Black Friday is undoubtedly the Mount Everest of bargain shopping for both in-store and online shoppers. Take a look at the latest Black Friday facts and statistics for the last few years.
- US $100 billion: US e-commerce sales for November 2020
- The US online purchases in 2020 grew by 32.2% compared to 2019
- 37% of digital sales on Cyber Monday were made on mobile devices
- Smartphones were increasingly used for online sales, up 25.3% at $3.6 billion
- 70% of sales made on Shopify were made via smartphones
- Black Friday 2021 saw 88 million Americans shopping online
- The average savings on Black Friday specials were around 24%
- Almost 43% of Black Friday sales happened through mobile phones
- Millennials were the biggest spenders
- Around 29% of women intended to shop during Black Friday 2021
- Amazon accounted for 17.7% of all Black Friday sales
- The average adult spent $430 during the shopping event
- 66.5 million Americans shopped in-store during Black Friday 2021
- US consumers spent $8.9 billion online during Black Friday 2021
When Is Black Friday?
In 2022 the day falls on 25 November.
The day kickstarts the frenzy holiday shopping season with eye-catching promotional deals that lure shoppers into spending their hard-earned and saved cash.
In this post, we will look at the origins of Black Friday and how it became a retail construct before examining some statistics for pre-Covid times and the last two years before examining the outlook for 2022 Black Friday
But be prepared folks as there is a growing backlash to the cynical manipulation of shoppers by the big retailers.
Let’s have a look at where Black Friday came from.
Black Friday Facts: The History of Black Friday
Black Friday dates back to the 1950s US but the phrase is even older. Apparently, it was first used in 1869, when the US gold market crashed. It then became a retail sales term, with being “in the red” meaning poor sales and being “in the black” meaning good sales.
Black Friday today was born when US stores held discounts during a football game after Thanksgiving in the 50s and 60s. As many tourists visited Philadelphia annually for this, crime and accidents increased. Police had to work long shifts and dubbed the day “Black Friday”.
The UK adopted it much later, in 2010, thanks to none other than www.amazon.co.uk.
Let’s take a look at pre-Covid Black Friday statistics.
Black Friday Statistics Before Covid
Black Friday 2019 was the busiest day for in-store activity during the Thanksgiving weekend with 84.2 million shoppers. On the other hand, 93.2 million consumers shopped online during Black Friday in 2019.
Also, 58% of Gen Z, 54% of millennials, 39% of Gen X, and 37% of baby boomers spent lots on Black Friday.
The factors influencing buying decisions on Black Friday include free shipping (49%), promotions/limited-time sales (36%), easy-to-use website/app (21%), and Buy-Online-Pick-In-Store (BOPIS) (20%) according to the National Retail Federation.
Then came Covid-19 and there were noticeable dips in traffic in shops and the growth in online shopping.
Black Friday Trends: Growth In Online Shopping
The staggering amount spent online, typified by the growing order value, showed that consumers spent a lot online. This replaced much in-store buying activity during a pandemic-stricken economy. As e-commerce has shown that it’s efficient, this trend may intensify in the future. The convenience and simplicity rendered by online deals will continue to induce consumers to spend online.
Investing In Seamless E-Commerce Paid Off
Of interest are studies showing that companies which had invested in e-commerce technology have continued to reap top-dollar. The e-commerce giant, Amazon, is a good example.
Amazon had invested in technology which offers a seamless shopping experience across all platforms. As a result, the platform has won the trust and loyalty of many consumers. This is the main reason Amazon continues to do well on Black Friday. The same goes for Walmart, thanks to shaping its business to accommodate hybrid commerce.
In 2020, e-commerce sales during November including Cyber Monday reached $100 billion for the first time.
- The US online purchases in 2020 grew by 32.2% compared to 2019.
- 37% of digital sales on Cyber Monday were made on mobile devices.
- Smartphones were increasingly used for online sales, up 25.3% at $3.6 billion.
