Research

Black Friday & Cyber Monday Statistics & Trends 2024

by wethrift

The term “Black Friday” was initially used to describe the 1869 stock market crash. However, in the 1950s, police in Philadelphia used it to refer to the massive influx of shoppers looking for post-Thanksgiving deals. Although attempts were made by retailers to rename the day Big Friday, Black Friday stuck and became the now globally recognized nickname for the Friday after Thanksgiving. In 2005, Black Friday’s online counterpart, Cyber Monday, was born after Shop.org noticed that online purchases spiked annually on the Monday after Thanksgiving.

Today, it’s not just the US that celebrates Black Friday and Cyber Monday. Countries around the globe, from Albania to Zambia, also partake in this retail phenomenon. We’ve rounded up the latest Black Friday and Cyber Monday statistics to highlight how big these sales days are, who is spending money, from where, and what trends drive buyer behavior.

Top Black Friday and Cyber Monday Statistics

  • In 2023, Black Friday racked up record-breaking sales, with total revenue exceeding $9 billion, a 7% increase from 2022‘s previous record. (Adobe)
  • Cyber Monday also racked up record spending, growing 9.6% year-over-year to $12.4 billion.(Adobe)
  • Shopify merchants set a Black Friday record in 2023 with a combined $4.1 billion in sales. (Shopify)
  • Over 80% of US retailers say that sales events such as Black Friday and Cyber Monday only benefit mega-retailers. (Statista)
  • 68% of Generation Z planned to shop Black Friday sales in 2023. However, they also planned on spending just $357, which is lower than all other generations. (Finder)
  • In 2023, $5.3 billion Black Friday sales were made using a smartphone. (Adobe)
  • 82% of people planned to shop in-person and online during Cyber Week in 2023. (Drive Research)
  • In the US, 1 in 3 people in 2023 said that Black Friday sales were good value, while 24% believe that retailers inflated prices in the run-up to the sales day. (Statista)
  • Black Friday mentions on social media increased by 46% from 2022 to 2023, with 2.49 million social media mentions recorded between November 23-27, 2023. (Brandwatch)
  • Buy Now Pay Later use hit an all-time high on Cyber Monday in 2023. It increased 42.5% from 2022 to $940 million. (Adobe)

Yearly Black Friday & Cyber Monday Spend & Revenue History

As these sales holidays have grown in popularity, consumer spending has skyrocketed. However, this doesn’t mean there aren’t fluctuations in revenue and spending, especially in light of the pandemic and subsequent recessions. Here’s how Black Friday and Cyber Monday yearly spending and revenue history stacks up:

  • The average spend across the full Holiday Season in 2023 increased to $1652, up from pre-pandemic figures of $1496 in 2019. (Deloitte)
  • In 2022, Black Friday and Cyber Monday broke spending records when shoppers spent $9.12 billion and $11.3 billion, respectively. (Adobe & Adobe)
  • At the height of the pandemic in 2020, 100 million consumers shopped online during Black Friday and Cyber Monday. (National Retail Federation)
  • In 2023, shoppers planned to allocate $300 to gift cards versus $217 in 2022 and reduce their spending on food and beverage gifts. (Deloitte)
  • Approximately 70% of Cyber Week spending ($226.55) was on gifts in 2023. (National Retail Federation)
  • In 2021, Cyber Monday’s online revenue was 19.4% higher than Black Friday’s. (Capital One Shopping & US Census Reports)
  • In 2022, consumers in the United States spent, on average, $390.19 on Black Friday weekend. (Statista)
  • 19% of annual retail sales occur between Black Friday and Christmas. (National Retail Federation)
  • Inflation played a major role in increased prices in 2022, and even reduced prices were higher than usual. (Adobe)
  • In 2020, in-person shopping on Black Friday dropped by a whopping 37% from 2019. (National Retail Federation)

How Much Does The Average American Spend On Black Friday & Cyber Monday?

