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.
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:
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.
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.
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:
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:
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.
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.
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).
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.