CHART: US Black Friday 2024 Spending Forecasted to Surpass $10 Billion
Online shopping is expected to remain the key growth driver.
- U.S. Black Friday spending in 2024 is forecasted to reach $10.8 billion, up 10% from 2023.
- Over 71% of shoppers expected to shop online, with mobile devices playing a key role.
- Electronics, clothing, and health & beauty items set to lead consumer spending preferences.
Black Friday, the shopping holiday synonymous with deep discounts and eager consumers, is poised to set new records in 2024. Widely recognized as the official start of the holiday shopping season, this event has grown from a U.S.-based tradition into a global retail phenomenon.
In 2024, projections suggest Black Friday spending in the United States will climb to an unprecedented $10.8 billion, reflecting a 9.9% increase from 2023’s record-breaking $9.8 billion. Meanwhile, Cyber Monday is set to reach $13.2 billion up from $12.4 billion in 2023, according to data from DemandSage.
The steady rise in Black Friday sales over the past decade underscores its enduring appeal and evolving consumer dynamics. From $5 billion in 2017 to paving the way for 2023’s record-breaking performance, all signs point to 2024 continuing this momentum, fueled by innovative retail strategies and shifting consumer behaviours.
Despite this anticipated record-breaking performance, Black Friday's anticipated total sales still trail behind other major shopping events. China’s Singles’ Day, for instance, remains unparalleled, with 2024 sales estimated at $119 billion according to research firm Syntun. Similarly, Amazon’s Prime Day 2023 brought in over $12.7 billion in the US alone, reflecting the rising influence of platform-specific sales.
Emmanuel Oyedeji
The report notes online shopping is expected to remain the key growth driver. With over 90 million Americans making digital purchases during Black Friday 2023, this number is set to rise. Of the estimated 36% of Americans expected to shop on Black Friday this year, around 71% of consumers are projected to shop online, drawn by convenience, exclusive deals, and payment options like Buy Now, Pay Later (BNPL).
While e-commerce dominates, brick-and-mortar stores are far from obsolete, with 76.2 million shoppers visiting physical stores during Black Friday 2023, demonstrating the enduring appeal of in-store experiences. Hybrid approaches like the buy-online-pickup-in-store (BOPIS) designed to enhance convenience and reduce shipping costs are expected to further drive sales this year
As retailers prepare for an expected record-breaking season, Black Friday 2024 promises to redefine consumer trends, with spending likely to reach unprecedented heights and set the tone for the holiday shopping season.
