Business Forum • 6 November, 2024 at 11:52 AM
Black Friday is the most significant retail event of the year, and nearly 53% of Romanians have prepared to hunt for the biggest discounts. However, the faster rise in living costs compared to salaries and the effects of inflation have eroded purchasing power over the past year, impacting the shopping budget.
Thus, while most plan to spend a significant amount, at least RON 500, the value is comparable to or even lower than last year for 72% of consumers, according to a survey conducted by tbi bank at a national level in October with a sample of 1,171 respondents. A third of them intend to spend at least RON 1,000. However, over 43% do not have savings set aside and rely on their October salary or plan to borrow.
"Romanians remain interested in the largest retail event of the year, Black Friday. Most of them are considering buying items they need personally or for their home, and some are even thinking about buying Christmas gifts during this period. Additionally, over 58% will focus exclusively on online purchases, and a similar percentage will use a shopping app," says Ionut Sabadac, VP Merchant Solutions at tbi.
Moreover, over 83% of respondents monitor price trends before Black Friday, and over 30% say they have been tracking desired products for more than a month. Almost 36% believe that discounts will be smaller than last year, while only 10.2% expect larger discounts.
Nearly 42% of respondents are looking for the lowest price for needed items, 37.7% choose to buy only if the price meets their expectations, and 20.5% will make purchases only if the discount is substantial. Additionally, 58.5% will decide to buy something only if the discount is at least 30%.
Among the products Romanians plan to buy on Black Friday are mainly electronics (40.5%), appliances (39.2%), IT (27.8%), fashion (18.4%), home & decor (13.1%), beauty (11.7%), food and beverages (10.5%), and toys (9.3%). Over 72% of shoppers are looking for products they personally or household needs, 28.1% want to buy Christmas gifts, 27.5% plan to get various gifts for family and friends, and nearly 20% are interested in high-value items they had planned to purchase this year but were waiting for Black Friday deals.
In the tbi Romania app there are over 1,600 online shops through which tbi customers can catch every Black Friday offer there is, from clothes, jewelry, perfumes, decorations, toys, flowers etc. During the campaign's period – November 1 - 30, tbi customers that choose to pay later in 4 interest-free installments up to RON 2,000 or in up to 60 fixed installments with tbi app are automatically entered in a lucky draw for one of 230 prizes of RON 500 money back on their account.
The tbi bank survey analyzed consumer habits and preferences during Black Friday and was conducted in October 2024, nationally, through the iVox platform, with a total sample of 1,171 internet users from Romania. Over 48% of participants are female, and nearly 39% have a net income of over RON 5,000.