Irish bargain hunters look set to splash the cash this Black Friday with the average spend expected to far outstrip last year.

Black Friday sales shoppers are forecast to spend up to €431 this year compared to €343 in 2023.

And new research carried out by the Competition and Consumer Protection Commission (CCPC) found women are far more likely to be on the hunt for a bargain.

However, it also found interest in both the Black Friday and Cyber Monday sales has dropped 'significantly' since last year according to new research.

The survey found only 36% of respondents expect to make a purchase in the upcoming sales period compared to 45% last year.

There was also a distinct lack of trust in the offers with less than a third (30%) of consumers believing that discounts displayed by businesses are genuine.

The survey found time bound special offers and discounts can influence consumers into making purchases they wouldn’t normally make.

Just under half, 45%, of research respondents reported making an unplanned purchase during a sale and regretting it afterwards.

Grainne Griffin, Director of Communications at the CCPC, said: “We know that time bound discounts and special offers can really tempt consumers into making purchases that they wouldn’t usually make.

"While numbers are down, over 1 in 3 consumers are planning on shopping in the upcoming Black Friday sales, with most of them making a start on their Christmas shopping.

"We strongly encourage consumers to plan before they shop, create a list, stick to a budget, and check companies’ returns policies.

"Consumers should also take particular care when shopping online, making sure they buy from well established businesses based in Ireland or elsewhere in the EU.

"There are very strong legal requirements on businesses when displaying discounts, they must be genuine and clearly show the consumer the prior price.

"References to ‘Recommended Retail Price’ or RRP cannot be used to mislead consumers into thinking that a product has been discounted.”

The survey also found young people are more likely to shop in the sales, more likely to trust advertised discounts, and less likely to do research about prices which may make them vulnerable to fake discounts.

Consumers surveyed plan to avoid using credit as their preferred method of payment, with debit card being the most popular overall (84%), and the likelihood of using cash highest among 15-24 year olds.

This year, the gender gap is much wider (14 points) than in previous years with women much more likely to make a purchase (43%).

Almost 80% of Black Friday shoppers plan on researching the advertised discount of the item before buying, with those over the age of 45 most likely to do some research.

Around two thirds of all consumers reported being aware of the rules for the display of discount information.

Under consumer law, retailers must provide the ‘prior price’ when displaying a price reduction.

They must also base any discounts, such as an amount or a percentage off, on this prior price. The ‘prior price’ is the lowest price applied to the product at any time in the 30 days before the discount begins.

Ms Griffin explained: “Consumers can’t shop around unless prices are clear, accurate and easy to compare.

"While we encourage all consumers to be mindful of sales prices, traders have a duty to ensure their prices are displayed clearly and reflect honest and genuine discounts.

"The CCPC will not allow businesses to mislead consumers into thinking that they are getting a better deal than they actually are.”