Black Friday 2024 highlighted the shifting dynamics of consumer behavior, with online shopping dominating and traditional in-store shopping showing signs of decline. E-commerce hit significant milestones, with U.S. online sales up 10.2% year-over-year, reaching $10.8 billion, while AI-powered tools like chatbots fueled engagement and conversions. Retailers employing generative AI experienced a 9% higher conversion rate. The toy category was a standout winner, with online sales surging 622% compared to last month.
Despite these successes, brick-and-mortar stores saw decreased foot traffic, down 3.2% overall. While some regions and stores maintained activity, the overall trend favored digital platforms. Economic pressures like inflation and looming tariffs also influenced spending habits, pushing consumers toward deep discounts and extended shopping windows offered by retailers.
Black Friday deals have increasingly spread across weeks, diminishing the singularity of the event. Thanksgiving Day sales reached record highs, growing 8.8% from last year, as consumers embraced early online shopping. The holiday season is evolving into a digitally driven, extended shopping period, challenging the traditional Black Friday frenzy.
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