Buyers urged to slow down this Black Friday to avoid 'buyer regret'

Ottoline Spearman

The Competition and Consumer Protection Commission (CCPC) is urging shoppers to slow down before making Black Friday purchases, after new research showed high levels of buyer regret.

The survey found that nearly three-quarters of consumers have made unplanned purchases during sales, and almost 60 percent later regretted buying the item.

There is also mistrust in discounts, with almost two in three consumers saying they do not trust that the pre-sale prices or percentage discount displayed during sales are accurate.

However, the survey found that trust is much higher among younger age groups, with more than half of 15-24-year-olds saying they trust the accuracy of display prices.

Almost 30 per cent of Black Friday shoppers are also likely to be swayed by social media influencers, which climbs to 40 per cent for those aged between 15-24.

The CCPC warned that the pressure of limited-time offers can push people into spending more than they intended, and is advising shoppers to make a list, set a budget, and stick to it.

Speaking on Newstalk, Grainne Griffin, director of communications at the CCPC said: "Make it easy on yourself to find out where there's good value and avoid overspending or getting drawn into impulse purchases.

"Most people are planning on shopping online. There are huge numbers of scams out there at the moment, and we would advise people to be very, very conscious of that."

The CCPS also advised those who see recommendations from social media influencers to look for advertising labels and do their own research before making a purchasing decision.