Warning: preg_match(): Compilation failed: range out of order in character class at offset 41 in /home/customer/www/litepack.cn/public_html/wp-includes/class-wp.php on line 238 80+ Black Friday Statistics You Need to Know: Insights for 2023 – Techopedia | LitePack
A skilled content specialist with 5+ years of journalism experience, Maria Webb is currently a technology journalist for Business2Community and Techopedia, specialising in data-driven articles.… Valerie is Techopedia’s Editor-in-Chief. She is a skilled writer and editor with expertise in crafting evergreens, analyses, forecasts, and educational materials, covering global financial markets,… Black Friday, known for its amazing deals and busy shopping, has become a key day for shoppers and stores. This article gathers key Black Friday statistics from different reports, offering vital information for anyone shopping online or businesses planning their shopping approach. These insights help both smart shoppers and savvy retailers get the most out of the event. Whether it’s learning about the best deals from Black Friday 2022 or what to expect for Black Friday 2023, this guide covers it all. Black Friday’s roots as a big shopping day go back to the late 1800s, but it really became what it is now in the mid-1900s. It originally signaled the start of Christmas shopping, with stores giving big discounts to draw people in. This idea grew, and now Black Friday is part of a bigger holiday shopping event, including Cyber Monday and, in some places, Boxing Day sales. Black Friday is now celebrated in many countries, each with its own customs. It’s important not only for its sales but also as a cultural event, showcasing our shopping habits and marking the start of the holiday season. Black Friday is a famous shopping day after Thanksgiving in the U.S.. The term “Black Friday” first meant a financial crisis, specifically when the U.S. gold market crashed on 24 September 1869. But today, it means something very different. In the 1950s, Philadelphia police named the heavy traffic and busy shopping on the day after Thanksgiving “Black Friday.” By the late 1980s, this term became popular all over the country. Retailers started saying that Black Friday helped them make a profit (be “in the black”) after being in loss (or “in the red”) throughout the year.
In this section, we delve into the behavior and preferences of shoppers during Black Friday. We examine Black Friday stats on what people searched for, how their shopping habits evolved post-pandemic, and the trends observed during Black Friday in 2022 and 2023. This analysis reveals the shoppers’ emphasis on finding good deals and quality products and how these preferences influence the retail strategies of stores In 2022, 70% of the search volume related to shopping that contained “black friday” as part of the search term actually happened in October and in the days leading up to the day itself (Google, 2023a).
Google Search trends for 2022 also showed that the daily volume for shopping-related searches containing “deals” in the term grew by over 2300% the week of Black Friday and Cyber Monday compared to September (Google, 2023a). In fact, on Black Friday 2022, clicks rose by 20 percentage points compared with Black Friday 2021. This shows that consumers were researching products, tracking discounts, and comparing prices more than ever (Impact, 2022). On Black Friday 2022, consumers spent their money on the following categories: (NIQ, 2022) Over three-quarters (75%) of respondents said that they spent over $100 on Black Friday 2022 (NIQ, 2022). Additionally, the majority of Black Friday shoppers in 2022 indicated that they spent more than in 2021 (46% of respondents). Meanwhile, 27% said that they spent the same, and 22% said that they spent less money than in 2021 (NIQ, 2022). Comparing the number of online sales, desktops (5.6% conversion rate) performed slightly better than mobile devices (3.3%) on Black Friday 2022 (Adobe, 2023a). Meanwhile, the most popular products purchased online during Black Friday 2022 were the following: (Adobe, 2023a) Black Friday 2022 marked a significant shift in shopping habits post-pandemic, becoming the most popular day for both in-store and online shopping across the entire Thanksgiving weekend. In 2022, around 72.9 million consumers opted for in-person shopping, a notable increase from 66.5 million in 2021, reflecting a return to pre-pandemic shopping behaviors. Simultaneously, approximately 87.2 million consumers shopped online, maintaining the heightened online shopping trend seen since 2021 (NRF, 2022).
