Black Friday 2024 delivered a resounding victory for online retailers, showcasing a dramatic shift in consumer spending habits. Americans embraced the digital marketplace, generating a staggering $10.8 billion in online sales – a significant 10.2% jump compared to the same day in 2023. This phenomenal growth, reported by Adobe Analytics, underscores the increasingly dominant role of e-commerce in the holiday shopping season.
The data paints a clear picture of a widening gap between online and in-store shopping. While overall US retail sales experienced modest growth, as reported by Mastercard SpendingPulse, online sales significantly outperformed their brick-and-mortar counterparts. Mastercard reported a 3.4% increase in overall retail sales (excluding automotive), but online sales soared by a remarkable 14.6%, leaving in-store sales with a meager 0.7% increase. This trend is further reinforced by Facteus, which documented an 11.1% surge in online sales, juxtaposed against a concerning 5.4% decline in in-store sales. Adjusting for inflation reveals even more stark contrasts: 8.5% online growth versus an 8% decline in physical stores. Salesforce’s data further solidified this trend, reporting $17.5 billion in US online sales, a 7% increase, driven by strong demand for home appliances and furniture.
The decline in physical store traffic is undeniable. Sensormatic Solutions reported a significant 3.9% drop in US in-store shopper visits between November 24th and 29th, with Black Friday itself witnessing an alarming 8.2% decrease compared to 2023. This aligns with the year-to-date trend, which shows a consistent 3% decline in in-store visits. This trend suggests a fundamental shift in consumer behavior, with shoppers increasingly favoring the convenience and often better deals offered online.
This year’s Black Friday wasn’t just about the day itself; it highlighted the success of e-commerce platforms that have become holiday shopping powerhouses. Fast-growing online retailers like Shein, Temu, and TikTok Shop, known for their aggressive pricing strategies and seamless user experience, experienced substantial sales growth in the week leading up to Black Friday, according to Facteus. These platforms are undeniably reshaping the holiday shopping landscape.
The evolution of Black Friday from a single-day event to a prolonged promotional period, with retailers launching deals weeks in advance, also contributed to the overall sales figures. While this extended period boosts total sales, it disperses in-store traffic, further solidifying the dominance of online shopping. The data conclusively demonstrates that Black Friday 2024 was a resounding success for e-commerce, indicating a significant and perhaps permanent shift in the future of holiday retail.
