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Irish Consumers To Spend Over €25k A Minute Online During Black Friday, According To AIB

By Dave Simpson

Irish consumers will spend over €25,000 a minute online during Black Friday (November 26), according to AIB.

Details

AIB stated,  

  • "€8,000 spent a minute on clothing by consumers, with men the bigger spenders
  • "Clothes most popular Black Friday purchase, followed by Electronics and Hardware.
  • "Busiest time for shopping is between 11am - 12pm as consumers spend online during work hours.
  • "AIB gives its top five tips for avoiding scams when shopping online as shoppers reminded to be vigilant.

"New data from AIB reveals that Irish consumers are to spend over €25,000 a minute during Black Friday, with over €8,000 a minute being spent buying clothes online alone, a 232% increase in volume compared to a normal day. This equates to over 135,000 transactions on clothing websites throughout the day, or approximately two transactions every second. On a normal day, the number of online clothing transactions is a fraction of that, coming in at just 40,000. Black Friday this year will fall on the 26th November and Cyber Monday on 29th November.

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"The data was compiled from over one million card transactions carried out by Irish consumers online during Black Friday 2020 and has been anonymised and aggregated.  Data provided by AIB features one of the most comprehensive and accurate data sets on consumer spending in Ireland. Based on this data, AIB can reveal that:

  • "Clothing ranks first for consumer spending on Black Friday, followed by Electronics, Hardware, Health and Beauty and Jewellery.
  • "Consumers are expected to spend €4,400 a minute on Electronics during Black Friday, a 192% increase in spending compared to a normal day.
  • "Men spend an average of €90 per clothing transaction on Black Friday, which is more than women who spend an average of €77 per transaction.
  • "The busiest time for shopping online during Black Friday is between 11am – 12pm, with the second busiest time being just before that, 10am – 11am.
  • "Those between the age of 25 and 34 are most likely to shop online at midnight, hoping to grab a bargain before everyone else.
  • "Irish consumers are spending 150% more online during Black Friday when compared with Cyber Monday, which is often pitched as the ‘online shopping day for discounts’.

"Shop Local to Reduce Carbon Impact

"John Brennan, Head of SME Banking at AIB, said, 'Our data shows that consumers are increasingly choosing online when it comes to grabbing a bargain on Black Friday. While this ensures 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.'

"Top Tips to Protect against Scams

"'The increase in online shopping also comes with an increase in risk and this year we continue to encourage consumers to be vigilant when shopping online to ensure they aren’t the victim of a scam.'

"With more and more consumers choosing to shop online over in-store on Black Friday, it's important consumers remain vigilant and stay safe. AIB has prepared the following top five tips for consumers to help them stay safe from scammers.

  • "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.

"More information is available at https://aib.ie/security-centre."

Revolut Spend In Drinks And Food Venues Increased Month-On-Month In October

The above news coincides with news that, as reported by drinksindustryireland.ie, ongoing spend in Revolut's "Bar, Café, Eating Places & Restaurant" sector showed growth of 2% in October over September with an average spend of €84.94 according to Revolut's monthly analysis of consumer spending trends using high-frequency data from its 1.5 million-plus Irish consumers - over a third of all adults.

However, a 3% increase in Revolut card usership reportedly meant that average spend was down by 1% overall compared to September.

Meanwhile, spending in the more general category "Bar, Café, Drinking Places, Meal delivery, Nightclub & Restaurant" sector reportedly increased by approximately 12% in October over September.

The average spend in this sector in October was reportedly €85.82, reportedly up 4% on the previous month. But the number of Revolut-users in this sector reportedly also increased in October by 8%.

Consumer Interest In On-Trade Cocktails Increasing

Additionally, consumer interest in on-trade cocktails is reportedly "rising fast", according to CGA's new Mixed Drinks Report for Ireland - and with Christmas celebrations approaching, there is reportedly more growth to be gained for both the on-trade and suppliers.

CGA's research reportedly shows that more than a quarter (28%) of consumers here now drink cocktails out-of-home, a figure that is reportedly five percentage points higher than in Britain. Nearly as many people (24%) reportedly say they drink more mixed drinks than they did a year ago and that number reportedly rises to a third (33%) of 18 to 34 year olds.

The report reportedly demonstrates the sizeable value of Ireland's on-trade cocktail consumers, with well over a quarter (29%) reportedly visiting for food and drink at least weekly, reportedly five percentage points higher than the all-consumer average.

And the Festive Season brings reportedly excellent opportunities to capture their spend - over half (60%) reportedly plan to visit venues for celebratory occasions this Christmas (lockdowns notwithstanding) – that is reportedly six percentage points above the average.

CGA's research reportedly reveals the habits, drivers, preferences and expectations of these consumers drinking cocktails and how behaviours have changed since the end of lockdown.

Further insights into the cocktail market reportedly include:

  • drinkers are open to the idea of trading-up, with more than half (53%) "very" or "quite" likely to upgrade their drinks choice - nine percentage points above the average for all consumers
  • cocktail consumers are also keen to experiment and more than half say they like trying new or different spirit flavours
  • Sex on the Beach is the most popular on-trade cocktail in Ireland followed by the Daiquiri and Mojito.

GCA Director of Client Services for the UK and Ireland Phillip Montgomery reportedly said, "After emerging from months of Lockdown, our new report shows that Ireland’s mixed drinks market is more dynamic than ever, and with consumers keen to celebrate there’s a great chance to grow sales further this Christmas.

"But it's also clear that there's no one-size-fits-all strategy in this competitive market. Suppliers and operators will have to stay closely attuned to consumers’ evolving behaviours and adapt accordingly."

Based on an in-depth survey of around 700 cocktail consumers in August and September, the report reportedly offers the best insights yet into Ireland's fast-growing mixed drinks market and the channels and occasions where potential growth lies.

CGA's Mixed Drinks Report for suppliers and operators reportedly seeks to position brands, drive engagement and increase sales in the run-up to Christmas and beyond. It reportedly contains deep insights into consumers' interaction with the mixed drinks category since hospitality venues reopened in both the Republic of Ireland and Northern Ireland.

Rise In Price Of Off-Trade Alcohol Products

In other Irish consumer and drinks-related news, there was reportedly a 4.1% rise in the price of off-trade alcohol and tobacco products in the 12 months to October, according to the Consumer Price Index published recently by the Central Statistics Office (CSO).

The price of alcoholic beverages in the off-trade reportedly increased by 2.3% in that 12 month period. These reportedly comprised a 1.4% increase in spirits prices, a 3.3% increase in wine prices and a 0.8% rise in beer prices.

However, October's off-trade prices reportedly decreased by 2.0% compared to the previous month, September 2021.

These reportedly comprised a 4.6% drop in spirits prices, a 1.2% drop in wine prices and a 1.3% drop in beer prices.

Prices in the licensed premises sector reportedly showed growth of 1.7% over the year, reportedly comprising a 2.3% rise in spirits prices, a 0.3% rise in wine and soft Drink & mineral water prices and a 2.5% rise in beer prices.

Over the month, prices in licensed premises reportedly grew by just 0.1%. These reportedly comprised a 0.1% rise in spirits and beer prices and a 0.2% increase in wine prices.

Prices reportedly generally rose by 5.1% in the year to October, according to the CSO.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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