Black Friday starts this Friday with the first offers. But how important is the shopping event of the year to Germans in view of inflation and high prices? A Revolut survey provides clues.
There is no doubt that good offers are very popular given an inflation rate of over ten percent – and Christmas is just around the corner. Or is it better to keep the money together? A survey by the British neobank Revolut shows that despite the ongoing price increases, more than half of local consumers are planning to shop on Black Friday. However, only products that you can afford at the moment.
Of the more than 1,000 participants from all over Germany who Revolut asked about inflation and Black Friday in October 2022, one in ten said that they only had a limited budget due to the price increase. Another 22 percent would only be willing to buy if there was a very good offer.
When asked what distinguishes a good offer, two thirds of those surveyed answered with a 20 to 30 percent discount. 13 percent are only convinced by a price reduction of 40 to 50 percent. Nevertheless, the Germans appear to be more frugal in an international comparison: the majority of respondents in most other countries are only motivated to make a purchase if a discount of 30 to 40 percent is reached. That shouldn’t be too surprising given that 13.2 percent of Germans generally find it difficult to ask for discounts on any product or service.
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The results of the Revolut survey also show which products are particularly popular with bargain hunters on Black Friday:
In times of uncertainty and high inflation, the focus is on spending less and putting money aside. For this reason, the majority of those surveyed stated that they would only buy a product that they can afford at the moment or for which they have enough money in their main account. Accordingly, loans, installment or “buy now, pay later” payments are currently less popular: Only 4.2 percent would rely on “BNPL” or installment loans.
Another topic that plays a role at major shopping events such as Black Friday are fake offers: almost 40 percent of Germans have already seen a fake offer on this day. It is therefore not surprising that 21 percent of those surveyed demand that Black Friday offers in particular should be better controlled. The young generation (more than 60 percent of participants between the ages of 18 and 34) is particularly skeptical about fake deals, while 78 percent of those surveyed between the ages of 55 and 65 stated that they had never seen a fake offer on Black Friday. However, the main reason for this could be that the older generation generally does not show much interest in Black Friday: 31 percent of the over 65-year-olds and thus the majority in this age group do not intend to benefit from the discounts.
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The shopping behavior of Germans has changed significantly in recent years: Today, most people (70 percent) in this country prefer to shop in an online shop. According to this, 54 percent of those who prefer to shop online said that they also prefer e-commerce on Black Friday, mainly because of the greater choice. Another 15.5 percent would also shop on the Internet, but only on trustworthy sites that they are already familiar with. Only eight percent of those surveyed prefer stationary retail because they would like to see the products in person and two percent because they would like to support local shops.
Cyber security also plays a major role on Black Friday. Because one in four Germans fears that their private data will be stolen during an e-commerce transaction. Other concerns respondents have about online shopping include losing the package (17 percent), having to return the products (23 percent) and buying the same product later at a could find a lower price (28 percent).
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