This Black Friday, US consumers set a new milestone in holiday shopping by spending an unprecedented $10,800,000,000 online. A 10.2% increase from the previous 2023 year. The surge in online transactions shows a shift in consumer behavior, with shoppers favoring the convenience of digital shopping platforms.
Despite an overall reduction in foot traffic at physical retail locations—down 3.2% nationally, with specific declines in the Midwest (7%), Northeast (2.1%), South (3.5%), and West (3.2%)—online sales soared. Mastercard reported a 14.6% year-over-year rise in online sales, juxtaposed with a mere 0.7% increase in in-store purchases.
This shift was further corroborated by Adobe Analytics, which highlighted that Americans spent $10.8 billion online on Black Friday, up from $9.8 billion in 2023. Popular categories included jewelry, electronics, and apparel, with Shopify achieving a new global record of $5 billion in Black Friday sales. An earlier NRF report expected consumers to spend a record average of $902 per person this holiday season, reflecting ongoing enthusiasm for seasonal deals and strategic shopping endeavors.
RB Insights
- Record Spending: According to Adobe shopping trends report, $10.8 billion was spent online, a 10.2% increase from 2023.
- Mobile Dominance: Adobe forecasts mobile revenue share will hit a record 53.2% of online shopping and account for $128 billion.
- Top Products: Significant sales increases in toys (622%), jewelry (561%), and appliances (476%).
- AI Influence: Traffic to AI-assisted shopping sites surged by 1,800%.
The Rise of Online Shopping
The 2024 Black Friday shopping event showcased the growing dominance of e-commerce, with consumers increasingly turning to their smartphones and computers to snag deals. Adobe Analytics reported that shoppers spent an average of $11.3 million every minute between 10 a.m. and 2 p.m. on Black Friday, highlighting the day’s significance in the retail calendar.
Mobile Shopping Trends
Mobile devices played a crucial role in this year’s shopping frenzy, accounting for 55% of all online sales, translating to approximately $5.9 billion. This trend leans towards the convenience and accessibility that mobile shopping offers, allowing consumers to shop from anywhere at any time.
Popular Products and Categories
The surge in online spending was driven by a variety of popular products, with notable increases in:
- Toys: 622% increase in sales compared to average daily sales in October.
- Jewelry: 561% increase.
- Appliances: 476% increase.
- Makeup & Personal Care Products: Significant sales in makeup and skincare.
These statistics reflect consumers' eagerness to take advantage of deep discounts and promotions offered by retailers during this high-stakes shopping event.
The Role of Artificial Intelligence
Artificial intelligence was pivotal in shaping consumer shopping experiences this Black Friday. Traffic to retail sites utilizing AI tools surged by 1,800%, as shoppers sought assistance in finding the best deals and product recommendations. This trend indicates a growing comfort among consumers using technology to enhance their shopping experience.
In-Store vs. Online Shopping
While online sales soared, traditional brick-and-mortar stores experienced a decline in foot traffic, with in-store visits down 3.2% compared to last year. Many consumers opted to avoid long lines and crowded stores, favoring the ease of online shopping instead.
Looking Ahead
As Black Friday wraps up, expectations are high for Cyber Monday, with projections estimating online sales to reach $13.2 billion, a 6.1% increase from 2023. The spending for the five-day shopping period from Thanksgiving through Cyber Monday is anticipated to hit $40.6 billion, reflecting a 7% increase from last year.
This year’s Black Friday not only set a new benchmark for online spending but also highlighted the evolving landscape of retail, where convenience, technology, and consumer preferences are reshaping how people shop during the holiday season.
