Executive Summary:
Black Friday 2024 saw a resurgence in in-store shopping, with a record-breaking 126 million consumers visiting brick-and-mortar locations, surpassing 2023’s 121.4 million. While the number of online shoppers declined to 124.3 million from 134.2 million last year, e-commerce spending reached new highs, with Cyber Week sales totaling $41.1 billion—a year-over-year increase of 8.2%.
The National Retail Federation (NRF) attributes the in-store surge to consumers’ desire for post-COVID holiday experiences, while higher-income households continue to drive e-commerce spending. Shoppers spent an average of $235 on gifts over the weekend, up $8 from last year, with holiday spending expected to grow 2.5%-3.5%, reaching up to $989 billion.
Cold weather spurred demand for seasonal goods, benefitting retailers like Walmart, Sephora, and Dick’s Sporting Goods. However, slower traffic was reported at stores like J.C. Penney and Kohl’s. Adobe reported record Cyber Monday sales of $13.3 billion, marking the largest shopping day ever, driven by discounts on electronics, toys, and apparel.
Despite fewer shopping days between Thanksgiving and Christmas, the robust mix of in-store activity and online growth positions retailers to meet or exceed fourth-quarter expectations.
