• The new study carried out by the MKOR market survey agency shows that almost 5.5 million Romanians intend to purchase various goods on Black Friday 2024.
The main directions captured by the MKOR study
- Purchase intentions remain relatively stable from 2023;
- About 3 million people are still undecided about making purchases;
- 8 out of 10 Romanians have set a budget in advance for Black Friday purchases, just like in 2023;
- Electronics and household appliances remain the constant market leader (58%), while interest in fashion items is declining (-13% compared to 2023).
Black Friday remains one of the most anticipated shopping events, with 57% of Romanians preparing to make purchases in 2024, according to the study "Black Friday Shopping - Plans and Expectations from a Consumer Perspective, 2024" conducted by market research agency MKOR.
Price is the central element of the purchase decision during the Black Friday campaigns: 6 out of 10 Romanians want a different shopping experience this year, with substantial but also authentic discounts. In the context in which expectations regarding discounts moderate in 2024, the share of those who hope for discounts of over 50% decreases by 9 percentage points.
The evolution of purchase intentions 2024 vs. 2023
Most of those who plan to buy on Black Friday are young people from the Gen Z and Millennials generations and people with monthly incomes over 6000 lei. The gap between men and women in purchase intentions has narrowed from 8% to just 3% by 2023.
For active shoppers, the event represents an opportunity to purchase desired products and brands at more affordable prices (54%). Also, according to the results of this study, many consider Black Friday a good opportunity to buy gifts for Christmas (23%) or for birthdays (14%).
The segment of undecideds (31%) which includes mainly people over 44 years old and with low incomes (under 3000 RON) can be attracted by removing barriers mainly of a financial nature.
Men remain the main rejecters (68%), even if their percentage is decreasing compared to 2023 (by 8 percentage points). In contrast, the share of those who actively reject the event has doubled in the last three years (from 5% in 2022 to 10% in 2024).
"The data from 2024 indicate the need for a refresh of the Black Friday format in Romania. Although it remains one of the most anticipated trade events, with 5.5 million potential buyers, we see clear signals that the market is maturing. Consumers are more organized and selective, discount expectations are becoming more realistic, and the doubling of the reject segment in the last three years shows that the classic format may no longer appeal as much. For retailers, 2024 could be the year to rethink the Black Friday experience, focusing more on the authenticity of discounts and tailoring offers to consumer expectations" said Alex Cimpoca, MKOR Digital Expert.
Stable consumption pattern for Black Friday
Romanians are organized and plan their shopping on average a month before the event. The majority (54%) start preparations no more than 2 weeks in advance, while a third take a long-term strategy and start documentation 3-8 weeks in advance.
8 out of 10 Romanians have already set their budget for Black Friday, just like in 2023. They took into account mainly their disposable income (67%), but also what they have on their wish list (34%). Black Friday spending in 2023 was a benchmark for 1 in 10 respondents who thought about how much they wanted to spend.
Although the preference for online shopping is slightly decreasing (-5% compared to 2023), it remains the main purchase channel. Gen Z benefits the most from the flexibility offered by omnichannel shopping.
Favorite products from the shopping list
On average, Romanians want to purchase 3 products or services during this period, the number being a slight increase compared to last year.
Electronics and home appliances dominate the shopping list in 2024 as well, maintaining its leading position with 58% of preferences. IT&C products are gaining ground, growing 5% over last year and becoming a priority for 32% of active buyers.
Fashion is losing appeal overall (-13% compared to 2023), but remains relevant for certain segments: 41% of young Gen Z and 42% of women still want to buy fashion items on Black Friday.
For detailed information you can access the full report for free here:
https://mkor.ro/studii/black-friday-2024/
Study methodology
Data are extracted from the study "Black Friday Shopping - Plans and Expectations from a Consumer Perspective, 2024".
- Sample: 1000 respondents;
- National representative sample based on criteria of gender, age (18-55 years) and geographic distribution, based on the most recent INS data;
- Data collection: online opinion survey, carried out with the help of MKOR's own Panel;
- Period: October 2024.
About MKOR
MKOR (https://mkor.ro/) is an innovative market research agency that combines hands-on business experience, MBA-level know-how and top expertise to provide an in-depth understanding of the business environment. In its work, MKOR covers all types of research and offers increased flexibility to its clients in order to understand and deliver the most detailed market insights.
Article source: MKOR Press Release
Read on White Art and: The pretzel – a simple product, with sales of 1 billion lei
