monday have become fixtures for consumers seeking good deals ahead of Christmas,” said AIB’s Head of SME Banking, John Brennan.

“Last year was a record year for online shopping on Black Friday, up 14% on the previous year and it was the busiest day for Irish online spend ever, demonstrating that consumers are increasingly choosing online when it comes to shopping for a bargain on the day.”

In 2022, more money was spent on clothing than any other category of goods, with the spend up 300% on an average day, the AIB data shows.

Transactions involving hardware and electrical goods followed next, with spend there up 226% on a normal day.

Women paid out more than men in all price ranges other than for goods worth more than €500, suggesting that while women were buying more, men were buying more expensive items.

The biggest increase in spend compared to Black Friday in 2021 was in Westmeath, where it rose 28%.

The smallest rise was recorded in Longford.

But despite the growing interest in Black Friday as a significant consumer event, consumers shopping online have been warned to be aware of frauds and scams targeting them.

“We encourage consumers to be vigilant at all times, but especially when shopping online at this time of the year,” said Mr Brennan.

Article Source – Record online spend forecast for Black Friday – RTE

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