And, in the blink of an eye, we find ourselves suddenly catapulted into the chaos of Q4 *synchronised shudders*.
If, like us, you like to stay ahead of the game with Black Friday prepping, you’re in luck! We’ll be here to fill you in on everything you need to know during the shopping season, whether that’s Expert Tips for a Successful Black Friday or the need-to-know stats! Let’s get started!
What is Black Friday?
Falling on the Friday after Thanksgiving, Black Friday started as an American holiday but swiftly caught on and became a globally recognised event. In recent years, its popularity has increased, officially marking the beginning of the shopping season!
💸 88 million consumers made a purchase online on Black Friday
Last year, over 88 MILLION people in the US made an online purchase on Black Friday alone. Each year, the amount of online shoppers increases. In comparison, 66.5 Americans chose to shop in-store!
📈 Each person spends an average of $430
Last year, the average American spent $430 over Black Friday. Whereas in the UK, the average woman spent £243 and the average man spent £349 across Black Friday and Cyber Monday!
Over recent years, the average spending has increased dramatically because of the increasing popularity of Black Friday. More and more people are likely to shop for upcoming holidays such as Christmas and purchase gifts at a reduced price than wait until nearer the time to purchase.
📦 Amazon contributed to 24.2% of sales
Pandemic giant Amazon is no stranger to Black Friday. In fact, last year alone, Amazon contributed to 24.2% of Black Friday sales - an increase of 53% in sales from previous years. On Amazon Prime Day (2021), the renowned retailer hit $11.2 billion in sales, and studies predict this Black Friday will create even higher revenue!
🛍 Over 64% of Purchases were Impulse Buys!
During Black Friday, it’s estimated that over 64% of all purchases are impulse buys - that’s over two-thirds of shoppers! However, there’s also a high influx of cancellations and returns. In a study, it was found that 63% of impulse purchases are either cancelled or returned.
🛒 Men are More Likely to Spend Than Women
A study found that men are more likely to spend more during the Black Friday period than women. It’s estimated that 88% of men plan to make a Black Friday or Cyber Monday purchase, compared to 85% of women.
💬 53% of Millenials Participate in Black Friday
While most generations are drawn to a good deal, Millennials are expected to spend the most! It’s estimated that 53% of millennials participate in Black Friday, making them the biggest generational spenders.
📱On Average, 39% of Sales are Made Through a Smartphone
During the Black Friday period, roughly 39% of sales are made through a smartphone! Our top tip for e-commerce brands is to make sure your website is optimised for mobile use. With smartphone users increasing, it’s worth adapting your Black Friday strategy to mobile marketing by focusing on SMS campaigns and app exclusive offers!
And there you have it, our need-to-know stats for Black Friday!