Analysts: Black Friday in Romania could generate over EUR 400 mln, 8 out of 10 Romanians seek to make a deal
Black Friday is coming to the Romanian market, and so are hundreds of millions of euros.
Frames, a consulting company, predicts that the money circulation from Black Friday deals in Romania in fashion, food, beauty, home-deco, and electronic sectors could exceed the ballpark of EUR 400 million. The study also suggests that the average value of online shopping baskets will exceed RON 500, in comparison to last year’s threshold of RON 450.
“We can call it the Black Friday of financial frustrations, a last night of prom before the financial nightmare of 2023, the year in which economic problems will intensify amid the possible entry into recession,” Adrian Negrescu, Frame’s manager, warns about the number.
While several online stores have kicked off their Black Friday period, the peak is likely to arrive on November 11. Clothes remain the most wanted product during this period, followed in order by shoes, cosmetics, food and drinks, electronics, household appliances, and furniture.
“People think, thus, to ensure from now on what they still need in the house, clothes, shoes, household appliances, etc. In other words, to spend as much as they can until they are hit with winter bill problems. It's a paradox because normally, they should think about saving for the times to come.”
Another study done by Revolut, a British-based rising fin-tech company, says that 8 out of 10 Romanians aim for at least 30% discounts on their desired products during this period, while, at the same time, being the most skeptical about the risk of cyber fraud and bad deals.
“For Revolut users, the most convenient way to raise money for Black Friday, Cyber Monday, or any other commercial event with a known frequency is digital piggy banks – Vaults,” says Revolut's Head of Communications in Romania, Luiza Domnișoru.
“Moreover, because one of the worries of consumers is exceeding the allocated budget, the Revolut application allows the setting of spending budget limits to temper the ‘shopping fever’.”
(Photo source: Vasilis Ververidis/Dreamstime.com)