In 2022, Black Friday saw a 2.3% year-on-year (YoY) growth in online shopping. This is an increase compared to the YoY growth recorded in 2021 (-1.0%) but a significant decrease compared to the YoY growth recorded in 2020 (+22.0%). This indicates a gradual stabilization in online shopping trends as consumers adjusted to post-pandemic norms (Adobe, 2023b). The distribution of online orders based on shipping method on Black Friday 2022 was as follows: (Adobe, 2023a) In 2022, 81% of possible U.S. Black Friday and Cyber Monday shoppers said that getting the best price or value was their priority. At the same time, 80% said that it’s also important that the items they’re purchasing are also of the best quality. This shows that consumers balanced purchasing decisions on both price and quality (Google, 2022). In September 2023, 62% of shoppers said that sales and promotions are even more important to purchase gifts this year compared with last year, suggesting that the economic impacts of the pandemic are still influencing shopping behaviors (NRF, 2023). This section delves into how retailers fared during Black Friday, highlighting the effectiveness of their deals and the growth of sales in various categories. It covers key aspects like discounts, sales growth, and consumer preferences, reflecting on Black Friday statistics and how these influenced shopping behavior. Global digital sales powered by Commerce Cloud grew 14% YoY on Black Friday 2022 (Salesforce, 2022). However, over half of 2022 Black Friday shoppers said that the deals were better than in 2021 (51% of respondents), while around a third (32%) said that the deals were about the same. Only 17% said that the deals in 2022 were worse than in 2021 (NIQ, 2022). In 2022, Black Friday saw the following discounts on these products sold online: However, discounts were actually more significant on the following dates (between 1st October and 31st December): (Adobe, 2023a) Furthermore, discounts for additional product categories for online shopping on Black Friday 2022 were as follows: (Adobe, 2023a) According to the Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, U.S. total retail sales (excluding auto) on Black Friday 2022 were up +12.0% YoY. Meanwhile, e-commerce recorded a +14.0% increase YoY and in-store retail sales were up +12.0% YoY (Mastercard, 2022).
In fact, on Black Friday 2022, the following categories saw the largest increases in U.S. sales compared to 2021: (Mastercard, 2022) In 2023, U.S. consumers outlined the following top 10 factors as important when choosing where to shop for Black Friday or Cyber Monday: (Drive Research, 2023) The data on Black Friday shopping patterns reveals a snapshot of consumer behavior in Brazil, Colombia, and Germany, showcasing diverse market dynamics. For example, in 2022, a notable 76% of global respondents marked Black Friday as a shopping day on their calendars (Simon-Kucher, 2022). While these statistics focus on specific markets, they offer valuable insights into retail trends and consumer behaviors in these areas, showcasing a slice of the global excitement surrounding Black Friday sales. In Brazil, Black Friday 2022 performed below expectations by Brazilian retailers and e-commerce sites. The total revenue recorded for the day was R$6.1 billion (-23% compared to the same period in 2021, R$7.9 billion). (Gazz Connecta, 2022) The five categories that generated the most revenue in Brazil for Black Friday 2022 were: (Gazz Connecta, 2022) The top five sold categories in Brazil for Black Friday 2022 were: (Gazz Connecta, 2022) In Colombia, Black Friday 2022 reached Col$457 billion in sales revenue, an increase of 42% compared to 2021. This is based on transactions through electronic payments, where more than 1.6 million cards carried out nearly 2.3 million transactions (Semana, 2022). In-person purchases remained the most popular, with 64% of purchases conducted in-person rather than online. In-person sales amounted to Col$92 billion, increasing by 38% compared to Black Friday 2021. However, e-commerce sales also increased by 51% in terms of billing compared to 2021 (Semana, 2022). In Germany, 41% of consumers are expected to participate in the shopping events of Black Friday and Cyber Monday 2023. A slight majority of these shoppers are male (55%), predominantly in the 18-34 age bracket (YouGov, 2023). A significant portion of German consumers, about 65%, intend to make their Black Friday and Cyber Monday purchases exclusively online. Meanwhile, 27% are planning to shop through both online and physical stores, and a mere 8% prefer to shop in-store (YouGov, 2023). The primary shopping interests of German customers are centered around small electronics like smartphones and wearables, along with clothing and footwear, each attracting 23% of respondents. Additionally, 22% are looking to purchase general electronics, and 15% are interested in video and computer games (YouGov, 2023). Exploring Black Friday statistics reveals a dynamic landscape in marketing and advertising strategies. From evolving ad approaches to consumer engagement, these trends not only reflect the effectiveness of different campaigns but also offer insights into the evolving nature of Black Friday sales. In November, TikTok saw its monthly ad profits, known as Return On Ad Spend (ROAS), jump by 200% compared to October. This was one of the highest increases among all platforms (Fospha, 2023).
