Black Friday Statistics 2024: Spending, Trends, and More
Updated · Nov 27, 2024
The holiday season is synonymous with shopping sprees, and Black Friday stands as the crown jewel of consumer enthusiasm. Every year, millions of shoppers flock to stores and online platforms, hunting for the best deals on everything from electronics to fashion. But Black Friday isn’t just a shopping day—it’s a cultural phenomenon that reflects broader economic trends and consumer behaviors. As we approach Black Friday 2024, let’s delve into key statistics and insights that reveal what makes this event a global retail spectacle.
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Here are the top statistics shaping Black Friday 2024:
- $12.9 billion was spent online during Black Friday 2023 in the United States, marking a 7.5% year-over-year increase.
- In 2023, approximately 166 million Americans participated in Black Friday shopping, a record-breaking number compared to previous years.
- Mobile commerce (m-commerce) dominated, accounting for 56% of online sales on Black Friday last year.
- Amazon, Walmart, and Target were the top three retailers, collectively making up nearly 30% of total sales.
- Electronics remained the most sought-after category, with 65% of consumers purchasing gadgets during the sale.
- Buy Now, Pay Later (BNPL) services saw a surge, with a 40% increase in usage on Black Friday compared to standard shopping days.
- Ethical shopping gained traction, with 20% of consumers actively seeking environmentally sustainable brands and products.
Year-over-Year Spending Growth
Black Friday has long been a bellwether of retail health. Here’s how spending has evolved:
- In 2023, total spending during Black Friday reached $80 billion globally, representing a 10% increase from 2022.
- Over the past decade, Black Friday spending in the US has grown at an average annual rate of 5.8%.
- In-store spending saw a rebound in 2023, growing by 6%, as shoppers embraced the return of physical retail.
- Despite inflation concerns, 67% of consumers reported that they planned to spend the same or more in 2024 compared to previous years.
- Online sales during Black Friday have grown 75% over the last five years, driven by improved e-commerce platforms and faster delivery options.
- Global spending on Black Friday is expected to surpass $90 billion in 2024, fueled by increased participation in emerging markets.
- Retailers offering early-bird discounts before Black Friday reported a 20% boost in pre-sale revenue, signaling a shift in shopping patterns.
| Year/Metric | Value |
| Global Black Friday spending (2023) | $80 billion |
| YoY increase in global spending (2023) | 10% |
| US Black Friday spending growth (decade average) | 5.8% |
| In-store spending growth (2023) | 6% |
| Consumers planning to spend the same/more in 2024 | 67% |
| Online sales growth (last 5 years) | 75% |
| Expected global spending (2024) | $90 billion |
| Revenue boost from early-bird discounts | 20% |
Online vs. In-Store Expenditure
As shopping preferences evolve, the divide between online and in-store spending reveals intriguing patterns:
- In 2023, 74% of Black Friday shoppers browsed deals online, while 54% made at least one in-store purchase.
- Hybrid shopping experiences, such as “buy online, pick up in-store” (BOPIS), accounted for 25% of total purchases, a 30% increase from 2022.
- Retail apps saw a record 45 million downloads on Black Friday 2023, indicating the growing reliance on mobile shopping tools.
- While 30% of shoppers exclusively bought online, 26% preferred in-store-only shopping experiences.
- Electronics accounted for the largest online spending category, with 78% of sales made via digital platforms.
- In-store purchases were dominated by apparel and footwear, making up 40% of brick-and-mortar sales.
- In rural areas, 60% of shoppers still preferred physical stores due to limited internet connectivity or delivery challenges.
| Metric | Value |
| Shoppers browsing deals online (2023) | 74% |
| Shoppers making in-store purchases (2023) | 54% |
| BOPIS share of total purchases | 25% |
| Exclusive online shoppers | 30% |
| Exclusive in-store shoppers | 26% |
| Largest online category (Electronics) | 78% |
| Largest in-store category (Apparel/Footwear) | 40% |
| Rural shoppers preferring physical stores | 60% |
Average Consumer Spending per Capita
Understanding how much the average consumer spends during Black Friday reveals fascinating trends in buyer behavior:
- The average American shopper spent approximately $325 during Black Friday in 2023, slightly increasing from $312 in 2022.
