2024 Black Friday & Cyber Monday Guide

Black Friday and Cyber Monday (BFCM) are among the most significant shopping events of the year, drawing billions of consumers worldwide. Consumer shopping behavior and market trends continue to evolve, with retailers constantly adapting to stay ahead in a competitive landscape. The 2023 holiday season set several new records, and 2024’s season is expected to surpass those achievements. This article explores the key trends, consumer behavior insights, and effective retail strategies for 2024’s biggest shopping events, helping businesses succeed during this peak shopping period.

Market Forecast & Consumer Behavior for Black Friday & Cyber Monday

According to forecasts from Bain and Adobe, the 2024 holiday season is set to break records once again, with online sales projected to reach $240.8 billion, an 8.4% year-over-year increase. Key drivers of this growth include the widespread use of mobile shopping and artificial intelligence in e-commerce. Meanwhile, Bain predicts that sales between Black Friday and Cyber Monday will reach $75 billion for the first time, marking a 5% year-over-year increase, the highest share since 2019. This trend underscores the enduring significance of this shopping weekend.

1. Continued Growth of Mobile Shopping

Mobile devices have become the mainstream channel for holiday shopping. During the 2023 Cyber Week, 79% of e-commerce traffic originated from mobile devices, with over half of online sales coming from smartphones or tablets. This trend is expected to intensify in 2024, with 64% of consumers planning to shop via mobile devices on Black Friday. Retailers must prioritize mobile optimization to ensure mobile-friendly websites with seamless navigation and easy payment options.

Key Data on Mobile Shopping:

• In 2023, 79% of Cyber Week e-commerce traffic came from mobile devices.

• In 2024, mobile shopping is expected to grow further, contributing to over 50% of online sales.

• Mobile shopping app sessions increased by 20% year-over-year during Black Friday 2023.

2. The Role of AI in Black Friday & Cyber Monday

Artificial intelligence has become a core driver of holiday sales. In 2023, AI-powered personalized recommendations, targeted promotions, and chatbot services drove $51 billion in global online sales during the holiday season. These AI-driven technologies help retailers enhance the customer experience and boost conversion rates. For example, AI chatbots can handle customer requests automatically, saving online stores over 5,000 work hours.

Key Roles of AI in E-commerce:

• AI-generated personalized promotions and product recommendations improve shopping experiences and sales.

• AI chatbots enhance customer satisfaction with instant responses.

• AI usage impacted 17% of global holiday orders in 2023, totaling $199 billion.

Consumer Spending Behavior & Attitudes Towards Black Friday

As Black Friday 2024 approaches, consumer attitudes and behaviors continue to shift. While most consumers are still eager for holiday discounts, their views on promotions have become more nuanced

1. Focus on Discounts & Spending Intentions

Data from 2023 indicates that over 87% of consumers participated in Black Friday and Cyber Monday shopping. Despite economic uncertainties and inflationary pressures, consumers remain keen to take advantage of discounts. Many consumers save money specifically for Black Friday to buy products they’ve wanted for a long time. About 45% of consumers plan to purchase items they've been eyeing, while 48% are saving money just for Black Friday.

Key Consumer Behavior Data:

• In 2023, over 87% of consumers participated in Black Friday and Cyber Monday shopping.

• During Black Friday 2023, 76.2 million Americans shopped in physical stores, a 4.5% increase from 2022.

• In 2024, the average spending for Black Friday in the U.S. is projected to be $321.

2. Consumer Skepticism & Discontent with Black Friday

Although Black Friday remains one of the world’s most popular shopping days, some consumers view its promotional tactics skeptically. Data shows that over 57% of consumers believe Black Friday is a marketing ploy to make people spend more than usual, while more than 80% think the associated ads are overwhelming. Additionally, 76% feel that advertisements start too early, leading to fatigue. However, early ads and discount information are convenient for some, as 23% of U.S. consumers find receiving early notifications helpful.

Key Consumer Attitude Data:

• 57% of consumers think Black Friday promotions involve “bait-and-switch” tactics.

