Black Friday 2024 Breaks Records With $74.4 Billion in Global Sales

The shopping frenzy of Thanksgiving has paved the way for another remarkable day of retail as Black Friday 2024 set new records with staggering online sales figures. According to recent reports, consumers globally contributed to an impressive $74.4 billion spent within just 24 hours, marking a 5% increase from the previous year. This substantial growth was further highlighted by U.S. numbers, where spending hit a record $10.8 billion, up 10.2% from last year. SalesForce presented a more optimistic estimation, estimating a massive $17.5 billion in U.S. sales, reflecting a 7% year-over-year increase.

Comparing this year’s results with previous Black Fridays, Adobe reported a total online spend of $9.8 billion in the U.S. last year, while globally Salesforce indicated $70.9 billion spent. These contrasting figures showcase the growing trend toward online shopping, particularly during significant sales events, emphasizing the shift in consumer behavior.

In the U.S., the growth in e-commerce spending aligns with recent findings from the U.S. Census Bureau, which reported an increase in e-commerce sales in Q3 of over $300 billion, demonstrating a rise of between 6% and 8% compared to the same quarter of 2023. However, the global figures still show relatively lower growth in comparison. This discrepancy may be attributed to varying cultural practices around holiday shopping, especially since Black Friday’s prominence is notably confined to the United States, despite retailers worldwide participating.

Explaining the milestone, Vivek Pandya, lead analyst at Adobe Digital Insights, remarked, “Crossing the $10 billion mark is a big e-commerce milestone for Black Friday, for a day that in the past was more anchored towards in-store shopping. With consumers getting increasingly comfortable with mobile shopping and innovative technologies like chatbots, this sets a promising precedent for future Black Fridays.”

The peak shopping hours during Black Friday were highlighted by Adobe, showcasing a remarkable rate of $11.3 million spent every minute between 10 AM and 2 PM Eastern Time. In a bid to keep up with the rapid pace of sales, Shopify and Stripe introduced engaging animations for real-time analytics, combining high-tech visuals with essential data insights.

Data methodologies differed between Salesforce and Adobe: Salesforce relied on extensive shopping data samples collected from 1.5 billion consumers through their Commerce Cloud, Marketing Cloud, and Service Cloud. In contrast, Adobe utilized metrics from a staggering 1 trillion visits to U.S. retail sites, covering more than 100 million SKUs across 18 categories. This depth of data provides a comprehensive view of consumer trends and preferences in real time.

These groundbreaking figures are pivotal as they typically herald the start of the crucial holiday sales season, a time when retailers generate significant revenue before the year concludes. The interest surrounding these sales reflects an increasing consumer inclination toward e-commerce as a preferred shopping method exacerbated by convenience and enhanced shopping experiences.