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2024 Black Friday Trends: 6 Takeaways for Retailers and Online Stores

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Black Friday is one of the year’s most highly anticipated shopping events, marking the start of the holiday shopping season. Traditionally held on the day following Thanksgiving in the United States, Black Friday falls on the fourth Friday in November. Its roots trace back to the 1950s, when retailers began offering substantial discounts to attract shoppers, boosting foot traffic and sales.

What is Black Friday?

The name Black Friday is believed to have originated in the 1960s in Philadelphia, where police officers used it to describe the heavy traffic and crowds that filled the streets the day after Thanksgiving. Another more retail-focused explanation comes from the financial world: Black Friday was the day many retailers moved from being in the red (unprofitable) to in the black (profitable) for the year, thanks to the surge in sales.

For retailers and online stores, Black Friday is a critical event. It is a major revenue driver, setting the tone for the remainder of the holiday shopping season. Physical and digital retailers capitalize on consumer demand with discounts, exclusive promotions, and extended store hours. Black Friday helps retailers clear out inventory, attract new customers, and boost brand loyalty through compelling deals. The event has since expanded globally, becoming a cornerstone of retail strategy, both online and offline.

2024 Black Friday Predictions

$500-2,500 is the average amount couples plan to spend on holiday gifts compared to a $250-1,000 for single consumers

Klaviyo 2024 Black Friday Report

Klaviyo’s 2024 Black Friday report provides valuable insights into consumer trends and behavior in light of economic challenges. The report is compiled by Klaviyo, a leader in marketing automation and customer engagement, based on survey data from over 8,000 consumers worldwide. It offers valuable information on how economic conditions, demographic factors, and shopping preferences shape this year’s Black Friday. Here’s a breakdown of the key metrics and trends observed:

  • Spending Resilience Amid Inflation: Despite financial caution, 80% of consumers plan to spend the same or more this holiday season, driven by a search for deals and value. Inflation affects 88% of shoppers, but holiday spending remains a priority for many.
  • Early Shopping and Pre-Season Promotions: Over half of shoppers are open to pre-November deals, with many looking to start shopping earlier to manage budgets and stretch spending. Promotions that launch in October or earlier are more likely to capture these eager buyers.
  • Omnichannel Shopping Preferences: Most consumers prefer a blended shopping experience, with 71% planning to shop both in-store and online. The seamless transition between these channels is essential for engaging modern consumers, especially younger generations who prioritize convenience and access.
  • Importance of Discounts and Value: Price remains the primary factor in consumer decisions, with 70% naming it their top consideration. Sales and discounts are the most sought-after shopping incentives, underscoring the need for brands to present attractive deals.
  • Influence of Demographics on Spending Patterns: Age, relationship status, and income significantly influence shopping habits. For example, Gen Z is more likely to increase spending this year, with jewelry and entertainment as top categories. Conversely, Boomers prioritize food and essential items.
  • Leveraging Buy Now, Pay Later (BNPL): With 59% of consumers either using or open to using BNPL, offering this option can encourage discretionary spending. This payment flexibility is particularly attractive to budget-conscious shoppers.

    • As a platform specializing in data-driven marketing for ecommerce brands, Klaviyo has unique authority in this space. Trusted by thousands of retailers across industries, Klaviyo harnesses vast customer data to help brands create personalized, timely, and impactful marketing campaigns. Their expertise in analyzing consumer behavior and translating it into actionable insights positions them as a reliable source for trends and strategies to maximize holiday season success.

    Key Takeaways

    The 2024 Black Friday shopping trends highlight the resilience of consumer spending and a strong preference for convenience, value, and flexibility. Here are takeaways for retailers and online store owners to take advantage:

    • Emphasize Value: Price sensitivity is high. Ensure your products showcase value through bundled deals, tiered discounts, or quality-based marketing.
    • Start Promotions Early: Early birds are shopping. Begin holiday promotions by October to capture shoppers who are spreading their spending.
    • Optimize for Omnichannel: In-store and online presence are equally critical. Maintain a consistent shopping experience across all channels, as many consumers expect the flexibility to shop online and in person.
    • Target Discount Strategies: Shoppers are looking for deals. Tailor your discount strategies, focusing on slow-moving inventory while preserving the value of fast sellers.
    • Utilize Flexible Payment Options: BNPL appeals to a growing segment. Highlight BNPL as a budget-friendly option, especially in promotions for discretionary goods.
    • Leverage Data for Personalization: Customize the shopping experience. Use consumer data to create targeted email campaigns, personalized gift recommendations, and segmented offers.

      • By aligning your holiday strategy with these insights, you can better meet consumer expectations and drive sales. To gain further insights into these findings and explore detailed data points:

      Download the full 2024 Black Friday Shopping Trends Report

      ©2024 DK New Media, LLC, All rights reserved | Disclosure

      Originally Published on Martech Zone: 2024 Black Friday Trends: 6 Takeaways for Retailers and Online Stores

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      Martech Zone InterviewsBy Douglas Karr
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