• Over 80% of consumers feel there are too many Black Friday and Cyber Monday ads.

• 23% of consumers find early discount notifications convenient.

Top Trends & Predictions for Black Friday 2024

Based on data from recent years and market insights, the 2024 Black Friday and Cyber Monday shopping season is expected to showcase the following key trends:

1. Higher Discounts & Targeted Promotions

Discounts remain the core driver of Black Friday sales. According to Adobe, discounts in 2024 are expected to reach up to 30%, particularly in categories like electronics, toys, and home goods. Unlike previous years, retailers are shifting toward more personalized and targeted promotions instead of blanket site-wide discounts. By leveraging AI and data analytics, retailers can tailor discount strategies to different consumer segments for maximum impact.

Key Discount Trend Data:

• Discounts for electronics can reach up to 30%.

• Discounts for home goods and toys are expected to remain above 20%.
  

2. Decrease in Self-Gifting & Increase in Gift Purchases

With Black Friday scheduled closer to Christmas this year, shopping motivations may shift from “self-gifting” to buying gifts for others. Consumers are increasingly inclined to buy holiday gifts for family and friends rather than treating themselves. To adapt, retailers may start promotions earlier in November, spreading consumer attention and avoiding an overly concentrated shopping weekend.Key Motivation Data:

• Self-gifting is expected to decline in 2024, with an increase in gift-oriented shopping.

• Early promotions will begin in November to spread out Cyber Weekend shopping activity.

3. The Role of Social Media & Influencers in Promotions

Social media and influencers are playing an increasingly important role in the holiday season. Gen Z and Millennials are more likely to be influenced by social media and influencer recommendations. Data shows that influencer-driven sales perform particularly well in Q4, especially in categories like fashion, beauty, and electronics. Businesses can boost brand exposure and conversion rates by partnering with suitable influencers.

Key Social Media Trend Data:

• In 2023, over 48% of online shoppers looked for deals on social media.

• Influencer-driven sales outperformed other quarters in Q4.

How to Succeed in Black Friday 2024: Strategies & Recommendations

To succeed in Black Friday and Cyber Monday 2024, retailers need to respond flexibly to market changes and develop effective strategies for different consumer segments. Here are some key strategic recommendations:

1. Optimize the Mobile Shopping Experience

With mobile shopping on the rise, retailers must prioritize optimizing their mobile websites and shopping apps. Ensure fast-loading pages, intuitive navigation, and secure payment options to capture more mobile customers. Consider developing a dedicated shopping app to provide a more personalized experience.

2. Leverage AI for Personalized Recommendations

AI technology is crucial during the holiday season. Retailers can use AI-generated personalized recommendations to offer tailored promotions and products to different customer segments. AI chatbots can quickly respond to customer inquiries, ensuring higher customer satisfaction and conversion rates.

3. Invest in Social Media Advertising & Influencer Marketing

Social media and influencers are vital channels for reaching younger consumers. Retailers should consider collaborating with influential social media figures during Black Friday, which can significantly boost brand exposure and sales.

4. Start Promotions Early

To avoid overwhelming consumers during Cyber Weekend, consider starting promotions as early as the beginning of November. This strategy helps to stabilize revenue and gives consumers more time to compare and select products.

5. Provide Quality Customer Service
Quality customer service is essential for ensuring customer satisfaction during Black Friday and Cyber Monday. Consider using AI chatbots to handle large volumes of customer inquiries quickly and efficiently.

Conclusion

The 2024 Black Friday and Cyber Monday shopping season will continue to drive a global shopping frenzy. While consumer views on promotions are becoming more varied, their enthusiasm for discounts remains high. Retailers should stay flexible in a constantly changing market and aim to provide a seamless mobile experience, use AI for personalization, invest in social media advertising, and offer excellent customer service. By planning ahead and adjusting strategies, retailers can meet and even exceed consumer expectations, turning this holiday season into a period of opportunity and growth.