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, the research shows.
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 26 November and Cyber Monday on 29 November.
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.
Shop Local to Reduce Carbon Impact
John Brennan, Head of SME Banking at AIB noted that the 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," he said.
"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,” Brennan added.
Top Tips to Protect against Scams
Brennan highlighted that the increase in online shopping also comes with an increase in risk, "this year we [AIB] 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, its important consumers remain vigilant and stay safe.