If you shopped on Black Friday this year, chances are you did so from home.
Online retail sales this year jumped 14.6% on Friday (Nov. 29), while in-store sales saw a more muted increase of 0.7%, according to Mastercard SpendingPulse data.
“Over the last several years, Black Friday has become more than just one day, but instead a window of time for shoppers to find value,” the payments company said in a news release. “While consumers were enticed by early deals in the days leading up to the Thanksgiving holiday, Black Friday continued to reign as one of the biggest days of the season.”
According to the data, jewelry, electronics and apparel remain the top holiday gift sectors, with eCommerce clothing sales especially strong on Black Friday. Grocery spending was up as well, with consumers eating at home in the two weeks ahead of Black Friday. Restaurant spending showed “particular strength” on Black Friday itself, Mastercard said.
And while retailers and consumers were looking to get a jump on holiday shopping this year, deals and promotions released on Black Friday showed particular appeal, the release added.
“Shoppers are making the most of seasonal deals and enjoying a balance of experiences spending and gifts for all loved ones,” said Steve Sadove, senior adviser for Mastercard and former CEO and chairman of Saks Incorporated. “They’re more strategic in their shopping though, prioritizing promotions that they believe hold the greatest value — opening their wallets, but with more intentional distribution.”
As reported here last week, many retailers have said they expected shoppers to wait until Black Friday to find deals, as many Americans are feeling pinched.
Financial circumstances play a strong role in how consumers behave during the holiday shopping season, according to the PYMNTS Intelligence report, “Intrigue or Fatigue? Amid Crowded Deals Landscape, Financial Lifestyle Drives Consumers’ Black Friday Interest.”
Meanwhile, PYMNTS recently looked ahead to the next big shopping day on the calendar, Cyber Monday, which in the past few years has surpassed Black Friday in terms of sales by a substantial margin.
“In 2023, Cyber Monday flexed its digital muscles with $12.4 billion in sales, outpacing Black Friday by $2.6 billion,” PYMNTS wrote. “That’s like finding an extra billion in the retail industry’s couch cushions — three times over.”
Projections for this year, that report said, suggest even stronger sales, to the tune of $13.2 billion, with markdowns of 30% on electronics and 23% on clothing.
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