Black Friday remains the biggest shopping event of the year, drawing millions of shoppers both online and in stores. In 2023, online sales reached $70.9 billion globally, marking an 8% increase from the previous year. In the U.S., online sales rose by 9% to $16.4 billion, while total retail sales for the day grew 5%. Despite a 1.1% increase in in-store shopping, e-commerce saw a significant 8.5% rise, reflecting a shift towards online retail.
Cyber Week, which includes Black Friday, saw global sales of $298 billion, up 6% year-over-year. In the U.S., Cyber Week sales reached $70.8 billion, a 5% increase. The entire holiday season saw a 6.3% rise in online retail sales, with November alone accounting for $123.5 billion in online spending, up 6% YoY. This trend indicates a growing preference for online shopping and substantial growth in digital sales.
Shopping Patterns and Consumer Statistics
In-store shopping saw 76.2 million U.S. shoppers on Black Friday, a 4.5% increase from 2022. Conversely, online shopping numbers rose to 90.6 million, up 3.9% from the previous year. Despite these increases, foot traffic in stores on the Saturday after Thanksgiving dropped by 7%, indicating a continued preference for online shopping.
Cyber Week broke records with 200.4 million consumers shopping, surpassing the previous year’s record. On Black Friday, 68% of shoppers opted for online purchases, with less than a third planning in-store shopping. This reflects a trend towards online convenience, with more than half of those visiting stores checking product reviews or availability online.
Consumer Spending Trends
Cyber Week shoppers spent an average of $321.41, consistent with the previous year. Of this, 70% was allocated to gifts. Throughout the holiday season, spending increased to an average of $1,652, up 14% from 2019. High-income groups spent significantly more, with $315 and $709 increases in spending for income brackets of $50K-$99K and $200K+, respectively. Consumers planned to purchase an average of eight gifts and visit fewer stores compared to the previous year.
Online Traffic Insights
Online traffic surged by 5% YoY during Cyber Week. However, traffic across the holiday season slightly declined by 0.4%, marking the smallest YoY change recorded. Early access sales caused a shift in traffic patterns, with pre-Thanksgiving traffic surpassing Cyber Five traffic by 10%. Notably, the Friday before Black Friday saw a 63% YoY increase in traffic, while Black Friday itself experienced an 18% decline in sessions.
Mobile Shopping Statistics
Mobile shopping continued its upward trend in 2023. Cyber Week saw 79% of e-commerce traffic from mobile phones, a significant increase from the previous year. Black Friday and Cyber Monday were prominent for mobile traffic, with 55.3% and 50% of sessions coming from mobile devices, respectively. This trend highlights the increasing importance of mobile optimization in retail strategies.
Consumer Trends
Buy Online, Pick Up In-Store (BOPIS) usage declined to 18.4% of online orders, down from 21% in 2022. Despite this, BOPIS peaked during the days leading up to Christmas. Sales and promotions drove 55% of Cyber Week purchases, with 31% of shoppers making impulse buys due to limited-time offers. Shoppers allocated 37% of their holiday budget to in-store shopping, with online-only retailers being the most preferred destination.
Sustainability remained a concern for many shoppers, particularly younger consumers, with 20% of French shoppers prioritizing eco-friendly options. Additionally, 79% of consumers expressed skepticism about retailers’ responsible use of artificial intelligence.
Demographic Insights
Men were more likely to view Black Friday as a great deal opportunity compared to women. Gen Z emerged as the biggest spenders, planning to spend an average of 176 pounds, with spending decreasing among older generations. High spenders, responsible for a significant portion of total holiday spending, planned to spend around $2,146, purchasing more gifts and focusing on electronics and health and wellness.
European Statistics
In the U.K., Black Friday was well-recognized, with a focus on value for money. Spending varied by region, with Greater London spending the most. European shoppers favored electronics, with clothing and accessories as the second choice. French consumers planned to spend the most, averaging 309 euros, while Italian and Spanish consumers planned lower expenditures.
Overall, Black Friday 2024 continues to evolve, with significant shifts towards online shopping, mobile traffic, and strategic marketing. Retailers need to adapt to these trends to capitalize on the growing importance of digital sales channels.
This summary encapsulates the key findings and trends from the comprehensive data provided on Black Friday 2024.
