As the world gears up for Black Friday 2024 on the 29th November, a closer look at evolving shopping behaviours and economic conditions highlights how the event is shaping global retail. Participation rates and spending are projected to surpass 2023 levels, with notable differences emerging between countries like Spain and France, offering valuable lessons for retailers looking to tailor their strategies.
Record Sales and Shifting Behaviors
The 2023 Black Friday and Cyber Monday sales season saw unprecedented participation, with 200 million shoppers spending $38 billion over five days, a 7.8% year-over-year increase. Cyber Monday alone accounted for $12 billion in online purchases, reflecting a nearly 10% growth. Looking ahead, Black Friday 2024 is poised to continue this trend, with sales projected to reach $278.6 billion globally.
Despite rising participation, shoppers are exhibiting cautious optimism. Economic factors like inflation continue to impact spending habits, but the easing of certain pressures, such as improving interest rates in Spain, is bolstering consumer confidence. In Spain, for example, the average consumer budget for Black Friday is expected to rise to €295, an 18% increase from 2023, signaling renewed enthusiasm for spending.
Consumer Psychology: Balancing Deals and Budgets
While many shoppers embrace the excitement of Black Friday, a growing awareness of financial responsibility is influencing their behaviour. In 2023, 53% of consumers expressed concerns about overspending or accruing credit card debt, with this figure climbing to 58% among Gen Z and Gen X shoppers. Despite these concerns, participation remains strong; over 74% of shoppers joined Black Friday sales last year, a figure expected to grow in 2024.
Interestingly, spending regret varies across demographics. Among Gen Z shoppers, 60% reported remorse over unnecessary purchases, particularly those exceeding $233. In contrast, baby boomers exhibited less regret, with only 40% expressing dissatisfaction. Gender differences also highlight distinct attitudes: 73% of male shoppers find Black Friday deals appealing, compared to 67% of women, who are more likely to view pre-sale price hikes skeptically.
Online Dominance and Evolving Channels
The dominance of e-commerce continues to shape Black Friday shopping trends, with 90 million U.S. consumers opting for online purchases in 2023, marking a 4% increase from the previous year. Globally, 64% of shoppers plan to make their purchases online in 2024, with mobile devices accounting for over half of online sales. However, some markets are witnessing a shift. In France, for example, online transactions are projected to decrease slightly to 62% from 65% in 2023, while 38% of shoppers plan to return to physical stores.
Meanwhile, Spanish consumers emphasize convenience, with factors like shipping costs and delivery efficiency significantly influencing purchasing decisions. Both markets illustrate the importance of blending online and offline experiences to cater to diverse shopping preferences.
Shifts in Popular Categories
Product preferences are also evolving. While clothing, shoes, and beauty products remain popular across Europe, electronics dominate in Spain, with over 30% of purchases focusing on gaming consoles and smartphones. In France, however, fashion leads the way, with 40% of shoppers prioritising apparel, followed by electronics (33%) and children's clothing (22%). This shift indicates a growing interest in practical, value-oriented purchases over high-tech gadgets.
Black Friday 2024 Observation for Ireland
Online shopping continues to be the preferred choice for Irish consumers due to its convenience, better refund policies, and fewer distractions compared to physical stores. Retailers are investing in website optimisations to handle the increased traffic and to provide seamless experiences, including implementing tools like virtual waiting rooms and bot-blocking technologies In terms of product preferences,while traditional categories like electronics remain popular, there's growing interest in lifestyle, home goods, and sustainable products. Ethical and responsible purchasing is becoming increasingly important among consumers, reflecting a global shift toward sustainability in retail.
What was once a one-day event is now a month-long sale period for many brands, with pre-Black Friday deals and flash sales to attract early buyers. Retailers like Smyths, Arnotts, and JD Sports in Ireland are expected to offer substantial discounts on tech, toys, fashion, and beauty items.
Insights for Retailers
Retailers must adapt to these trends to maximise their success during Black Friday 2024. Offering genuine discounts that meet heightened expectations for value, such as the 58% threshold demanded by French consumers, is essential. Additionally, enhancing the convenience of online and mobile shopping experiences remains critical, especially as technology like AI tools increasingly shapes how consumers discover and secure the best deals.
Opportunities for Logistics
For retailers navigating these trends, logistics solutions are critical. Ensuring fast, efficient, and cost-effective delivery remains a decisive factor in consumer satisfaction. E2G, a leading provider of logistics services on the China-Ireland trade lane, specialises in tailored solutions that enable seamless cross-border shipping. Whether you're a retailer seeking to optimise supply chains or a consumer looking for a reliable shipping experience, E2G offers expertise and efficiency to make Black Friday and Cyber Monday a success.
This year’s Black Friday is more than a sales event—it’s a showcase of how consumer behaviour, technology, and logistics converge to create a dynamic, interconnected retail landscape.
As the only logistics provider in Ireland specialising in Chinese markets, our bilingual team is on hand to ensure your goods arrive safely in Ireland. Easy2Go, rooted in Ireland, brings together more than 40 years of collective experience. We're experts in customs clearance, Air Freight, Sea Freight, Road Freight, Bonded Warehousing, eCommerce Solutions, and providing logistics support for trade between Ireland and China. We're proud holders of AEO and ISO 9001:2015 certifications. Let us help you bridge the gap between China and Ireland, making cross-border e-commerce simple, efficient, and scalable. 🌍📦 Visit us at https://www.easy2go.ie/
(Note: 1. The data in this article is gathered from https://www.amz123.com/ 2. Cover image source: Unsplash)
