Almost 30 percent of Black Friday shoppers are likely to be swayed by a recommendation from a social media influencer, according to new research from the Competition and Consumer Protection Commission (CCPC), a figure that climbed to 40 percent among 15-24 year olds.
Almost a quarter (24 percent) of those surveyed said they have made a purchase in a sale after seeing a deal advertised by a social media influencer, the CCPC said while noting that social media influencers are now observably impacting people’s purchasing decisions during sales.
The research also indicated a prevalence of “unplanned purchases” and “buyer remorse,” with almost three quarters (72 percent) of consumers questioned responding that they’d made an unplanned purchase during a sale.
Just under 60 percent of those who made an unplanned purchase said they regretted it.
The price of an item (93 percent) and the discount applied (86 percent) were the most likely factors to influence consumers’ purchasing decisions, followed by the limited timeframe of the sale price (64 percent).
Meanwhile, the CCPC’s research also found an “ongoing mistrust” of the deals on offer on occasions such as Black Friday and Cyber Monday.
Just over 60 percent of consumers surveyed said they “do not trust that the pre-sale prices or percentage discount displayed during sales are accurate”.
The CCPC found that trust is much higher among younger age groups, with 52 percent of 15-24-year-olds answering that they trust the accuracy of the display prices.
Of the 59 percent of respondents who said they were unlikely to make a purchase during the Black Friday or Cyber Monday sales, one in five (21 percent) attributed their hesitation to a mistrust in deals.
Commenting on the findings, Director of Communications at the CCPC, Grainne Griffin said that sales like Black Friday and Cyber Monday can “put consumers under pressure to make fast purchasing decisions that they may not want to make”.
“This can often lead to them spending more than they intended or buying something that they will later regret. That’s why we strongly encourage consumers to stop and think before they rush into making a purchase. Make a list of what you need, create a budget and stick to it,” she said.
“For consumers who see recommendations from social media influencers, we would advise looking for advertising labels and doing your own research before making a purchasing decision. Influencers must make it clear if their posts are commercial in nature and must not mislead the consumer,” Ms Griffin said.