40 Facts About Black Friday 2024

The Origins and Evolution of Black Friday

Black Friday has a rich history that has shaped it into the shopping phenomenon we know today. Let's dive into its origins and how it has evolved over the years.

1. Origin of Black Friday: Black Friday was originally called “Black Day” due to the somber mood of shoppers, but it later got its name from accounting practices. The term “Black Friday” originated from the idea that accounting records would turn from red (losses) to black (profits) on this day.

2. Timing of Black Friday: Black Friday is traditionally the day after Thanksgiving in the United States. This timing has been consistent for many years, making it a crucial shopping event for retailers.

3. Global Participation: Black Friday is no longer just an American phenomenon. It has become a global shopping event, with many retailers worldwide participating in the sales frenzy. This global reach has significantly contributed to its popularity and economic impact.

The Shift to Online Shopping

The rise of e-commerce has transformed Black Friday, making online shopping a dominant force. Here's how digital platforms are changing the game.

4. Online Sales Dominance: In recent years, online sales have surpassed in-store sales on Black Friday. This shift towards e-commerce is driven by digital engagement and enhanced marketing strategies. In 2023, global online sales grew 8% year-over-year, reaching $70.9 billion.

5. U.S. Market Performance: The U.S. market saw online sales surge 9% to $16.4 billion in 2023, highlighting the continued dominance of eCommerce during this period. This growth is attributed to the increasing use of digital platforms and personalized marketing.

6. AI and Personalized Marketing: Retailers are increasingly leveraging AI for targeted offers and personalized marketing. In 2023, AI influenced 17% of all holiday orders, making it a crucial tool in driving sales during the Black Friday period.

7. Buy-Online-Pick-Up-In-Store (BOPIS): BOPIS has become a popular option for shoppers, with 18.4% of online orders using this service in 2023. This trend reflects the desire for convenience and flexibility in shopping experiences.

Consumer Behavior and Preferences

Understanding how consumers behave and what they prefer during Black Friday can help retailers tailor their strategies effectively.

8. Early Bird Shoppers: Almost 15% of customers do most of their Black Friday shopping on Thanksgiving evening, demonstrating how far in advance the shopping fever starts. Additionally, 21% of Black Friday shoppers begin shopping early, from twelve to six in the morning.

9. Payment Preferences: In 2022, around 4 in 10 holiday shoppers were willing to take on credit card debt. However, by 2023, 53% were more cautious about overspending, with concerns even higher among Gen Z and Gen X buyers at 58%.

10. Customer Service Importance: More than 44% of shoppers believe good customer service is vital during Black Friday. This emphasizes the need for retailers to provide excellent support to their customers during peak shopping periods.

11. Price Expectations: Holiday participation has returned to pre-pandemic levels, reaching 95%, up from 92% in 2022. Meanwhile, 72% of consumers expect higher prices this year, slightly down from 73% in 2022, despite moderating inflation.

Popular Shopping Destinations and Strategies

Where do people shop, and what strategies do retailers use to attract them? Let's explore the top destinations and marketing tactics.

12. Popular Shopping Destinations: Online channels, department stores, and grocery stores emerged as the top destinations during Cyber Week. Online shopping takes a leading role in these destinations, reflecting the shift towards digital commerce.

13. Early Access Sales: Early access sales contributed significantly to traffic surges before Cyber Five, with a 41% year-over-year increase in sessions. This strategy helps retailers build anticipation and drive sales early in the shopping season.

14. Email and SMS Campaigns: Email and SMS campaigns saw substantial growth in 2023, with personalized messages proving more effective in driving sales. These campaigns are crucial for engaging customers and offering timely promotions.

15. Social Media Influence: During the Holiday Season, traffic from social media increased by 7% year-over-year, making up 10% of all global mobile traffic referrals. Social media marketing investments significantly boosted sales, contributing to 3.5% of online sales.

Technology's Role in Black Friday

Technology continues to play a pivotal role in shaping the Black Friday experience. From AI to AR, here's how tech is influencing shopping.

16. AI and Emerging Technologies: As retailers continue to integrate AI and AR technologies, Black Friday shopping experiences are expected to become more immersive and personalized. This integration will enhance the overall shopping experience for consumers.

17. Mixed Feelings About Black Friday: Most consumers believe Black Friday is just a ploy to encourage extra spending, with only 10% disagreeing. Around 46% enjoy the discounts but dislike the tradition. Over 80% feel there is excessive consumerism linked to Black Friday and Cyber Monday, and 76% complain about receiving too many ads too soon.

18. Appointment Shopping: About 77% of shoppers are open to booking appointments to shop in-store, aiming to avoid crowds. This approach could also benefit disabled individuals by providing a more accessible shopping experience.

Demographics and Spending Patterns

Who shops on Black Friday, and what do they buy? Let's look at the demographics and spending patterns of Black Friday shoppers.

19. Demographic Breakdown: Millennials (25-34) are the most common buyers due to their attraction to electronic and fashion items. Older people, typically baby boomers and customers with children, are also significant participants, often interested in home appliances and gifts.

20. Gender Participation: Women constitute the majority of Black Friday shoppers, with an average of 62%, while men make up 50% of shoppers. Women often buy beauty products and apparel, while men are more interested in electronics and sporting goods.

21. Income Groups: Most consumers are middle-income groups that make up a large proportion of Black Friday shopping events. However, some high-income levels are also represented, focusing on luxury and high-end items and travel packages.

