Black Friday originated in the U.S. and has since spread to other countries, including the U.K., Australia, Canada, and Germany. Black Friday trends and success also spurred the creation of other holiday shopping events, notably Cyber Monday and Cyber Week.
While Black Friday sales often conjure up the image of massive consumer crowds shoving their way into pre-dawn store openings, The New York Times notes that enthusiasm for the event has cooled somewhat as sales have become more year-round than single day.
Coupled with economic uncertainty for many consumers, it’s worth asking how excited shoppers are this year for these events. What trends do brands need to navigate, and how can they make the most of changing consumer habits?
Three major shopping events kick off the holiday season: Black Friday, Cyber Monday, and Cyber Week. Black Friday, which falls on the first Friday after Thanksgiving in the U.S., will be November 29 this year.
Cyber Monday, which takes place on the Monday following Black Friday, will be December 2 this year. The last few years have also seen the rise of Cyber Week, an extension of Cyber Monday, deals through the remainder of the week.
According to the Salsify “2024 Holiday Consumer Research” report, Black Friday trends indicate that 62% of consumers plan to shop on Black Friday this year, while 45% of buyers say they’ll spend on Cyber Monday. Sixty-five percent of shoppers say they plan to spend the same this year as 2023.
The real standout here, however, is Cyber Week. In 2023 alone, the event generated $298 billion worth of ecommerce sales, which accounted for 25.47% of global ecommerce spending for the entire holiday season.
Put simply, while consumers are ready to buy on Black Friday and spend on Cyber Monday, Cyber Week offers an opportunity for brands to start the holiday season strong — if they can capture customer attention.
Several buying trends will likely impact this year’s holiday shopping events.
As noted by Bloomberg, U.S. consumers unexpectedly dialed back spending in April 2024, even as inflation metrics began to cool. The result is an uncertain market — while predictions put holiday spending this year on par with 2023, competition from consumer interest is on the rise.
The same holds true in the U.K. According to Reuters, retailers saw weak growth last November, even with the addition of Black Friday sales. While spending rose 2.7% during the month, it fell far short of the 4.2% rise in 2022.
While 62% of all buyers plan to shop on Black Friday and 45% will spend on Cyber Monday, there’s significant variation among generations.
For example, Generation X (Gen X) occupies the average, with 62% saying they’ll attend Black Friday events in-person or online.
Millennials and Generation Z (Gen Z) are both more likely to spend on Black Friday, with 68% and 73% planning to make a purchase, respectively.
Baby Boomers, meanwhile, fall well below the average with just 43% excited about Black Friday.
The scope is similar for Cyber Monday, with Gen Z taking the top spot and baby boomers at the bottom. Overall, however, interest is lower on Cyber Monday with just 53% of Gen Z planning to spend and only 33% of baby boomers opting for online deals.
To get the most for their money, consumers are conducting more in-depth product research before purchasing.
While brand-generated content remains relevant — companies need well-designed product display pages (PDPs) with clear images, detailed descriptions, and up-to-date stock and shipping information. User-generated content (UGC) is also essential because other consumers’ experience plays a critical role in sales conversions.
Physical retail stores still lead the way in helping buyers find gift ideas, per Salsify holiday consumer research. Online marketplaces and search engine results, however, are quickly gaining ground.
For example, while 62% of Gen Xers prefer physical stores, 57% also use online marketplaces and 47% leverage search engines. Millennials, meanwhile, hold steady across all three options, with 53% using retail stores and online marketplaces and 50% also incorporating search results.
The biggest shifts, however, are happening in social media. While just 12% of baby boomers and 27% of Gen X use social media for gift ideas, 45% of millennials and 54% of Gen Z do the same.
While holiday shoppers expect low prices or great products, steep discounts aren’t enough in isolation. Instead, brands need strategies that help them capture short-term sales and build a long-term reputation for great deals.
Here are four ways for brands to stay current and get ahead of holiday trends.
Salsify holiday consumer research identified six different types of holiday shopper profiles, with 36% defining themselves as “The Bargain Hunter.” These spend-conscious consumers prioritize savings, discounts, and value in their purchases, making them especially receptive to Black Friday and Cyber Monday deals — if they offer real value.
As noted above, customers are increasingly inundated with advertisements that promise great deals and good value on par with Black Friday deals. To capture Bargain Hunters, brands need specials that are actually special to spur users into action. This could take the form of deep discounts, bonus gifts, or buy one, get one (BOGO) free offers — anything to set event sales apart from everyday shopping.
While most shoppers plan to spend on Black Friday and almost half are looking forward to Cyber Monday, there’s significant variation across generational lines.
For brands, this means finding and committing to the right audience. Consider Gen Z. If capturing their attention is the priority, brands need to invest in social media content by creating TikTok and Instagram accounts, and bringing on influencers to reach their target market.
If baby boomers are the priority, brands need to bolster both retail stores and develop targeted ecommerce strategies.
More information helps consumers make better decisions — if this information is effectively presented. Consider a brand running a steep discount Black Friday promotion. If data about product pricing and availability isn’t accurate, potential customers may go somewhere else.
Or imagine a brand competing in a high-turnover space where product form and function are nearly identical across the marketplace. Product pages that include high-quality photos, in-depth videos, and links to real customer reviews can help tip buyers toward brand offerings.
According to Salsify’s “2024 Consumer Research” report, 49% of shoppers prefer a mix of online and in-store shopping. In practice, this means that brands can’t rely on digital or physical storefronts exclusively; to drive holiday sales, they need a mix of both.
And perhaps more importantly, they need portable experiences — what shoppers do online needs to carry over in-store, and vice versa. Suppose buyers call in to ask questions or inquire about product availability. In that case, this information needs to become part of their purchase history and must be accessible by staff as needed to provide continuity of service.
Black Friday and Cyber Monday are quickly approaching. To make the most of these big-ticket events, brands need to understand market trends and take targeted action to stand out from the crowd.