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7 Black Friday statistics for 2024
Black Friday and Cyber Monday are two of the biggest online shopping events of the year. Industry studies show this holiday season will increase over 2023 sales.
Cyber Week is one of the biggest shopping weeks of the year with Black Friday, Small Business Saturday and Cyber Monday deals.
Businesses are getting creative with online deals and using new marketing trends to drive customers to websites and make purchases directly from social platforms.
In 2024, 36% of Americans plan to shop Black Friday, and 34% plan to shop Cyber Monday, according to a YouGov report. But many companies, such as Amazon, Walmart and Target, have started Black Friday deals early.
There are a few differences between 2023's holiday shopping season and 2024. Thanksgiving is later in 2024, so the shopping season is shorter by five days. Other economic factors that may contribute to differences in 2024 shopping include the effects of Hurricanes Helene and Milton and the outcome of the U.S. presidential election.
Here are some statistics on how Black Friday and Cyber Monday may look in 2024.
1. Holiday sales are predicted to grow between 2.5% and 3.5% over 2023
The National Retail Federation (NRF) predicted total holiday spending will total between $979.5 billion to $989 billion in November and December, compared to $955.6 billion in 2023.
Another NRF study found consumer spending will reach another record of $902 per person average on decorations, gifts, food and other seasonal items. This average is up $25 per person from 2023.
2. 29% of Gen Z and 26% of millennials will use social media for holiday gift ideas
An Experian study found that various generations will look for holiday shopping inspiration in different areas this year. The study found that 44% of millennials will watch video reviews and product demos on social sites, such as YouTube, for inspiration. Forty-nine percent of Gen X and baby boomers prefer to visit physical stores to test out products.
An Adobe survey found social media influencers are converting shoppers 10 times more than social media overall, and this trend is expected to continue this holiday season. In this same survey, 37% of Gen Z respondents said they purchased a product based on an influencer's recommendation.
Businesses trying to reach Gen Z should check out various tech channels and use digital marketing, such as marketing videos, to promote products and connect. You can also learn more about generational marketing here.
3. Cyber Week online spending is expected to hit $40.6 billion
Adobe predicted Cyber Week spending will increase by 7% over 2023. This week represents 16.9% of the holiday shopping season. Adobe also expects Cyber Monday -- or the Monday following Thanksgiving -- to be the largest shopping day with a record prediction of $13.2 billion in spending, up 6.1% from the previous year. Adobe said 70% of people plan to check out Cyber Week deals.
Drive Research found 75% of respondents will shop online this Black Friday, up 7% from 2023. The same study also found more people will brave the Black Friday crowds in person. Twenty-nine percent of Drive Research study respondents said they will shop in person on Black Friday this year, up 2% over 2023.
4. Buy now, pay later is expected to set a record this holiday season
Buy now, pay later (BNPL) is a type of embedded finance. Adobe predicted it will drive up to $18.5 billion in 2024 online spending, up 11.4% from the previous year. Adobe also predicted Cyber Monday may set a new single-day BNPL record of around $993 million.
BNPL is most popular with mobile shopping and is often used by millennials, followed closely by Gen Z. The most common reason to use this form of payment is to free up cash or finance a purchase the person couldn't afford.
5. Retailers will hire 400,000-500,000 employees for the holidays
NRF said some of these seasonal workers were hired in October, and there were approximately 509,000 seasonal hires in 2023. One of the largest hiring companies, Amazon announced it planned to hire 250,000 holiday workers this season. Target announced plans to hire 100,000 seasonal team members.
6. 2 out of 5 customers plan to use generative AI to help with online holiday shopping
Generative AI has the potential to influence holiday shopping. The Adobe study found traffic doubled for retail sites that used generative AI-powered chatbots in 2024. Adobe's survey found seven in 10 consumers who have used generative AI for shopping believe it improved their shopping experience. And 40% of customers plan to use it to help with holiday shopping. Customers responded that they use generative AI to help find the best deals, find specific products online and get brand recommendations.
7. Record online sales of $240.8 billion this holiday shopping season
Adobe predicted the U.S. will hit $240.8 billion in online sales spending from Nov. 1 to Dec. 31, up 8.4% from 2023, where shoppers spent $221.8 billion online. Predictions indicated most online purchases will be on mobile devices (53.2%). Mobile device purchases are predicted to hit a record $128.1 billion -- an increase of 12.8% over 2023.
Adobe predicted electronics will be one of the biggest online purchases this season, with customers spending nearly $55.1 billion, up 8.5% over 2023. Other popular items include apparel, furniture and bedding.
Drive Research said 20% of people will spend $1,000 or more this holiday season.
Amanda Hetler is senior editor and writer for WhatIs, where she writes technology explainer articles and works with freelancers.
