Black Friday 2024: E-commerce Sales Surpass $10 Billion for the First Time
As the kickoff to the Christmas shopping season, Black Friday is not only a shopping extravaganza for consumers but also one of the most anticipated promotional events for E-commerce sellers.
With the conclusion of Black Friday 2024 (November 29), the well-known data site Adobe Analytics has released the e-commerce sales data for that day.
*The data from Adobe Analytics is based on over 1 trillion visits to U.S. retail websites, 100 million SKUs, and 18 product categories (hereinafter referred to as Adobe).
Black Friday E-commerce Sales Set New Record
According to Adobe, e-commerce sales on Black Friday 2024 surpassed the $10 billion mark for the first time, reaching $10.8 billion.
Adobe's chief analyst stated, “The fact that Black Friday has crossed the $10 billion threshold is significant for the e-commerce industry. In the past, shopping on this day was primarily focused on in-store purchases, but as consumers become increasingly accustomed to shopping online and via mobile devices, the online sales for Black Friday will continue to grow in the future.”
This year's e-commerce sales on Black Friday saw a year-over-year increase of 10.2%, marking the third consecutive year of growth and the largest increase in e-commerce sales in the past five years. The total sales in 2024 were $1 billion higher than in 2023 and more than double that of 2017.
Additionally, Adobe data shows that the peak shopping period on Black Friday occurred between 10 AM and 2 PM local time in the U.S., with an average of $11.3 million spent online every minute.
Which Product Categories Saw the Most Sales Growth?
Adobe noted that toy sales were the main driver of growth for Black Friday 2024, followed by jewelry, home appliances, personal care items, clothing, and electronics.
Compared to the average daily sales in October, the growth during Black Friday was as follows:
- Toys: up 622%
- Jewelry: up 561%
- Home appliances: up 476%
- Personal care: up 440%
- Clothing: up 374%
- Electronics: up 334%
Furthermore, Adobe provided data on categories with significant discounts:
- Toys: average discount of 27.8%
- Electronics: average discount of 27.4%
- Televisions: average discount of 24.2%
- Clothing: average discount of 22.2%
- Computers: average discount of 22%
- Sporting goods: average discount of 19.5%
Adobe analysts indicated that the discounts in certain categories exceeded expectations, boosting consumers' shopping intentions. However, comprehensive data shows that the average discount rate for Black Friday in the U.S. decreased by 3% year-over-year, dropping to 28%. Globally, the average discount rate for Black Friday also fell by 3%, to 27%.
Growth in Black Friday Sales Driven by Mobile
The report highlighted that the significant growth on Black Friday this year was largely attributed to increased mobile traffic—sales via mobile devices grew at a rate that outpaced the overall e-commerce sales growth for Black Friday, with a year-over-year increase of 12.1%. Mobile devices accounted for 55% of online sales on Black Friday, totaling $5.9 billion.
The report also referenced data from Salesforce, indicating that globally, mobile devices drove 80% of the traffic and 69% of the sales for Black Friday 2024, with social media channels contributing 10% of online traffic worldwide. In the U.S., 80% of the traffic came from mobile devices, which drove 73% of sales, while social media accounted for 11% of online traffic.
Notably, Adobe data showed that during Black Friday, the amount consumers used for “Buy Now, Pay Later” (BNPL) increased by 8.8% year-over-year, reaching $686.3 million. Despite retailers typically starting promotions weeks or even a month before Black Friday, consumers seem more inclined to wait for the holiday itself.
