Insights and Outcomes Revealed in Black Friday 2024 Sales Analysis
U.S. Black Friday Shoppers Spend $10.4 Billion in 2024, Up 10.2% Year-on-Year
The traditionally bustling shopping day, Black Friday, has once again demonstrated its enduring relevance in the retail landscape, with US customers collectively spending $10.4 billion online during the 2024 event, marking a 10.2% increase year-on-year. Meanwhile, UK retail transactions witnessed a 9.5% year-on-year increase during Black Friday and Cyber Monday (BFCM).
Black Friday, which follows Thanksgiving, has evolved over the years to encompass not only the Friday but also the following Monday, known as Cyber Monday, and the long weekend as a whole, offering retailers the opportunity to drive sales through discounted prices.
Recent years have seen claims questioning the event's popularity, with some customers doubting the authenticity of some deals and certain brands opting out of participating. In light of these trends, an analysis of BFCM's impact on the industry and our own clients' performance was conducted, with the following results.
2024 Black Friday Stats
Research indicates that worldwide searches for Black Friday deals commenced towards the end of October and peaked on the 24th of November. In the United States, shopping activity spiked at 8pm, following the Thanksgiving meal, while UK-based shoppers demonstrated a tendency to indulge in early deals, with a peak at 9am.
Our paid media teams managed a diverse range of Black Friday and Cyber Monday campaigns for our clients, revealing some key takeaways from the 2024 event:
- Our social team observed a 63% increase in CPM but a 21% decrease in CPP, leading to a 22% increase in ROAS and a 72% increase in revenue.
- The majority of our clients launched their Black Friday campaigns at the end of October and beginning of November, indicating that the event now stretches beyond the traditional weekend.
- Despite earlier campaigns, AOV and ROAS were still higher during the Black Friday weekend compared to other times in the month.
- Customers participating in Black Friday deals witnessed significant success, underscoring the value of such offers to both consumers and businesses.
Black Friday E-commerce Success Stories
Some of our e-commerce clients experienced impressive results over the BFCM weekend:
- Children's beds and furniture provider Stompa achieved a 10.7 ROAS, more than double their 2023 ROAS, through a meticulous PPC strategy combining search and shopping.
- A home retail client saw over £17,000 in revenue generated in the week leading up to the BFCM weekend, with an additional £27,793 worth of revenue generated over the weekend, marking a 36% increase year-on-year.
- MysteryFootball, a leading provider of football shirts and mystery kits, increased their revenue by 21.8% and decreased CPP by 20.6% year-on-year by aligning their paid campaigns with their organic strategy.
- An office furniture client generated nearly 50 orders with an average order value of £370 from a spend of just over £725 during their first-ever BFCM campaign.
Despite the annual fluctuations in consumer behavior surrounding Black Friday, the overall sales figures for the event remain substantial, indicative of its continued significance within the retail sector.
Sources:1. clutch.co2. Google Trends3. Adobe Analytics4. Forbes
- The overwhelming success of Black Friday in 2024, with a 10.2% year-on-year increase in US online spending, highlights its enduring impact on the finance sector and broader lifestyle choices.
- The evolving landscape of Black Friday, now encompassing Cyber Monday and a longer shopping weekend, has implications for businesses, technology, and education-and-self-development, as retailers look to optimize their strategies for making the most of discounted offers.
- As the event extends into entertainment and general-news spheres, with widespread coverage and anticipation ahead of Black Friday, brands must ensure their marketing tactics are aligned with consumer expectations to drive sales.
- With Black Friday deals evidently yielding positive results for various businesses across sectors, sports ventures might also consider leveraging such promotions to attract customers and boost their financial performance.
