Black Friday 2024 Spending Trends & What They Mean for the Holiday Shopping Season
Black Friday has become a crystal ball for identifying and understanding consumer behavior, spending trends, market dynamics, and retail strategies, particularly going into the holiday shopping season.
Analyzing more than $3.1 trillion in data from over 140 million consumers, Facteus has compiled a revealing Black Friday spending report, highlighting where shoppers spent their money this year, which retailers pulled out ahead of their competitors, and how year-over-year (YoY) spending on Black Friday has shifted.
Pulling back the curtain on the latest trends, here’s more on:
For more on Black Friday spending trends, check out our 2023 Black Friday Spend Tracker, our Analysis of Black Friday spending in 2023, and more insights on Black Friday shopping here.
Total Black Friday Spending in 2024 vs. 2023
Total Black Friday spending in 2024 exceeded $36 billion, rising slightly from the 2023 total that was just under the $36 billion milestone. With that, Black Friday spending in 2024 was also marked by:
Sustained growth: Total spending in 2024 surpassed 2023 levels consistently, with a peak that approached the $40 billion mark during the Black Friday shopping window.
A Thanksgiving Day dip: Spending on Thanksgiving Day dropped in both 2023 and 2024, when compared to the days before and after the holiday (i.e., Wednesday and Black Friday). This continues to signal consumers' preference to hold off on holiday spending and wait until the “main event” for the greatest possible discounts.
Extended shopping period: Through the rolling seven-day period, spending in 2024 was higher after Black Friday, especially Small Business Saturday through Cyber Monday, reflecting consumers' interest in extended deals.
Notably, this sustained growth and expanded shopping window seem to suggest that consumers are being more strategic and taking a more planned approach to shopping, timing their purchases — all while retailers extend Black Friday promotions in an attempt to edge out their competitors.
Amazon Black Friday Spending
Retail Giant Amazon had a strong performance this year, with positive YOY growth, and Black Friday spending this year totaling nearly $900 million.
Notably, upticks in Amazon Black Friday spending in 2024 indicated:
Market Leadership: With a steady increase in 2024 spending vs. 2023, Amazon reinforced its dominance as a preferred online retailer for holiday deals.
Early Momentum: With gradual spending increases leading up to Thanksgiving, this year’s trends seem to suggest that Amazon had success in capturing early holiday shoppers with pre-Black Friday promotions.
Strong Post-Black Friday Performance: With increases in spending following Black Friday performance, particularly on Cyber Monday, Amazon has demonstrated its ability to maintain momentum with shoppers via attractive deals and seamless shopping experiences.
Amazon’s strong performance highlights the power of early promotions, efficient logistics, and customer loyalty during peak shopping events.
Walmart Black Friday Spending
Like Amazon, Walmart also experienced YoY spending increases during Black Friday 2024, with this year’s spend exceeding $1.77 billion.
With that, Walmart Black Friday spending in 2024 came with:
A Black Friday Spike: Spending on Black Friday at Walmart saw a dramatic increase compared to Thanksgiving Day, rising almost to pre-holiday spending levels achieved the Wednesday before Thanksgiving.
Sustained Activity: Walmart retained strong spending levels following Black Friday, with a relatively flat line indicating consistent spending from Black Friday through Cyber Monday.
Walmart’s omnichannel strategy could be paying off, suggesting that seamless online and in-store experiences could be far more attractive to this year’s shoppers.
Best Buy Black Friday Spending
With flat YOY performance, Best Buy held fairly steady in 2024 Black Friday spending, taking in just under ~$400 million this year while experiencing:
A Black Friday Surge: While spending at Best Buy flatlined from Wednesday to Thanksgiving, it surged on Black Friday, rising above the $267 million threshold.
Post-Black Friday Spend Growth: After Black Friday, spending at Best Buy increased steadily, day after day until peaking on Cyber Monday.
Near Identical Spending Patterns as in 2023: Though 2024 spending at Best Buy started out lower than in 2023 when looking at the rolling 7-day period leading up to Black Friday, consumer spend on almost every day analysed this year was nearly identical to what it was in 2023.
Best Buy’s steady YoY performance could speak to customer loyalty while also hinting at stagnancy for this electronic retailer. With adjustments for inflation, Best Buy’s performance this year pales in comparison to other retailers.
