The Seasonal Shopping Spree
The day after Thanksgiving is the traditional start of the holiday-shopping season, and for decades retailers have been vying to grab their piece of the action. In 2012, an estimated 247 million people spent $59.1 billion during the four-day period between “Black Friday” (the day after Thanksgiving) and “Cyber Monday,” when many online tech-based retailers post their seasonal deals. The Black Friday weekend is as much a cultural phenomenon as an economic one, with stampedes of bargain-hungry shoppers waiting in line for hours, just to get a deal. In recent years, driven in part by online sales, international shoppers have even gotten in on the seasonal madness, with Black Friday sales popping up from the U.K. to Brazil. Black Friday is clearly going global.
Big Trends In Big Box Shopping
While there is some spillover into other parts of the retail world, The Black Friday phenomenon is largely limited to large retail chains. Deep discounts on high-dollar items, massively publicized sales and special holiday hours help create a huge turnout over the post-Thanksgiving weekend. Even as the country continues to struggle with economic stagnation, the holiday-spending numbers keep rising. Those big sales don’t stop at international borders, either. In recent years, retailers have even begun exporting their Black Friday sales to big markets like the U.K.
Percentage of U.S. adults who took part in a Black Friday sale in:
14%
Increase in people taking part in a Black Friday sale since 2009
More Holiday Shoppers
23%
Increase in per-person holiday spending from 2009 to 2012
More Holiday Spending
Average per-person holiday spending in:
66%
Increase in per-person online holiday spending from 2009-2012
More Online Sales
Average per-person online holiday spending in:
What Are Shoppers Buying?
While overall holiday spending numbers have been on the rise since 2009, there have been substantial shifts in how that money is being spent. Demand for clothing and gift cards, in particular, has risen dramatically since 2009. Another side effect of Black Friday sales is an uptick in “self-gifting,” where consumers wait for the deep discounts of the holiday season to buy items for themselves.
Increase in holiday gift card and gift certificate shoppers from 2009 to 2012
More Gift Cards
Increase of shoppers buying clothing related merchandise on Black Friday from 2009 to 2012
More "Self-Gift" Spending
Holiday shoppers buying items for themselves in:
The International Online Luxury Spending
It should come as no surprise that luxury retailers have a more casual relationship with Black Friday. While big-box retailers can thrive by dramatically lowering prices during the holidays, luxury retailers have nothing substantial to gain from marking down prices during their peak sales season. International luxury customers, wooed by holiday marketing campaigns and free shipping, have been an increasingly important market for high-end retailers in the U.S.
International Online Luxury Spending
Average transaction for international online luxury customers during Black Friday 2012
Percentage of international luxury customers who planned to return for Black Friday sales in 2013
Average daily spend increase for Colombian customers of U.S. luxury brands during the Black Friday weekend
Increase in international luxury sales from Black Friday to Cyber Monday in 2012
The Rise of Cyber Monday
As dramatic as Black Friday’s trends have been in recent years, the truly dramatic shifts in holiday shopping trends have taken place on Cyber Monday. An estimated 57 million Americans engaged in holiday shopping during Thanksgiving weekend 2012, spending an estimated $1.4 billion. While those numbers are telling, the bigger story might be the meteoric rise of mobile devices for online shopping.
Holiday Sales Go Digital
Cyber Monday online sales increase versus Black Friday
Cyber Monday overall sales increase from 2011 to 2012
Average number of items per online order on Cyber Monday 2012
Average number of items per online order on Black Friday 2012
Holiday Sales Go Digital (cont...)
Increase in Cyber Monday sales made from iPad or iPhone from 2011-2012
Increase in Cyber Monday sales made from a mobile device from 2011-2012
Tablet & Smartphone Spending On The Rise
Cyber Monday Luxury Market Spending up
Health and beauty Cyber Monday sales increase in 2012
Apparel Cyber Monday sales increase in 2012
Home goods Cyber Monday sales increase in 2012
Department store Cyber Monday sales increase in 2012
Conclusion
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The trends are clear: While Black Friday spending continues to grow, the breakout trends are most obvious in online holiday shopping. Even for luxury retailers that traditionally avoid association with Black Friday sales, the impact of international holiday sales over the weekend is tremendous. Thanks to the growth in tablet and smartphone-based shopping, deal-seekers who are unwilling to elbow their way through the post-Thanksgiving crowds have a strong incentive to participate.
