• by Tanya Gazdik , December 1, 2024

A new milestone has been reached for ecommerce on Black Friday, with consumers spending a record $10.8 billion online, up 10.2% year-over-year, according to Adobe Analytics data.

This is more than double what consumers spent in 2017, when Black Friday drove $5.03 billion in online spend. On Friday between 10 a.m. and 2 p.m., $11.3 million was spent online every minute, per Adobe Analytics. 

Mastercard SpendingPulse, which measures retail sales across all forms of payment, found that online sales on Black Friday had increased by nearly 15%, but that in-store sales had increased by only 0.7%, for an overall increase of 3.4%, according to The New York Times. 

"The early shopper data from Black Friday, the day after Thanksgiving, indicate that fewer shoppers went to stores on Black Friday this year than last year," according to Forbes. "The decline is a sign of how the purpose and functionality of stores has changed."

According to retail analytics company RetailNext, which monitors foot traffic in tens of thousands of stores, the decline was 3.2% on Black Friday. (On Saturday, also an important retail date historically, in-store traffic was down by 0.8%.)

Jewelry, electronics and apparel were the top purchases, with discounts playing a role in consumer decisions.

“I think it’s the consumer being mindful about how they’re using their dollar and purchasing power, knowing they have so many choices,” Michelle Meyer, chief economist at the Mastercard Economics Institute, told The New York Times. 

She said that in-store spending had been strong going into the holiday weekend, but on Black Friday itself, it was “sluggish.”

Taylor Swift fans flocked to Target for an exclusive merch drop on Black Friday.

“This year, the retail giant teamed up with the 34-year-old pop star to offer a range of special items, including a Black Friday-exclusive version of The Tortured Poets Department: The Anthology on vinyl and CD, as well as Swift’s official The Eras Tour book,” according to Billboard.  

Toys were a major growth driver, with online sales up 622% compared to average daily sales in October 2024, according to Adobe. Other growth drivers on Black Friday included jewelry (online sales up 561%), appliances (up 476%), personal care (up 440%), apparel (up 374%), and electronics (up 334%), per Adobe. 

“Shopify, an ecommerce site, reported that it set a new record for its Black Friday sales, which reached $5 billion globally,” according to CNN Business. “The average cart price for U.S. shoppers was about $157, with many looking for products like t-shirts, skincare and vitamins.”

A majority of online shoppers chose to use their mobile devices to shop on Black Friday, with 55% of online sales conducted with a mobile device, accounting for $5.9 billion in spending, Adobe Analytics said. This represented a 12.1% increase over a year ago. Other online sales were done on desktop computers and other devices, per USA Today.

“Shoppers are making the most of seasonal deals and enjoying a balance of experiences spending and gifts for all loved ones,” said Steve Sadove, senior advisor for Mastercard, in a news release. “They’re more strategic in their shopping though, prioritizing promotions that they believe hold the greatest value — opening their wallets, but with more intentional distribution.”