Black Friday 2024 Spending Data: The Latest Consumer Behaviors & Retail Intelligence
2024 Black Friday spending data is in, and it’s revealing a wealth of insights regarding the latest consumer behaviors and retail trends.
Analyzing trillions in spending over the Black Friday shopping holiday, Facteus has compiled some of the most important takeaways, translating the numbers to connect the dots between retail spending trends and what it all could mean moving forward.
Black Friday Spending in 2024: 3 Key Facts
Consumer sentiment, preferences, and behavior are constantly evolving in response to a complicated web of factors, from inflation and the economy to technology, marketing tactics, and more.
Here’s what we can glean from the 2024 Black Friday spending data and how retailers (and others) can start to leverage these numbers to make adjustments, refine their strategies, and improve forecasting going into 2025.
1. Online Spending Surged, with Record Highs.
Online Black Friday spending in 2024 rose 11.1%, when compared to 2023.
Factoring in inflation, that represents an ~8.5% year-over-year (YoY) increase and roughly $10.8 billion in spending.
Notably, online shoppers showed some distinct preferences this year, with:
E-commerce titans like Amazon and Walmart seeing strong performance and significant YoY growth
SHEIN, TEMU, and TikTok Shop are also experiencing strong growth, not just on Black Friday but through the following weekend and Cyber Monday too.
With Walmart investing in its online store and delivery infrastructure, this big box retailer could be a case study in how and when digital investments can pay off (and when they may not).
Similarly, the growth in spending with SHEIN, TEMU, and TikTok Shop seem to indicate that easy-to-use apps, paired with strong social media presence, can be highly effective at moving the needle, especially with more digitally savvy consumers.
2. In-Store Spending Declined.
In-store Black Friday shopping dropped by ~5.4% in 2024, according to Facteus data. When adjusted for inflation, that becomes an 8% dropoff, seeming to suggest that:
In-store experiences and discounts were not enough to surpass the continued reluctance to face lines and crowds in brick-and-mortar stores.
Consumers are increasingly preferring online shopping to in-store experiences, potentially because digital options typically offer more flexibility and choice.
Traditional retailers that still solely rely on brick-and-mortar sales could be in for a slower holiday shopping season this year.
3. Price sensitivity persists.
Prices are up, and consumers have responded by tightening their wallets and spending more strategically. That’s not a major shift in how consumers behaved over Amazon Prime Day in October; however, according to data from Facteus, over 2024 Black Friday:
Consumers spent more per transaction: This is likely a result of nearly across-the-board price hikes.
Totals spent per consumer held steady: While shoppers tended to shell out more in each transaction, they also seemed to be sticking to a total budget that was relatively the same as it was in 2023, keeping total spending somewhat flat when inflation is factored in.
More affordable brands seemed to win out: Fast fashion brands, like SHEIN, and retailers known to offer cheaper items, like TEMU and TikTok Shop, experienced major upticks in consumer spending this year, underscoring how shoppers are feeling the pressure of higher prices this holiday shopping season.
Notably, some retailers did not just experience a spending surge on Black Friday alone. In the lead-up to Black Friday, some brands saw remarkable upticks in consumer spending. In particular, Facteus data reveals that TikTok Shop alone had:
An undeniable turnaround in early November, reversing the zigzagging growth in spending that had plagued this e-commerce retailer through October
A nearly 17% YoY increase in spending in the November leadup to Black Friday 2024.
Using 2024 Black Friday Spending Data to Forecast What’s Next
Black Friday 2024 spending data signal a clear shift in consumer preferences and behaviors, telling us more about overall confidence and which retail strategies and shopping experiences are really landing this holiday season.
Providing access to near-instant insights, Facteus data has pulled back the curtain on more cautious spending patterns, e-commerce’s persisting prominence, and “winning” brands over the 2024 Black Friday event.
As the holiday season progresses, these trends — and Facteus data — can highlight what it takes for retailers, investors, and others to make more informed, data-driven decisions and hone their competitive edge moving into 2025.
About Facteus
Setting the bar higher for alternative data providers, Facteus is a national leader in transaction data, delivering unmatched insights into retail and consumer behavior. With Black Friday and the holiday shopping season being pivotal moments for businesses, Facteus data maintains an unmatched 1-day lag in data delivery, empowering leaders and key decision-makers with real-time consumer intelligence and an unequaled ability to uncover all-new trends.
From tracking Black Friday spending patterns to identifying key shifts in shopping behaviors, Facteus delivers reliable, expansive datasets to fuel smarter decisions and winning strategies. That can open the door to revenue-boosting competitor intelligence, powerful consumer insights, and actionable retail trends.
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