Black Friday is just around the corner! As retailers suit up for the busiest time of the year, we thought we should shed some light on the most infamous shopping day of the year: Black Friday.
The day following Thanksgiving has been defined by overnight campouts and mad rushes to the mall. Here are 3 Black Friday statistics that may surprise retailers.
3.5 billion dollars will be spent online
Black Friday in-store shopping isn’t what it used to be. Black November, Thanksgiving, pre-Black Friday, Cyber Monday, and Cyber Week have all started to eat into what once was the biggest shopping day of the year. Above all, shoppers have decided that surfing the web from the comfort of their homes is a lot more convenient than stampeding through the mall. Last year, online sales eclipsed 3 billion for the first time, increasing 13.27 percent year over year.
Despite the fact that 3.5 billion will be spent online this Black Friday, Cyber Monday has unseated it as the biggest shopping day of the year. As retailers find new ways to leverage their online audiences, consumers have become increasingly likely to spend their holiday shopping online.
Consumers’ preference for online shopping comes largely from its convenience. In-store shopping used to be the only way to guarantee that you’d get your items when you wanted, but with the rise of reliable and expedited delivery, shoppers can now get the same assurance from online shopping. We expect same day delivery to be a deciding factor for many consumers this season.
2 billion dollars will be spent the day before Black Friday
There’s a lot more than turkey and gravy on Thanksgiving. Last year, 93 billion dollars were spent online, making for a sizable chunk of overall holiday revenue. With conservative estimates pinning Thanksgiving online revenue at about 2 billion, it will still be one of the more popular days of the year. This, too, is a reflection of consumers shopping when they want. The accessibility of shopping online has disbanded peak shopping days, meaning people shop more frequently rather than on the traditional shopping days.
2 billion dollars on Thanksgiving shows that the revenue from peak days is being distributed across the surrounding days. We expect similar revenue to be generated across the Saturday and Sunday leading up to Cyber Monday, where nearly 4 billion dollars is expected to be spent.
36% of customers will only purchase items on sale
Whether it’s shopping in-store or online, consumers are still looking to save around the holidays. Last year, 36% of holiday shoppers said all of their purchases would be on sale items, an increase from the 32% who reported the year before.
This preference for discounts keeps the days between Black Friday and Cyber Monday top shopping days for customers as retailers continue to roll out exclusive deals for holiday shoppers.