Other social media platforms also had big gains in their ROAS in November: (Fospha, 2023) Historically, companies have adopted various ad spending approaches: (Fospha, 2023) In November, brands changed their approach compared to October. They spent more on ads that encourage people to think about buying (consideration) or actually make a purchase (conversion) rather than just trying to get their brand known (awareness). Here’s how their spending changed from October to November: The idea was to get customers who were ready to buy during the Black Friday and Cyber Monday sales. (Fospha, 2023) Furthermore, in 2023, U.S. shoppers stated that they usually discover Black Friday and Cyber Monday deals in the following ways: (Drive Research, 2023) On Black Friday 2022, conversion rates were 13 percentage points higher than on Black Friday 2021 (Impact, 2022). Furthermore, commissions for publishers skyrocketed, with growth recording a 150 percentage point increase compared to Black Friday 2021 – with advertisers paying publishers higher commission rates in the 2022 analysis period (Impact, 2022). Overall, in 2022, there was a significant overlap between Black Friday and Cyber Monday purchases. Around two-thirds of U.S. consumers who shopped on Cyber Monday also shopped on Black Friday. Furthermore, the most significant reasons given for shopping on both days were to find Christmas gifts and to get good deals (NIQ, 2022). However, Black Friday 2022 generated less revenue than Cyber Monday but was still the second-most significant day in terms of online shopping spend between 1 October and 31 December 2022. On Black Friday, U.S. consumers spent $9.12 billion online (Adobe, 2023a). Despite this, Black Friday generated more global online sales than Cyber Monday. On Black Friday, global sales reached $65.3 billion, while on Cyber Monday – $46.2 billion (Salesforce, 2022). Interestingly, 46% of 2022 consumer holiday spending in the U.S. actually occurred after Cyber Monday and before 24 December. In fact, U.S. consumers spent as much in the three days post Cyber Monday as they did on Black Friday and Cyber Monday combined. This highlights that maintaining momentum after Cyber Weekend is important (Google, 2023b). Black Friday, renowned for its extraordinary sales and deals, also brings significant safety and security concerns. In 2022 alone, the U.S. witnessed 734,174 shoplifting incidents, spotlighting the urgent need for heightened vigilance (FBI, 2022). This section delves into the various safety challenges both in-store and online, offering essential tips to ensure a secure shopping experience during the bustling Black Friday events. Over a quarter of U.S. consumers said that in past Black Friday shopping experiences, they were pushed or shoved by other shoppers (25.5%) (Drive Research, 2023). When it came to online shopping, consumers expressed their concerns, with nearly a third saying that they were uncertain about how to shop securely (Norton, 2023).
In fact, more than half of the consumers expressed significant concerns regarding online shopping security. Their primary concerns include: (Norton, 2023) In 2023, one in four people reported being targeted by an online scam. Among these individuals: (Norton, 2023) Victims globally reported encountering scams primarily on: (Norton, 2023) To ensure security in your store on Black Friday, consider these tips: To ensure safety when online shopping on Black Friday, follow these general guidelines: In 2023, 74% of U.S. consumers indicated that they cared about the environmental impact of the products they buy. The vast majority (79%) want an easier way to identify companies that are environmentally friendly. In fact, more than half (53%) indicated that they want clear language on products, while 40% said that they want third-party or independent validation (PDI, 2023).
