Black Friday Shopping Statistics And Spending Data [2023]

Black Friday has consistently been a major shopping event, but the way people shop has been evolving. In 2022, it was observed that a dominant 69% of consumers chose to shop online during Black Friday, leaving just 32% to enjoy the traditional in-store experience. 

As we approach 2023, there’s an anticipated growth in spending habits. US consumers are expected to spend 7.46% more on Black Friday than they did the previous year. This upward trend translates to projected spending of approximately $9.8 billion in 2023

Let me share the most crucial Black Friday shopping statistics and Black Friday spending data and facts you should be aware of right away. πŸ“…πŸ›οΈπŸ’Έ

Black Friday Statistics: The Key Data

  • Black Friday US consumer spending is expected to reach $9.8 billion in 2023.
  • US Consumer spending is predicted to rise 7.46% in 2023 on Black Friday compared to last year. 
  • In 2022, approximately 125 million people in the United States shopped on Black Friday, accounting for 37% of the total population.
  • The average Black Friday shopper spends $430.
  • 69% of people shop online for Black Friday, compared to 32% in-store in 2022.
  • On average, Americans saved 24% during Black Friday.
  • On Black Friday 2022, Americans spent a record $9.2 billion online, an increase of 2.3% over the previous year.
  • In 2021, mobile phones accounted for 43 percent of Black Friday sales.
  • In 2022, Black Friday was the most popular day for in-store shopping in the United States, with 72.9 million people shopping.
  • 13% of US retail sales occur between Black Friday and Christmas.

Sources: (Statista, Duncan Financial Group, Adobe, Glopal, Zippa)

The importance of Black Friday in the retail calendar cannot be overstated. As we head into 2023, expectations are high, with Black Friday sales forecasted to surpass $9.8 billion andΒ  sales increasing by 7.46%.Β Β 

With this backdrop, let me share the most crucial Black Friday sales statistics and data you should be aware of right away. πŸ›οΈπŸ“ŠπŸ“²

Balck Friday Sales Statistics: The Key Data

  • Black Friday sales are expected to exceed $9.8 billion in 2023.
  • Black Friday sales will increase by 7.46% in 2023. 
  • On Black Friday, online sales for US retailers increased by over 374%.
  • 69% of people will shop online, while 32% will shop in person on Black Friday.
  • The average discount for online Black Friday sales is 34%.
  • 48% of Black Friday e-commerce revenue came from mobile sales.
  • Black Friday saw a 64.5% increase in in-store sales compared to October’s average.
  • 2020 Black Friday sales were down 20% compared to 2019.
  • Black Friday saw a 2.3% increase in online sales in 2021.

How many Americans typically shop on Black Friday?

Important takeaway:

Black Friday remains a significant eventWith 37% of US population partaking, it demonstrates a major consumer participation
Targeted marketing efforts for Black Friday can yield positive returns125 million potential customers represent a huge market opportunity
Market segmentation could be beneficialA considerable number of consumers not shopping suggests untapped potential

The data suggests that Black Friday is a massive consumer event in the United States. Businesses should focus on targeted marketing for this occasion and explore segmentation strategies to engage the 63% of the population not currently participating.

Source: Statista

What is the average savings on Black Friday?

Important takeaway:

Implement deep discounts for Black Friday online salesThis average discount rate sets a clear customer expectation
Consider differential pricing strategiesSome goods may still attract buyers without reaching this high discount level
Evaluate profitability carefullyHigh discount levels could potentially impact overall profit margins

The data indicates that online Black Friday sales typically offer substantial discounts. To compete effectively, retailers should offer similar reductions but also consider the profitability and demand elasticity of their product range.

Source: Duncan Financial Group

What percentage of people shop online for Black Friday?

Important takeaway:

E-commerce is the dominant channelThe clear majority, 69%, of consumers prefer online shopping, emphasizing the importance of robust digital platforms.
Physical stores are becoming secondaryA mere 31% shop in-store, implying diminishing relevance of physical retail outlets.
Retailers need to optimize online strategiesGiven the vast online preference, businesses must enhance their online presence to stay competitive.

The 2022 data strongly indicates a dominant preference for e-commerce over in-store shopping during Black Friday. This trend signals the increasing importance of digital platforms and the need for retailers to optimize their online strategies.

US Shatters Record with $9.2bn Online Spend on Black Friday 2022

Important takeaway:

Increasing reliance on e-commerceThe record-breaking online spending indicates a growing consumer preference for online shopping.
Positive growth in consumer spendingThe year-over-year increase suggests a healthy economy, with consumers willing and able to spend more.
The significance of Black FridayBlack Friday remains a critical retail event, demonstrated by the high volume of sales.

Source: Adobe

43% of 2021 Black Friday Sales Made via Mobile Phones

43% of Black Friday sales happened through mobile phones in 2021

Important takeaway:

Emphasis on mobile optimizationMobile devices are increasingly becoming the primary channel for sales.
Develop a mobile-centric marketing strategyThe potential to tap into a larger audience and boost sales is significant.
Investment in mobile payment systemsEnhanced mobile payment solutions will streamline transactions and improve customer experience.
Prioritize mobile app development and user interfaceA seamless app experience can improve customer retention and boost conversion rates.

Source: Glopal

Average Adult Spends $430 in Black Friday Shopping Bonanza

Important takeaway:

High consumer spending powerSignificant resources should be allocated to capitalize on consumer willingness to spend.
Importance of competitive pricingTo attract these high-spending customers, businesses must offer competitive pricing.
Develop enticing bundled dealsBundle offers can encourage larger purchases, increasing overall sales.
Prioritize customer value propositionsHigh spending indicates customers value quality and are willing to pay for it.

Source: Zippa

Holiday Season Cornerstone: 13% of US Retail Sales Occur Post-Black Friday

Important takeaway:

Focus on holiday season sales strategiesA substantial part of annual revenue is generated during this period.
Enhance inventory managementEfficient inventory management ensures demand is met during the peak season.
Intensify marketing efforts during this periodAttention should be paid to advertising and promotions during these weeks.
Offer seasonal products or servicesCatering to the seasonal demand can help in increasing sales volume.