Sophie Blake
Black Friday 2024 has shattered previous e-commerce milestones, with online shoppers spending an unprecedented $10.8 billion, marking a 10.2% year-over-year growth, according to Adobe Analytics. This impressive figure is more than double the $5.03 billion recorded in 2017. At the peak shopping hours between 10 a.m. and 2 p.m., an astonishing $11.3 million was spent online every minute, emphasizing the continued dominance of digital retail.
While in-store shopping saw modest growth, online sales soared. Mastercard SpendingPulse revealed a nearly 15% increase in online retail activity compared to just a 0.7% uptick in brick-and-mortar sales, culminating in a total retail growth of 3.4%. However, physical stores saw a decline in foot traffic, with RetailNext reporting a 3.2% decrease on Black Friday and a 0.8% drop on the following Saturday. Experts attribute this trend to shifting consumer behaviors and the evolving role of physical stores in the retail ecosystem.
Jewelry, electronics, and apparel were among the most sought-after categories this year. Deep discounts played a crucial role in guiding consumer decisions, highlighting the strategic approach many shoppers took to maximize their purchasing power. Michelle Meyer, chief economist at the Mastercard Economics Institute, noted that while in-store spending had been robust earlier in the holiday season, Black Friday itself experienced a “sluggish” performance in physical locations.
Taylor Swift added a unique flair to the shopping frenzy as fans flocked to Target for exclusive merchandise. Special items, including a limited-edition anthology and collectibles tied to her Eras Tour, created significant buzz and drew crowds to the retail giant.
Toys emerged as a standout category, with online sales skyrocketing by 622% compared to average daily sales in October 2024. Other categories also saw remarkable growth, including jewelry (561%), appliances (476%), personal care (440%), apparel (374%), and electronics (334%), per Adobe Analytics.
Mobile shopping continued to gain momentum, with 55% of online sales conducted via mobile devices, translating to $5.9 billion in spending — a 12.1% increase over last year. Desktop computers and other devices accounted for the remaining online transactions, indicating the growing reliance on smartphones for holiday shopping convenience.
E-commerce platform Shopify reported a record-breaking $5 billion in global Black Friday sales. U.S. shoppers, on average, spent $157 per transaction, purchasing items such as t-shirts, skincare products, and vitamins.
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