With Black Friday and Cyber Monday having US roots, it’s interesting to see what people in the US spend on these holidays. This is how consumers’ spending habits have shaped up:

  • In 2022, US shoppers spent $390.19 on Black Friday. In 2023, this increased by $7.45 to $397.64. (Statista)
  • In 2023, consumers planned to spend an average of $567 between Black Friday and Cyber Monday. (Deloitte)
  • The average order value on popular US e-commerce platforms on Cyber Monday in 2023 was $49 on both Walmart and Shein, $44 on Target, $36 on Amazon, and $30 on Temu. (Statista)
  • In 2023, Black Friday was the most popular day to shop in the US, with 72% of consumers hitting the stores, up from 69% in 2022. (National Retail Federation)
  • After these big sales weekends, buyers’ remorse hit Americans in the Midwest the hardest, with 56% saying they regretted purchases they spent an average of $245. (Finder)

While originally a way for land-based retailers to attract big crowds after Thanksgiving, e-commerce has captured a huge amount of market share for Black Friday and Cyber Monday. These stats reflect where consumers are shopping on these sales holidays.

  • 4 out of 10 US consumers stated they would shop in-store on Black Friday in 2023. (Statista)
  • In 2022, 87.2 million consumers shopped online on Black Friday. (National Retail Federation)
  • In 2023, Buy Online and Pick Up In-Store (BOPIS) grew by 9% globally during the holiday period. (Adobe)
  • Preference for shopping in-store returned to pre-pandemic levels in 2023, with 37% of shoppers budgeting for in-store purchases. (Deloitte)
  • In 2023, around 3 in 5 Cyber Monday sales were made on mobile phones. (Adobe)
  • Many consumers began shopping online before Black Friday in 2023 to find early deals. (Experian)
  • In 2022, e-commerce platforms Shopify, Adobe, and Salesforce sales figures were 10-17% higher than in previous years. (Influencer Marketing Hub)
  • Revenue from social media sales amounted to less than 5% over Black Friday and Cyber Monday in 2023 but experienced a 5% year-on-year increase. (Adobe)
  • Traffic from social media grew by 7% year-on-year during the sales season, making up 10% of all mobile traffic referrals globally. (Salesforce)
  • Amazon highlighted a number of e-commerce-specific trends, with sales of beauty products like COSRX Snail Mucin 96% Power Repairing Essence, and tech like the Amazon Fire TV Stick and Ring Video Doorbell ranking as some of their best sellers during Black Friday and Cyber Week in 2023. (Amazon)
  • In 2023, discounts in certain categories online hit record highs, with electronics peaking at 31% off the listed price, toys at 28%, and apparel at 24%. (Adobe)

2024 Black Friday & Cyber Monday Demographic and Geographic Differences

It may have its roots in the US, but the Black Friday and Cyber Monday phenomenon has spread to countries from Africa to Asia. This sales holiday now has a major impact on consumers and retailers all over the globe.

  • Based on Amazon’s dedicated marketplaces, an estimated 50-60% of the world’s 195 countries “celebrate” Black Friday. (JungleScout)
  • In Europe in 2023, Amazon sales on Black Friday increased by 203% in Germany, while Italy only experienced an increase of 77%. (Statista)
  • In the UK in 2023, all consumers said they knew what Black Friday was, and over a third “knew it well.” (Statista)
  • Canadian Black Friday and Cyber Monday shoppers have seen a decrease in numbers between 2020 and 2023, with 2021 racking up the highest numbers overall (Black Friday: 43%, Cyber Monday: 34%) and 2022 the lowest. (Statista)
  • In 2023, 57% of women said they would shop on Black Friday versus 44% of men. (Finder)
  • Gen Z has the worst buyer’s remorse, with 60% regretting their purchases. In contrast, Baby Boomers have no regrets. (Statista)
  • Gen Z shoppers’ Black Friday engagement has declined due to the diminishing value of sales goods. (Pymnts)
  • 44% of high income earners prefer to shop in-store versus 18% lower income earners. (Deloitte)

What’s next for Black Friday & Cyber Monday?

Overall, these insights illustrate the evolving trends and behaviors in consumer spending during Black Friday and Cyber Monday. It’s clear that these shopping holidays are experiencing shifts, not just in revenue but in buyer behavior, too. However, based on the record sales of the last few years, these holidays certainly remain pivotal dates on the retail and e-commerce calendar.