Black Friday was a term commonly linked to retailers who consistently suffered financial losses during the first ten months of the year, losses that were recorded in red ink. The story goes that the weekend after Thanksgiving was the time when they started making a profit, and as a result, the ink they used to record those profits changed from red to black. Hence the term “Black Friday.”
Today, the term is used to mark one of the busiest shopping days of the year, a day when consumers can find a wide range of products at discounted prices. In our exclusive Black Friday Consumer Electronics Research Study, we found that 62% of consumers associate the event with a great opportunity to purchase a variety of items at bargain prices.
Black Friday and Cyber Monday in the United States
In 2019, Black Friday sales in the United States reached $7.4 billion, up from $6.2 billion in 2018. $2.9 billion was spent on smartphones, translating to a 21% year-over-year increase for purchases on a mobile device. Efforts by e-commerce brands in developing mobile user interfaces have helped drive this trend, reminding us of the importance of mobile shopping within e-commerce. But it also points to consumer behavior, who thanks to technology and improved payment methods are increasingly becoming accustomed to shopping online.
Just a few days later, Cyber Monday surpassed those revenues as ecuador whatsapp data shoppers spent $9.4 billion online, making it the most profitable shopping day in U.S. history.
Nearly 30% of Cyber Monday revenue in 2019 was generated after 10pm, as in-store sales fell 3% from the previous year. This highlights the important role played by e-commerce, providing shoppers with after-hours access.
Many of the top-selling items were electronics, including consoles and video games, smart TVs, smartphones, laptops, electric toothbrushes, kitchen appliances and, finally, children’s toys and games. Our exclusive research also points to electronics being a popular purchase on Black Friday and Cyber Monday. Two-thirds of our respondents confirmed they plan to buy an electronic item this weekend, while a further 28% might do so if they find a good deal.
Black Friday and Cyber Monday in Europe
While Black Friday and Cyber Monday originated in the United States, consumers around the world are flocking to stores and online retailers. In Europe in 2019, there were 21% more transactions on Black Friday than on the next most popular shopping day. The claim that European shoppers are cynical about products and prices on offer may be true, however, according to a report by PWC, only 8% of respondents intended to avoid Black Friday altogether.
In this same report, when shoppers were asked what they would spend the most money on during Black Friday, consumers in the UK, Germany and Ireland named electronics and technology products, while shoppers in France and the Netherlands ranked this category second behind fashion. So, we are noticing similar behaviors and trends outside of the United States.