- Millennials led the charge in spending, with an average outlay of $410 per person, compared to $280 for Baby Boomers.
- Households with incomes above $100,000 annually reported an average Black Friday expenditure of $600, nearly double the national average.
- Consumers using Buy Now, Pay Later (BNPL) services spent 15% more on average, indicating higher purchasing confidence.
- Shoppers who participated in both in-store and online sales spent an average of $450, compared to $280 for online-only buyers.
- Families with children reported the highest spending rates, with an average expenditure of $700 on Black Friday.
- Spending per capita in urban areas outpaced rural areas by 30%, largely due to increased access to high-value deals.
Top Product Categories by Revenue
Black Friday consistently highlights which products are in demand. Here’s how 2023 is shaped by category:
- Electronics led the way with total sales exceeding $12 billion, driven by discounts on laptops, smartphones, and gaming consoles.
- Apparel and footwear accounted for $8.5 billion, with sportswear and winter collections seeing the most traction.
- Home appliances experienced a surge, generating $6.2 billion in revenue, with kitchen gadgets topping the list.
- Toys and games ranked fourth, with total sales of $3.8 billion, bolstered by early holiday gifting.
- Health and beauty products reached $2.5 billion, marking a 10% year-over-year growth due to rising interest in self-care.
- Furniture and home decor sales hit $1.8 billion, reflecting growing interest in creating comfortable living spaces.
- Subscription services, such as streaming platforms and fitness apps, saw a 30% boost in purchases, underscoring the rise of digital consumption.
Mobile Shopping and Payment Trends
Mobile shopping continues to redefine how consumers interact with Black Friday sales:
- In 2023, 56% of online sales on Black Friday were completed via mobile devices, up from 51% in 2022.
- Retail apps experienced a 15% year-over-year increase in usage, with Walmart, Amazon, and Target ranking as the most popular.
- Mobile wallets, such as Apple Pay and Google Pay, were used in 45% of all online transactions, compared to 39% the previous year.
- Social commerce, fueled by platforms like Instagram and TikTok, drove 20% of mobile sales, showcasing the impact of influencers.
- Shoppers using mobile devices spent an average of $200 per transaction, a 10% higher rate than desktop users.
- Push notifications from retail apps resulted in a 25% click-through rate, demonstrating their effectiveness in driving conversions.
- QR codes, used for accessing deals in physical stores, saw adoption rates of 33%, a 20% jump from 2022.
Regional Spending Variations
Black Friday spending often varies significantly by region. Here’s a breakdown of key differences:
- Shoppers on the East Coast spent an average of $400, 20% higher than those in the Midwest.
- The West Coast saw the highest per capita spending on electronics, contributing 40% of the category’s total revenue.
- In the South, apparel purchases accounted for 35% of total spending, driven by holiday gift shopping.
- Rural areas experienced a 10% increase in physical store traffic, with local malls benefiting the most.
- Texas, California, and New York ranked as the top states for Black Friday revenue, collectively generating over $15 billion.
- Shoppers in urban regions demonstrated a preference for mobile payments, with 60% of transactions completed digitally.
- Internationally, the UK and Canada led Black Friday participation, with year-over-year growth of 12% and 15%, respectively.
Impact of Economic Factors on Consumer Behavior
The economic landscape plays a pivotal role in shaping Black Friday shopping habits. Here’s how it influenced behavior in 2023:
- Despite inflationary pressures, 76% of consumers reported they would not cut back on Black Friday spending.
- 56% of households earning below $50,000 annually still participated in the sales, focusing on essential items like apparel and household goods.
- High-interest rates caused a 12% increase in BNPL usage, as consumers sought to manage their budgets more effectively.
