As price-conscious shoppers sought out the best promotions, the event evolved into a multi-day window for finding value rather than a one-day shopping spree.
Black Friday 2024 demonstrated the growing influence of e-commerce in the United States, with online retail sales soaring by 14.6% compared to last year, according to Mastercard SpendingPulse.
In contrast, in-store sales showed a more modest increase of 0.7%.
“Black Friday was a good indicator of how the holiday season is positively shaping up,” said Michelle Meyer, chief economist at the Mastercard Economics Institute.
She explained that widespread price reductions and promotions supported consumers in their holiday shopping, boosting overall spending.
Key gift categories like Apparel, Jewellery, and Electronics remained strong, with Apparel standing out in online sales. The arrival of cooler weather after an unseasonably warm autumn further fuelled demand for winter clothing and footwear.
Shoppers seek value and plan strategically
Black Friday in the US has evolved into more than just a single day of shopping, becoming a period marked by extended deals and promotions. This year, many consumers approached the occasion with a deliberate strategy.
“Shoppers are making the most of seasonal deals and enjoying a balance of experiences spending and gifts for all loved ones. They’re more strategic in their shopping though, prioritising promotions that they believe hold the greatest value,” said Steve Sadove, senior advisor for Mastercard.
Retailers embraced this shift by offering competitive discounts, enticing value-conscious buyers. Spending increased not only on gifts but also on essentials, including groceries, as families prepared for Thanksgiving and other holiday celebrations.
Certain regions, such as Massachusetts, Washington D.C., and Colorado, stood out with higher-than-average spending growth, reflecting local economic dynamics and consumer confidence.
Dining and gifting trends reflect consumer preferences
Mastercard’s data highlighted evolving holiday trends in the two weeks leading up to Black Friday. Grocery spending grew as American households planned festive meals, while restaurant spending spiked on Black Friday itself.
Fashion was another bright spot. While in-store sales for Apparel started strong, e-commerce dominated on Black Friday as consumers sought convenience and expanded online selections. Footwear sales also outpaced last year’s levels, as shoppers completed their seasonal outfits.
These insights suggest a promising holiday season for US retailers, driven by consumers’ focus on value, a blend of experiences and traditional gifts, and the continued growth of digital sales channels.
As Black Friday evolves, the balance between in-store and online shopping is reshaping how Americans approach holiday spending.
Source from Retail Insight Network
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