Black Friday Stats: Key Statistics to Shape Your 2024 Holiday Strategy

Black Friday is just around the corner, and interest among buyers and retailers is at an all-time high. While it’s a shopping frenzy for buyers, the Black Friday weekend is a substantial revenue-driving event for retailers — they can boost their sales and capture new customers.

Black Friday sales are anticipated to reach $10 billion in 2024 and soar to $12.3 billion by 2028 (source). You’re in the right place if you’re a retailer wanting a peek into key Black Friday stats.

Total consumer spending and purchase behavior 

The hype of Black Friday is becoming more prominent with each passing holiday season sales year. Here’s an overview of the spending trends during Black Friday and the top product categories that customers seek:

Spending trends 

20% of people will spend $1,000 and more on Black Friday holiday shopping this year.

While it’s 3% less than the 23% of people who wished to spend $1,000 on the holiday shopping season last year, it’s still huge for retailers. Mobile shopping has become a significant part of Black Friday spending trends, with mobile devices accounting for a substantial percentage of online sales. 

This shift necessitates mobile-optimized shopping experiences to capture a growing audience increasingly utilizing smartphones for holiday purchases. Some other respondents said they would spend around:

• 10% - $800 to $999

• 14% - $600 to $799

• 22% - $400 to $599

• 19% - $200 to $399

• 13% - > $200

For 80% of the respondents, the primary reason people spend less this year on Black Friday is the high cost of living (source).

Top product categories

During Black Friday sales, shoppers (online and offline) rush to purchase items like electronics, including smartwatches, laptops, and mobile phones. Other than that, some people may spend on beauty products.

With the rise of online shopping, in-store sales have seen a noticeable decline as consumers increasingly prefer online options during Black Friday.

Adobe’s Analytics list of top products for the holiday season, including Black Friday, includes TVs, smart speakers, video games, consoles, skin care products, barstools, Barbies, and pajamas.

A total of $222.1 billion was spent online in the 2023 Holiday Season, and around 65% of this was driven by five key categories: electronics, apparel, furniture, groceries, and toys.

As per Statista, 73% of men and 62% of women planned to buy electronics on Black Friday and Cyber Monday.

Clothing and accessories are preferred by around 82.7% of women and 70.3% of men.

Meanwhile, 52.5% of women and 23% of men are interested in health and beauty products to improve overall well-being.

Hannah Fuechtman from NBC News presented a list of Black Friday 2023 best-selling items, including the Nintendo Switch Mario Kart 8, Anker Nano Power Bank, Apple AirTags, and Kasa Smart Plug Mini 15A.

• Electronics make up around 49% of the items sold on Black Friday events.

• Kitchen appliances account for 10% to 15% of Black Friday sales, followed by vacuums and cleaning devices, which account for 5% to 10%.

• Cosmetics are popular and account for around 23% of all Black Friday purchases. Hair care appliances and products account for 5% of sales.

• Surprisingly, clothes and apparel in stores take a significant (72%) portion of the products bought, while athletic wear only contributes 10% to 15%.

• Record discounts of up to 24% are projected on TVs in 2024, an increase from 23% in 2023.

Demographic insights 

Millennials aged 25 to 34 are some of the familiar buyers during Black Friday since they are interested in electronics and wait for discounts to get their favorite gadgets.  

But this doesn’t mean Black Friday isn’t for older people — baby boomers and people interested in home appliances also take advantage of the opportunity. 

• Millennials account for 24% of shoppers on Black Friday holidays, and middle-aged people make up around 33%.

• Around 84% of Gen Z thought that Black Friday sales were a great value.

• Black Friday high spenders are evenly divided into both men and women aged 27 to 59 and have an annual income of more than $100K (61%)

• The high spenders plan to spend around $2146 (buying ten gifts) this season. 

• Gen Z (60%) regretted their past Black Friday purchases the most. Only Baby boomers showed no regrets about Black Friday purchases.  

• High spenders are 3x more likely to spend on experiences than holiday shoppers. 

• Around 23% of women think retailers increase their prices before Black Friday to offer discounts. 

Black Friday statistics: Shift to online shopping vs. in-store preferences

While traditionally, Black Friday was associated with people swarming in physical stores and waiting in queues, now the trend has changed a bit. The rise of technology and ecommerce encourages people to contribute to online retail sales, away from the hassle of in-store purchases.

Small Business Saturday provides a vital opportunity for small businesses during the holiday shopping weekend.