22. Product Categories: Cosmetics hold almost 23% of total Black Friday purchases, followed by haircare appliances and products, which make up around 5% of total sales. Other popular items include electronics, clothing, and home goods.

The Impact of Mobile Commerce

Mobile devices have revolutionized how people shop on Black Friday. Here's how mobile commerce is shaping the event.

23. Mobile Commerce: Mobile devices accounted for about 25.3% of online sales on Black Friday. Mobile phones have significantly contributed to customers’ online spending, changing trends towards digital commerce and convenience.

24. In-Store vs. Online Sales: In-store sales declined from the late 2010s to the early 2020s but still account for almost 70% of total Black Friday sales. However, online sales have grown exponentially, indicating a wider movement towards digital commerce.

25. Global Online Shoppers: Black Friday surpassed 87.2 million shoppers in 2022 to become the most popular day for online shopping. This number reflects the global reach and popularity of the event.

Comparing Black Friday and Cyber Monday

Black Friday and Cyber Monday are two major shopping events. Let's compare their impact and performance.

26. Cyber Monday vs. Black Friday: Cyber Monday is expected to top Black Friday online sales, with totals reaching $11.2 billion. A record 196.7 million people shopped over the weekend between Thanksgiving Day and Cyber Monday.

27. Total U.S. Retail Sales: Total U.S. retail sales on Black Friday increased 5% year-over-year. In-store Black Friday shopping increased by 1.1%, a much smaller increase compared to online sales.

28. Average Discount Rates: Black Friday is synonymous with significant retail discounts. The average discount rate across various product sectors is nearly 50%, fueling the popularity of the event and driving consumer spending.

Spending Habits and Trends

How much do people spend, and what trends are emerging? Let's explore the spending habits and trends of Black Friday shoppers.

29. Gender-Based Spending: Men are expected to spend an average of $724.46 compared to $610.71 for women on Black Friday, reflecting a gender-based difference in spending patterns.

30. Mobile Sales Contribution: Mobile accounted for 66% of global Black Friday sales, highlighting the increasing significance of mobile commerce in driving sales during the event.

31. Ecommerce Growth: Ecommerce sales accounted for about 21% of global retail sales in 2022, marking a 50% increase from pre-pandemic levels. This underscores the growing influence of ecommerce on Black Friday sales.

32. SMS Marketing Effectiveness: SMS marketing can result in as much as a 2000% ROI during Black Friday, showcasing its effectiveness in driving sales during the event.

Consumer Concerns and Preferences

Despite the excitement, consumers have concerns and preferences that shape their shopping behavior. Let's delve into these aspects.

33. Consumer Concerns: Despite record online spending on Black Friday, consumers’ concerns about the economy are at the highest level since the Great Recession in 2008-2009. This reflects the economic uncertainty and cautious spending habits of consumers.

34. Traditional Brick-and-Mortar Stores: Traditional brick-and-mortar store purchases are still expected to account for the majority of retail holiday spending, with the National Retail Federation expecting 67% of Black Friday shoppers to have headed to stores.

Shopper Behavior and Timing

When do people shop, and how do they behave? Let's look at the timing and behavior of Black Friday shoppers.

35. Shopper Behavior: Shoppers normally start their Black Friday shopping as soon as or possibly before the holiday season starts. Stores often open at midnight or offer early online bargains to capitalize on this trend.

36. Impulsive vs. Planned Shopping: Many consumers shopped in advance before the holiday shopping season actually started, with about 54% starting at least 7 days before the event. This indicates both impulsive and planned shopping behaviors among consumers.

37. Early Morning Shoppers: Up to 33% of shoppers do their Black Friday shopping as early as early morning. This early start reflects the urgency and excitement associated with Black Friday deals.

Product Sales and Trends

What products are flying off the shelves? Let's explore the popular product categories and sales trends.

38. Product Sales Trends: Books, music, and clothing accessories sales doubled in recent years, and there were significant increases in sales for duvet covers and mattresses in the US. These trends highlight the diverse range of products that are popular during Black Friday.

39. Crowd Avoidance: Over 60% of Black Friday shoppers think there are too many people in the shops during Black Friday, and most people (77%) would be interested in booking an alternative shopping experience to avoid the crowds.

The Future of Black Friday

As technology and consumer preferences evolve, so does Black Friday. Here's a glimpse into the future of this shopping event.

40. Future of Black Friday: As retailers continue to integrate AI and AR technologies, Black Friday shopping experiences are expected to become more immersive and personalized. This integration will enhance the overall shopping experience for consumers, making it more convenient and enjoyable.

The Future of Black Friday Shopping

Black Friday 2024 is shaping up to be another record-breaking event. With the rise of e-commerce, AI-driven marketing, and mobile commerce, shopping experiences are becoming more personalized and convenient. Online sales continue to dominate, but in-store shopping still holds a significant share. Early bird shoppers and those using BOPIS services highlight the demand for flexibility. Social media and SMS campaigns are proving effective in driving sales, while AI technologies enhance customer engagement. Despite economic concerns, the allure of deep discounts and exclusive deals keeps consumers coming back. As retailers adapt to these trends, Black Friday will remain a pivotal moment in the retail calendar, offering a unique blend of excitement, discounts, and innovation. Whether you're a shopper or a retailer, understanding these trends can help you make the most of this shopping extravaganza.