Redefining Retail: Black Friday & Cyber Monday Insights

November 26, 2023
2 mins read

???? $9.8 billion spent and a trend revolution sparked – this year’s Black Friday and Cyber Monday have left more than just sales records. Discover the unexpected shifts behind these figures.

According to Forbes, citing Adobe data, American consumers spent $9.8 billion on online shopping on Black Friday, marking a 7.5% increase year-on-year. Notably, most purchases were made using mobile devices, a trend that has grown by 10.4% compared to 2022. Adobe also anticipates a record-breaking Cyber Monday, with expected spending reaching $12 billion, a 5.4% increase year-on-year.

Foot traffic in brick-and-mortar stores also saw a modest rise of 2.1%. Noteworthy categories with significant increases in physical store visits were Health and Beauty, up by 13.3%, and Jewelry, with a 6.7% rise compared to last year. RetailNext data indicates that clothing stores grew by 1.9%, while home goods stores experienced a decline of 7.9%.

Global sales, as reported by Shopify, were up by 22% on Black Friday compared to last year, with the strongest performances in the US, UK, and Canada. Popular global product categories included clothing, personal care, jewelry, and footwear.

Fortune provides a contrasting perspective, highlighting that despite the recorded sales increases, many customers expressed dissatisfaction with the discounts offered. For instance, a 25% discount, perceived by some as ordinary, didn’t align with their expectations of typical Black Friday offers.

From a broader view, Salesforce Inc. expects U.S. online sales to grow by only 1% in November and December from the previous year, marking the slowest growth in at least five years. Adobe Analytics foresees online revenue growth in the US at 4.8% over the next two months, a pace faster than last year but well below the pre-pandemic annual growth rate of 13%. Meanwhile, Mastercard projects online and in-store retail sales in the U.S. to grow by 3.7% this year, a return to pre-pandemic rates. The differing methodologies of Adobe, Salesforce, and Mastercard lead to varied growth rates, yet all point towards a similar trend of moderate growth.

TD Cowen has revised its season growth forecast down to 2-3% from an initial 4-5%, while the National Retail Federation maintains its 3-4% growth estimate.

For the shorter term, specifically Cyberweek – from Thanksgiving to Cyber Monday – Adobe expects online spending to reach $37.2 billion, a 5.4% increase from 2022.

In summary, several key points emerge:

???? Black Friday continues to generate substantial revenues, with a notable 7.5% increase year-on-year, albeit some buyers expected more substantial discounts.

???? The surge in mobile device usage for shopping, accounting for over half of the sales, is a trend likely to grow, especially among digital natives.

???? Cyber Monday’s importance is increasing, potentially surpassing Black Friday in terms of sales.

While we await European data, the impact of the Omnibus Directive, which mandates informing buyers about the lowest price in the past 30 days, on Black Friday and Cyber Monday sales remains a point of keen interest.

As we’re slowly closing the chapter on this year’s Black Friday and soon also Cyber Monday, we’re left pondering: What do these shifts in consumer behavior and sales trends foretell for the future of retail? The story of retail is unfolding.

Marek Molicki

Marek Molicki, since 1998 in the online industry. Extremely motivated to reach goals. Ideas deliverer, problems solver, finder of new ways, the doer. Social media fan, public speaker, trainer. Constantly looking for new skills to learn. Impossible is nothing, it's only the question of time and being consequent.
Read more

Go toTop

Don't Miss