This year, Black Friday falls on November 29th, but early sales started back in October as retailers strive to capture a significant portion of consumer spending. These early sales not only cater to consumer demand but also help alleviate the strain on the global supply chain and logistics sector. Despite that, the largest Black Friday ever is still ahead of us.
Black Friday, a term coined by American police to describe shopping-induced congestion, has evolved into a widely recognised phrase since the 1980s. While many consumers start their holiday shopping earlier, Black Friday symbolises the unofficial commencement of the Christmas shopping season and remains the busiest shopping day in the U.S., steeped in tradition and anticipation.
Black Friday, a modern shopping extravaganza, extends beyond a single day, with sales commencing in October and culminating in the online shopping events of Cyber Monday or Cyber Week. Here are some key facts about this worldwide phenomenon.
Black Friday 2024 is expected to be a record-breaking event, with holiday sales predicted to exceed $240.8 billion in revenue globally, marking an 8.4% year-over-year growth. Last year, sales reached $221.1 billion. Speaking of the U.S. market, sales are projected to grow by 9.9% and reach $10.8 billion.
Although Black Friday began in the U.S., it is not the leader in sales. In 2023, U.S. Black Friday sales totalled $9.8 billion. Meanwhile, U.K. consumers spent £8.74 billion in one day (more than $10 billion). Some other countries, such as China, celebrate Singles’ Day in mid-November, an equivalent event with huge discounts that generates more sales than American or British Cyber Week.
According to a YouGov report, 36% of Americans are planning to participate in Black Friday, while 34% are going to shop on Cyber Monday. Regarding Cyber Monday and online shopping, Italians lead the way worldwide, with over 70% of Italian shoppers planning to shop exclusively online for Black Friday.
The average discount on Black Friday in 2023 was about 31%, while US Black Friday and/or Cyber Monday shoppers spent an average of $325.
Research says that over 45% of people shop for items they have wanted to get for a while. 48% of people save money to shop during Black Friday and Cyber Monday. Despite the steadily growing sales, more than 57% of consumers think Black Friday is just a scam to get people to spend more money.
In the U.S. and the U.K., men typically spend more than women during Black Friday and Cyber Week. Last year, women in the U.S. spent roughly between $101 and $250. Meanwhile, men were more likely to pay between $251 and $500. In comparison, men in the U.K. are estimated to spend £20 more than women.
Amazon made more than 17.7% of all Black Friday sales in the U.S. in 2023. Walmart came in second with 10.9% of all sales.
Electronics was the most significant category driving retail web traffic across Black Friday and the Holiday Season of 2023. Globally, Electronics got 1.3 billion visits, Apparel & accessories received 386 million visits, Health & Beauty category attracted 290 million visits, while Food & drug got 156 million visits. All other categories received less than 100 million visits.
Whether you like it or not, Black Friday is here to stay, as more retailers adjust their offerings to participate in the event. As the biggest sales event in the world, it puts enormous pressure on the global supply chain and logistics. Still, careful planning and analysis allow retailers to reap the maximum benefit.
With the holiday shopping season bringing unique challenges and opportunities, businesses need logistics partners that understand the nuances of supply chain management in peak periods.
KATA Global Logistics prides itself on offering tailored solutions that adapt to shifting market needs. Its focus on efficiency, cost-effectiveness, and customer satisfaction allows KATA to support clients in managing the complexities of the holiday season.
Contact KATA today to learn how you can optimise your logistics strategy and make this holiday season your most successful yet.
Comments