Target Black Friday Spending
Like Best Buy, Target also had fairly flat YoY Black Friday spending. That’s remarkable because this big box store offered an exclusive Taylor Swift merchandise drop that was expected to attract a lot more consumers and spending.
Mirroring 2023 spend on nearly every day analyzed, Target Black Friday spending in 2024 totaled more than $500 million while also demonstrating:
Consistent Daily Growth: In both 2023 and 2024, consumers spent more at Target for each day tracked, except for Thanksgiving, with spending two Mondays before Thanksgiving at roughly $400 million and rising day by day to top out at just under $600 million.
Thanksgiving Day Stability: Unlike other retailers, Target did not experience a huge dropoff in consumer spending on Thanksgiving. In fact, there was only a slight dip, demonstrating relative stability through the holiday.
Black Friday Plateau: While Black Friday spending increased, Target’s post-Black Friday growth lagged more when compared to other competitors, somewhat flatlining into the weekend and Cyber Monday.
Target’s performance has baffled some, raising questions about this retailer’s discounts and why Target lost out to Walmart, Amazon, and some brands.
TEMU Black Friday Spending
Showing remarkable YoY growth, TEMU was one of the “winners” in Black Friday spending in 2024, attracting more consumer dollars totaling just under $60 million this year.
With that, TEMU Black Friday spending in 2024 reflected:
Significant Growth: TEMU’s spending levels in 2024 consistently outpaced 2023, reflecting growing consumer trust and interest in the platform while potentially speaking to the lure of TEMU’s Black Friday discounts and deals.
Steady Momentum: Spending did not spike or drop off drastically for TEMU, instead holding relatively steady throughout the Black Friday shopping period. This could signal success in customer retention.
A Cyber Monday Peak: Though TEMU spending remained somewhat steady over Black Friday 2024, it did experience a slight climb into the weekend, topping out on Cyber Monday.
TEMU’s performance could signal growing consumer trust in this newer-to-the-scene brand, as well as stronger interest in affordable gifts and the success of its gamified promotions and offers for this sales event.
SHEIN Black Friday Spending
Another brand to experience substantial growth this year was SHEIN, with upticks in consumer spending for every day tracked totaling just under $40 million in 2024.
Notably, SHEIN Black Friday spending in 2024 was associated with:
Similar YoY Patterns: In both 2023 and 2024, SHEIN spending was relatively flat leading up to Thanksgiving, with little variation in post-holiday shopping trends when looking at trend lines (not specific totals).
Sustained Growth: Focusing on the Thanksgiving holiday and the weekend to follow, SHEIN spending increased each day and topped out on Cyber Monday.
SHEIN’s incredible success may underscore the rising demand for affordable fast fashion while also indicating that younger generations of shoppers may be getting more involved in Black Friday events.
TikTok Shop Black Friday Spending
Also making waves this year, TikTok Shop saw one of the largest surges in Black Friday spending in 2024, taking in nearly three times as much as it did last year for a total of roughly $60 million (versus just over $18 million in 2023).
With this impressive YoY growth in Black Friday spending, TEMU also experienced:
More Fluctuations: While 2023 spending was relatively steady for the period tracked, this year, Black Friday spending at TEMU reflected more ups and downs, with dips on the Thanksgiving holiday, similar to trends seen with other retailers.
Consistent Growth: Looking at Thanksgiving and the days that followed, TikTok Shop spending grew day over day, peaking on Cyber Monday in 2024.
TikTok Shop’s innovative approach to social commerce seems to be successful, positioning the brand as an increasingly formidable competitor in the holiday shopping landscape.
How Black Friday 2024 Could Reshape the Holiday Shopping Season
With this year’s Black Friday spending, only a few retailers saw major growth while most managed to squeak by with slight gains — and a couple of brands seeing almost no change when compared to 2023. When adjusted for inflation, the 2024 Black Friday spending totals would have many retailers roughly flatlining in year-over-year growth.
Connecting the dots, many consumers seem to be more strategic in how, where, and when they’re spending this year, putting some brands on notice that middle-of-the-road deals may not be enough to win them during the 2024 holiday shopping season.
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