Spending by Bank of Ireland customers during the Black Friday to Cyber Monday weekend increased 4.7% this year.

New figures released by the bank also reveal spending by BOI customers for the entire month of November was up 5.6% on last year.

Irish bargain hunters focused their efforts on Black Friday as spending rose by 6.8% year-on-year but dipped by 2.7% on Cyber Monday.

In-person sales were popular, with about 45% of sales over the Black Friday weekend being online, roughly the same as 2023.

Clothing & footwear and electrical were the top categories sought out by shoppers last month, and both groups saw significant sales bumps.

Clothing and footwear jumped by 30% while electrical goods increased by 26% when compared to October. On Black Friday itself the amount spent on electrical goods was double a typical November day.

Other areas which appear to get a Black Friday increase included cosmetic stores, furniture and home furnishings and department stores.

Conall Mac Coille, chief economist, Bank of Ireland said: “Black Friday sales, a relatively new import from the US, is now an established part of the Irish retail calendar.

"While Black Friday events last month did have a significant impact on some categories, such as electrical goods and clothing, the overall increase appears more broad based.

"This bodes well for Irish businesses as the Christmas period in November and December is a key time, and can account for over a quarter of total spending for the year.

"The overall increase in November spending, supported by a range of factors including high employment levels and low inflation, is a positive sign for the economy during this important Q4 period.”

The bank said November spending is up 4.6% year-on-year while retail sales, in particular, got a boost, rising 14% versus October, and 3.1% from November 2023.   

Social spending, which includes entertainment and restaurants, increased by 7.3% year-on-year.

Spending in restaurants actually fell last month, by 1.8% compared to October, though it was up solidly year-on-year at 9%.

"Spending in this sector should be helped in December by the Christmas party season," the bank said.

On a positive note the bank said signs for consumer spending were positive as the "domestic economy is growing, employment is at record high of 2.8m and unemployment is low at 4.1% in November."

"Real incomes are growing again with weekly earnings up 5.3% year-on-year in Q3 and annual CPI inflation at 1% in November".

"However, consumers do appear cautious as global uncertainty is subduing consumer confidence, which was 74.1 in November lower than pre-Covid levels, and the household saving ratio remains elevated at 14% in Q3."

(Pic: Getty Images)