In fact, despite the economic uncertainties in 2023, consumers revealed that they are increasingly willing to pay more for environmentally friendly products, with 68% saying so in 2023. This is up from 66% in 2022 and 64% in 2021 (PDI, 2023). The demographic group most interested in environmental causes is Gen Z. Nearly all (91%) expressed that they want to buy from sustainable companies, and 40% think that corporations are doing poorly in reducing their carbon footprint. With Gen Z’s climbing purchasing power, it becomes crucial for companies to situate themselves as environmentally conscious (PDI, 2023). This section delves into and reveals Black Friday statistics and trends shaping the 2023 shopping season. By unpacking evolving consumer preferences and spending patterns, this segment offers insights into the factors driving Black Friday 2023 sales. It showcases the blend of in-store and online shopping dynamics, with a spotlight on the most sought-after deals and products. In September 2023, 71% of survey respondents said that they would shop online on Black Friday and Cyber Monday 2023 (Adobe, 2023c). In fact, 27% of survey respondents said that they plan to shop in person for Black Friday 2023. Meanwhile, a whopping 68% said they will shop online. For the first time since 2020, in-person shopping is projected to be the least popular format – a 16% decrease compared to 2022 and a 23% decrease compared to 2021 (Drive Research, 2023). In the U.S., consumers are planning to shop from the following stores for Black Friday 2023: (Drive Research, 2023) For the U.S. consumers shopping online for Black Friday or Cyber Monday 2023, these are the top 10 online retailers they plan to purchase from: (Drive Research, 2023) In 2023, Black Friday is forecasted to experience a 5.7% YoY growth and reach $9.6 billion in revenue, surpassing the 2022 figures (Adobe, 2023c).
A notable portion of people who plan to shop on Black Friday 2023 comes from high earners; 36% of those making over $200K annually plan to participate. Meanwhile, 33% of planned shoppers earn between $100K and $199K, and 32% earn between $50K and $99K (Deloitte, 2023). Nearly one in three people (32%) said that they will purchase the majority of their gifts in November 2023 to make the most of Black Friday and Cyber Monday sales (Deloitte, 2023). Most U.S. consumers plan to start their Black Friday shopping bright and early – between 5 AM and 10 AM (29% of people). Others plan to start shopping on: The share of people planning to start their Black Friday shopping on Thanksgiving has gone up 13% compared to 2022. (Drive Research, 2023) For the holiday season of 2023 (October – December), the strongest discounts are expected to reach new heights and peak strength starting from 17 November and spanning through Black Friday until Cyber Monday. Discounts will fall as deep as 35%, according to forecasts (Adobe, 2023c). In fact, the 2023 Black Friday’s deepest discounts for televisions are expected to reach -22%, breaking previous records (Adobe, 2023c). U.S. online shoppers for Black Friday or Cyber Monday 2023 plan to purchase from the following top 10 categories: (Drive Research, 2023) In 2022, popular purchases included clothing, electronics, and toys, with a significant shift toward online shopping. Looking ahead to Black Friday 2023, trends suggest a continued preference for online shopping, with consumers increasingly focusing on deals and quality. Originally, it referred to a financial crisis in 1869. The term was later used by Philadelphia police in the 1950s to describe heavy post-Thanksgiving traffic and shopping. Beginning in the late 1800s as the start of Christmas shopping, Black Friday grew into a larger event, including Cyber Monday and Boxing Day sales in some areas. In 2022, there was a strong emphasis on online shopping, with top purchases being clothing, electronics, and toys. Also, 81% of shoppers focused on getting the best price or value. For Black Friday 2023, a surge in online shopping is anticipated, with 71% planning to shop online. Environmental impact is also a key concern, with 74% of U.S. consumers focusing on eco-friendly products. Retailers offer significant discounts, particularly on electronics and toys. Consumers seek the best deals and value, balancing between online and in-store shopping. Google, 2023a Impact, 2022 NIQ, 2022 Adobe, 2023a NRF, 2022 Adobe, 2023b Google, 2022 NRF, 2023 Salesforce, 2022 Mastercard, 2o22 Drive Research, 2023 Simon-Kucher, 2022 Gazz Connecta, 2022 Semana, 2022 YouGov, 2023 Fospha, 2023 Google, 2023b FBI, 2022 Norton, 2023 PDI, 2023 Adobe, 2023c Deloitte, 2023 A skilled content specialist with 5+ years of journalism experience, Maria Webb is currently a technology journalist for Business2Community and Techopedia, specialising in data-driven articles. She has a special interest in AI and posthumanism. Maria’s journalism journey includes 2 years as a statistical journalist at Eurostat, where she crafted compelling data-centric news articles, and 3 years at Newsbook.com.mt covering local and international news. What is AIO (AI Optimization)? AIO (AI optimization) is the use of artificial intelligence (AI) to improve the way something… Margaret RouseTechnology Expert Gartner identified sustainable tech as one of the top technology trends of 2023. But what is it, and how do… Arthur ColeTechnology Writer