Black Friday 2022: this is how our willingness to spend changes during the livelihood crisis

By: Trademagazin Date: 2022. 10. 10. 12:21

Despite the economic and livelihood crisis, half of the population plans to buy something during Black Friday. Hungarians would spend an average of HUF 41,000 during the pre-Christmas sales period, most on clothes and energy-saving household appliances – according to a joint representative survey by the e-commerce expert LogiNet and Reacty Digital. Buyers are protected against tricky sales by stricter consumer protection rules this year.

The recent representative Black Friday research revealed that an average Hungarian consumer is expected to spend HUF 41,000 during the Black Friday promotions, which represents a 20% increase compared to the HUF 34,000 planned for 2021. This may be surprising given the financial challenges facing Hungarian consumers. The research experts link the reasons for this to, among other things, rising inflation and the extra benefits received in the spring, but it can be explained by a so-called also an accumulation process where people expect further price increases and spend now rather than in an even more unpredictable financial future.

A relatively high degree of uncertainty can also be observed regarding the intention to shop online: 28% of those familiar with Black Friday plan to reduce their online purchases after seeing the Black Friday deals, but it is also true that 19% of them would spend more despite the livelihood crisis. 17% plan to spend the same amount as in previous years, 15% will not shop online this year, and 21% do not yet know how they will respond to the new financial challenges.

What is certain, however, is that consumers will mostly spend carefully to maximize the discounts available, and this approach extends to the channels they choose; the majority of those who plan to shop in the Black Friday sale go hunting for discounts both online and offline.

LogiNet/Reacty Digital