Black Friday sales reached new heights this year, with online sales in particular experiencing significant growth. Despite predictions of a slow shopping season due to inflation and economic uncertainty, consumers flocked to stores and websites to snag deals on everything from toys to electronics.
According to Adobe Analytics, Thanksgiving Day itself became the biggest shopping day of the holiday period, with $6.1 billion spent online. This marked an 8.8% increase over last year’s total. Online sales rose by 14.6% compared to Black Friday in previous years, while in-store sales remained relatively flat.
The main driver behind this growth was e-commerce, which has become increasingly popular due to the COVID-19 pandemic. Consumers took advantage of early shopping options and extended holiday periods offered by retailers, resulting in a digital-first experience.
“Toys had a good day on Black Friday,” said Adobe’s report. “Online sales up 622% compared to average daily sales last month.” Top sellers included Harry Potter Lego sets, items related to the ‘Wicked’ movie, card and board games, Disney Princess toys and dolls, and the Cookeez Makery oven playset.
However, some retailers experienced a quieter day in-store. RetailNext reported that store traffic on Black Friday was down 3.2%, with footfall down 7% in the Midwest, 2.1% in the Northeast, 3.5% in the South and 3.2% in the West.
The growth in online sales can be attributed to retailers now offering more goods available online that were previously only available in-store. This, combined with early shopping options and extended holiday periods, has led to a shift towards digital-first experiences.
As economist Darpan Seth said, “broader economic pressures, such as high grocery prices and the rising cost of living, may have further impacted shoppers’ behavior.” Consumers are prioritizing essential purchases and carefully weighing discretionary spending, resulting in a focus on value-driven shopping decisions this holiday season.
Source: https://www.retaildive.com/news/winners-losers-black-friday-2024-online-store-sales/734236