- 85% of shoppers cited discounts as the most critical factor in their purchasing decisions, outweighing brand loyalty.
- A significant 40% of shoppers delayed major purchases throughout the year to capitalize on Black Friday deals.
- Economic uncertainty led to a 15% rise in price-comparison app usage, reflecting cautious spending habits.
- Retailers offering flexible payment options observed a 20% higher conversion rate, highlighting the importance of accommodating diverse budgets.
Buy Now, Pay Later (BNPL) Adoption Rates
BNPL services continued to gain traction during Black Friday 2023, shaping how consumers approached their purchases:
- BNPL transactions accounted for $10.4 billion during Black Friday, a 40% increase from 2022.
- 27% of Millennials and 34% of Gen Z shoppers used BNPL services, making them the leading demographic for adoption.
- Retailers partnering with BNPL providers reported a 25% increase in average order value, as consumers felt more confident buying high-ticket items.
- Electronics dominated BNPL purchases, comprising 45% of transactions made using this service.
- BNPL repayment terms averaged 6 months, with 75% of users completing payments on time.
- BNPL services experienced double-digit growth in rural and suburban areas, where credit card access remains limited.
- Concerns about debt management led 18% of consumers to reduce BNPL usage compared to the previous year.
Environmental and Ethical Spending Considerations
As awareness of sustainability grows, Black Friday shopping habits are reflecting this trend:
- 20% of consumers prioritized purchasing eco-friendly products, up from 15% in 2022.
- Retailers promoting sustainable packaging reported a 10% boost in sales during Black Friday.
- Ethical brands focusing on fair labor practices saw a 25% increase in sales compared to conventional competitors.
- Shoppers spent an estimated $1.2 billion on second-hand and refurbished items, reducing waste and saving money.
- 42% of Millennials considered a brand’s environmental impact before purchasing, the highest among any demographic.
- Retailers offering “buy-back” or recycling programs noted a 12% higher customer retention rate post-Black Friday.
- Carbon-neutral shipping options were chosen in 30% of online orders, reflecting heightened eco-consciousness among buyers.
Recent Developments
The Black Friday landscape continues to evolve with new trends and innovations. Here’s what defines 2023 and sets the stage for 2024:
- Retailers extended their Black Friday deals, with 80% of major brands launching discounts a week early.
- AI-driven personalization helped boost conversion rates by 18%, as retailers used data to recommend tailored deals.
- Virtual shopping assistants gained popularity, with 15% of shoppers using AI chatbots to find the best offers.
- Live-stream shopping events on platforms like Instagram and TikTok accounted for $500 million in sales during the Black Friday weekend.
- Cross-border shopping surged, with $8 billion spent by international consumers on US e-commerce platforms.
- Cryptocurrency payments made their mark, accounting for 1% of transactions, driven by younger, tech-savvy shoppers.
- Same-day delivery services saw a 30% spike, reflecting consumers’ increasing demand for instant gratification.
Conclusion
Black Friday 2024 promises to be another record-breaking event, shaped by evolving consumer behaviors, economic factors, and technological advancements. With global sales expected to exceed $90 billion, the event remains a cornerstone of the retail calendar. As more shoppers embrace sustainability, mobile commerce, and flexible payment solutions, businesses must innovate to meet their expectations. By understanding these trends, retailers can capitalize on Black Friday’s immense potential and deliver value to consumers in a rapidly changing market.
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Barry Elad is a dedicated tech and finance enthusiast, passionate about making technology and fintech concepts accessible to everyone. He specializes in collecting key statistics and breaking down complex information, focusing on the benefits that software and financial tools bring to everyday life. Figuring out how software works and sharing its value with users is his favorite pastime. When he's not analyzing apps or programs, Barry enjoys creating healthy recipes, practicing yoga, meditating, and spending time in nature with his child. His mission is to simplify finance and tech insights to help people make informed decisions.