Ecommerce growth

Ecommerce is booming. The global ecommerce market was $25.93 trillion in 2023 and is projected to grow at a CAGR of 18.9% from 2024 to 2030 (source). 

• Amazon, the leading ecommerce platform, captured up to 17.7% of Black Friday revenue.

• In recent years, mobile devices have made up almost 25.3% of all Black Friday online sales. 

• During the mid-to-late 2020s, in-store shopping adjusted its strategy according to changing trends and made up around 50% of Black Friday sales, while online sales grew to over 50%. 

• Black Friday shoppers are 19.6% more willing to purchase online than in-store. 

• Shopify online retailers reported an average order value of $102.10 for Black Friday 2022, slightly up from $100.70 in 2021. 

• According to the National Retail Federation, around 44 million US consumers used their desktops and laptops for Cyber Monday sales.

• Online retailers and mass merchants have regained their status as the most preferred shopping formats, returning to 2019 (pre-COVID-19) levels. 

In-store traffic trends 

Although physical store sales may decline slightly, they still capture the maximum purchase share in Black Friday sales figures. 

• The preference for in-store shopping has reached pre-pandemic levels, with 37% of shoppers’ budgets spent on in-store shopping, which is relatively high compared to 35% in 2022 and 36% in 2019. 

• High spenders prefer going to department stores, as 40% favor these physical locations compared to 18% of other shoppers. 

• In 2022, around 72.9 million people shopped in-store during Black Friday, an increase of 9.62% from the previous year.

• Black Friday shoppers are 16.4% less likely to go to a physical store than online shopping.

• Shoppers allocated 61.9% of their Black Friday shopping to brick-and-mortar stores. 

• The number of in-store shoppers dropped to 28.3% compared to 2019, before the pandemic. From 2015 to 2019, the percentage of Black Friday shoppers who plan to shop in-store decreased by 20.7%. 

Omnichannel shopping 

Omnichannel shopping refers to a process in which customers interact with retailers through various touchpoints, including websites, brick-and-mortar stores, and apps.

These Black Friday trends are also seeing a rise, and here are some statistics that highlight that:

• 65% of Black Friday shoppers find Black Friday deals on retailer’s websites.

• 61% reported finding great deals through promotional emails, while 53% of retailers mentioned promotional social media ads as an avenue for discovery.

Customer service and cart abandonment rates on Black Friday

Black Friday is a critical period for customer service, with many retailers experiencing a surge in customer inquiries and support requests. According to a study, 71% of customers expect a response to their customer service inquiry within five minutes on Black Friday. This high expectation underscores the importance of a robust customer service strategy.

Cart abandonment rates are also a significant concern for retailers on Black Friday, with an average of 75.6% in 2023. The most common reasons for cart abandonment include high shipping costs, lack of trust in the website, and complicated checkout processes. Retailers can reduce cart abandonment rates by offering free shipping, providing clear product information, and streamlining checkout.

Retailers can significantly improve their Black Friday sales outcomes by focusing on excellent customer service and addressing common pain points in the shopping experience.

Customer service influence 

You may not know this, but customer service greatly influences purchasing behavior. Black Friday statistics reveal that 44% of customers believe good customer service is vital during this holiday season. 

Optimizing for conversions 

Optimizing the shopper’s experience to yield maximum conversions is essential. For instance, you should ensure that your website and apps are mobile-friendly. You should personalize your services and communication with consumers to keep them engaged. Your customer support should also be active, helping customers through AI chatbots and live support. 

• 63% of customers prefer live chat as their main communication channel.

• Nearly three out of five people or shoppers say that good customer service is vital for them to feel loyal to a brand. 

• 71% of consumers want businesses to provide personalized experiences, and 76% get frustrated when this doesn’t happen. 

• 80% of frequent shoppers say they only purchase from businesses that tailor their expectations and experiences. 

• Consumers who rate the company as good are 38% more likely to recommend it, leading to increased sales. 

Summary

Now that you know key Black Friday stats, you might be wondering how to capitalize on these holidays to drive sales and new customers toward your business. 

If so, there is no option better than HelpDesk. 

Since customers prefer brands that offer quick and tailored customer service, HelpDesk helps you provide them with precisely that. 

This platform logs and tracks each customer query by assigning a unique ticket so support agents can quickly identify and resolve high-value tickets without any confusion. It enables smooth communication between customer support agents via email, chat, and social media. The best part is that the platform also has AI capabilities, quickly answering common customer concerns for enhanced satisfaction.