- 70% of sales made on Shopify were made via smartphones.
Mobile shopping is undoubtedly easier and faster for the shopper, and it translates to more dollars per minute for the retailer. Because of this, retailers need to think mobile-first when it comes to Black Friday trends in the coming years.
Black Friday Trends In 2021
Black Friday 2021 was vital for the retail economy following pandemic-induced restrictions, shortages and cuts in supply chains.
- Black Friday 2021 saw 88 million Americans shopping online.
- The average savings on Black Friday specials were around 24%.
- Almost 43% of Black Friday sales happened through mobile phones.
- Millennials were the biggest spenders.
- Around 29% of women intended to shop during Black Friday 2021.
- Amazon accounted for 17.7% of all Black Friday sales.
- The average adult spent $430 during the shopping event.
- 66.5 million Americans shopped in-store during Black Friday 2021.
- US consumers spent $8.9 billion online during Black Friday 2021.
According to the National Retailers Foundation, 2021’s holiday season retail sales grew 14.1% over 2020 to $886.7 billion. This was a new record reached despite ongoing COVID-19 challenges, inflation and supply chain issues.
Although foot traffic bounced back in 2021, digital shopping adoption accelerated further. Online holiday sales across November and December rose 5% year over year worldwide to $1.14 trillion and 9% in the US to $257 billion.
In-store shopping regained some ground in 2021, with 66.5 million Americans browsing physical stores on Black Friday. This marked a reversal from the previous year when people limited their shopping to online deals.
According to a Sensormatic Solutions analysis of the six weeks spanning November 21, 2021, through January 1, 2022, foot traffic in the US increased 18.9% over the prior year. Yet, physical stores saw 19.5% fewer shoppers than in pre-pandemic 2019, still recovering from the 2020s 33.1% plunge in holiday in-store shopping.
How Much Money Does Black Friday Generate In The US?
In 2021, Black Friday US online sales came in at $8.9 billion, down 1.3% from the $9 billion spent in 2020. Analysts say this was a result of lingering pandemic effects, including supply-chain disruptions, in addition to earlier online deals garnering some of the momentum.
Some e-commerce sellers did see a boost, however. Shopify’s merchants registered $2.9 billion in sales worldwide on Black Friday, increasing 21% from 2020.
So what can we expect this year?
2022 Black Friday Statistics Outlook
2022 Black Friday falls on November 25, and Cyber Monday is on November 28. But the sales will probably kick off in early November.
Experts expect big savings on the latest luxury goods, smartphones, the PlayStation 5 and Xbox Series X. Also, there’s some potential for some attractive offers across Apple’s products, including the iPhone 13 and the latest MacBooks.
It’s not just about getting a good deal anymore, it’s about pressure, the pressure of potentially missing out on a good deal. Many people have been hit particularly hard financially, and they are sick of the pressure of consumerism.
Black Friday is associated with wastage with many people discarding unwanted items from their retail therapy splurge.
Climate change activists argue that the surge in home deliveries are causing climate-damaging effects. The influx of delivery vans emits tons and tons of greenhouse gas emissions, making up for a lot of the cancelled flights this past year by causing the same environmental damage instead.
But no matter your principles and views on Black Friday, the day is here to stay. Shoppers will still benefit from good deals and retailers will continue to view it as their biggest day of the year.
Nathan has always been captivated by numbers and patterns. With a Master’s degree in Statistics, he’s honed his skills to decipher complex data sets and discern market trends.
Over the past decade, Nathan has worked with various firms compiling and analyzing industry spending figures to forecast market movements.
Jump To a Section Below
- When Is Black Friday?
- Black Friday Facts: The History of Black Friday
- Black Friday Statistics Before Covid
- Black Friday Trends: Growth In Online Shopping
- Investing In Seamless E-Commerce Paid Off
- Black Friday Trends In 2021
- How Much Money Does Black Friday Generate In The US?
- 2022 Black Friday Statistics Outlook