Sales are so high for Black Friday that the sales day has become a crucial day for stores and the economy in general with consumers spending $9.0 billion, an increase of 21.6% year over year in the U.S. in 2020.
In the UK, on the other hand, people were set to spend £6 billion on Black Friday and Cyber Monday purchases in 2020.
Black Friday Shopping Growth
On Black Friday, U.S. consumers spent $6.3 million per minute online, according to CNBC’s article.
It means that there were many purchases made online, mostly due to the pandemic. But what were the actual numbers concerning 2020 Black Friday?
- Spending on smartphones surged 25.3% year over year to reach $3.6 billion in the U.S. in 2020, according to CNBC’s article.
- Americans spent $27.50 per person, on average, according to the same source.
- Traffic at stores in 2020 in the U.S. on Black Friday fell by 52.1% compared with the year prior, according to another CNBC article.
- The expected online spend in the UK in 2020 for Black Friday was £1.92 billion, according to Statista.
- The expected offline spend in the UK was £0.46 billion, according to the same study.
What Are The Most Popular Buys?
People buy various things on Black Friday due to the excellent deals. In the pandemic-stricken 2020, top three product groups searched with “black friday” keywords were:
- TV/Smart TVs
- Microwave, according to SEMrush’s Global Data Insights.
The top three products were:
- Nintendo Switch
- Apple AirPods
The top three retailers were:
- Best Buy, according to the same source.
The top-selling products bought from the second-ranked retailer Amazon in 2020 in the US, were home products like:
- iRobot Roomba 675 Robot Vacuum
- Beckham Hotel Collection Luxury Plush Gel Pillow
and smart home devices like:
- Fire TV Stick with Alexa Voice Remote
- All-New Echo Dot 4th Gen, according to People’s article.
In the UK, popular products that were heavily discounted in 2020 were:
- Panasonic TVs
- Apple iPhones
- XBox consoles, according to The Sun’s article.
Typical Black Friday Shopping Demographics
Black Friday attracts a range of buyers from all age, gender, and income demographics.
Even though the face of shoppers may be broad, there are some groups that tend to represent a larger share of the Black Friday patrons. In 2020 in the US,
- Millennials spent an average of $851.79 for their Black Friday and Cyber Monday shopping, while Generation X participated in it with an average of $679.18 being spent.
- Generation Z was the third with an average spend of $594.56.
- Baby Boomers came in at fourth place with $577.81 on average, while
- the Silent Generation was least likely to shop with an average spend of $403.62, according to Finder.com’s Black Friday and Cyber Monday Statistics for the US.
- The average spend goes up with a bigger income, so Americans with an annual income of less than $20,000 spent around $447.86, while those whose income is $120,000 or over, spent approximately $869.52, according to the same study.
In 2020 in the UK,
- Millennials had the biggest proportion of their population taking part in Black Friday and Cyber Monday, with an average spend of £372.18.
- Generation X spend an average of £303.19, while
- Baby Boomers spent £252.86 on average.
- The Silent Generation’s average spend was £225
- Generation Z were least likely to partake in Black Friday and Cyber Monday shopping with an average of £129.50 spent, according to Finder.com’s Black Friday and Cyber Monday Statistics for the UK.
Retail vs. Online on Black Friday
As said, more purchases were done online in 2020 than in the previous years during Black Friday and Cyber Monday. But what the numbers look like exactly?
- Traffic in retail stores was expected to be down up to 25% year over year, according to Fortune’s article.
- The 10 busiest days around Black Friday in 2020 generated only 34.2% of all holiday store traffic, down from 46.5% in 2019, according to the same source.
- In the US, $3.6 billion was spent via smartphones, a 25.3% increase year over year, reaching 40% of the total online spend in the 2020, according to ABC News’ article.
- Globally, online sales were expected to grow 30% year over year, according to a CNBC article.
- In the UK, in-store Black Friday and Cyber Monday purchases fell from 23% in 2019 to 12% in 2020, according to Statista.
- The UK consumers preferred online channels and delivery with 76% of them shopping online in 2020. 12% of them used the “click and collect” option, according to the same source.
Black Friday Statistics for Marketers and Retailers
Black Friday and Cyber Monday are an excellent opportunity for marketers around the world as the holiday became global. Let’s find out which statistics you should look for if you’re a marketer or a retailer yourself.
Three-quarters of 2020 holiday shoppers (75%) plan to put 2020 gift purchases on a credit card, charging $652, on average, according to NerdWallet’s Shopping Report.
The biggest factor influencing the buyer’s decision during Black Friday is free shipping (49%), while the second factor are promotions or limited time deals (36%), according to Finances Online Statistics.
46% of customers expected to go to the store around 7 AM to 10 AM in 2020, according to Deloitte’s Pre-Thanksgiving pulse survey.
61% of consumers reasoned that they do not plan to shop in-store because there would be too many crowds, according to Drive Research Black Friday Survey.
Fun Facts About Black Friday You Might Not Know
- The first Black Friday occurred in 1869 after financier Jay Gould and railway businessman James Fisk attempted to corner the gold market, which ultimately resulted in financial panic and the collapse of the market, according to Dictionary.com.
- In the 1950s, factory managers started calling the Friday after Thanksgiving as Black Friday because many employees decided to falsely call in sick, to extend the weekend. 10 years later, Philadelphia traffic cops used the term to because they had to work long shifts in terrible traffic the day after Thanksgiving. Merchants soon started adopting the term to give discounts, according to the same source.
- 48% of YoY growth in searches for the term “Black Friday” came from Brazil in 2020, according to SEMrush’s Black Friday Statistics.
- In the UK, Black Friday will result in delivery vehicles releasing nearly 500,000 tons of carbon into the atmosphere, according to The Sun’s article.
- The average adult plans to spend $400 on Black Friday sales, according to Spend Me Not’s Black Friday Sale Statistics.
- Average savings on Black Friday specials are 37%, according to the same source.
While it appears that online retailers are gaining more of the share of Black Friday sales each year, brick and mortar retail still will continue to be a draw for all age shoppers looking to save a few bucks and score some deals for the holiday season.
Even though both online and physical stores will continue to share in the profits of Black Friday it does appear that the event will continue to evolve into a shopping weekend encompassing Thanksgiving Day through to Cyber Monday instead of the traditional one day only sale as store continue to open earlier into Thanksgiving and push their sales throughout the long weekend.