Thanksgiving 2024 marked a significant milestone for online shopping as consumers spent over $6.1 billion, indicating a record level of spending on the holiday. This figure reflects an increase of 8.8% compared to the previous year's online sales on Thanksgiving, which totaled around $5.6 billion. These numbers, tracked by Adobe Analytics, highlight the changing dynamics of holiday shopping, deeply influenced by advancements in e-commerce and consumers’ growing reliance on online platforms.
Much of this surge can be attributed to much larger-than-expected discounts across various categories. Electronics and apparel were particularly popular, with discounts averaging around 26.5% and 22.6%, respectively. This year's Thanksgiving shopping experience saw shoppers gravitating toward impulse purchases, encouraged by these enticing deals. "The discounts propelled impulse shopping among consumers, who are more eager to buy than ever," said Vivek Pandya, lead analyst at Adobe Digital Insights.
A significant portion of this online spending came from mobile devices. Shoppers increasingly turned to their smartphones for convenience, with over 59.5% of online sales being completed via mobile, amounting to $3.6 billion. This reflects a 10.5% year-over-year increase, showing how integral mobile shopping has become during the holiday season. The peak shopping hours hovered between 8 and 10 PM EST, showcasing prime engagement from consumers during the evening hours.
Another key trend observed during this shopping period was the increasing adoption of "Buy Now, Pay Later" installment payment options, which drove approximately $430 million in online spending. This payment method is particularly attractive as it allows consumers to purchase items more flexibly, without impacting their immediate budgets. "The primary reason shoppers use these services is to free up cash and afford large purchases," noted analysts.
Diving deep, Adobe also noted certain categories were particularly favored by consumers. Toys topped the chart with discounts peaking at 27.2%, affirming their popular status among holiday shoppers. Following closely were various electronics, which are expected to maintain their allure throughout Black Friday and the upcoming Cyber Monday sales, when tech upgrades are traditionally sought after. Other categories such as appliances, personal care, and sporting goods also saw shoppers 'trading up' for pricier items this season.
While these online stats paint an optimistic picture, they also coexist with trends indicating traditional shopping methods still hold some ground. Passby—a geospatial insights AI company—projected over 143 million shoppers flocked to retailers by late morning on Black Friday. Although this marked a slight decline from last year, the numbers highlight the still strong interest for doorbuster deals available only through physical stores, even as many shoppers now opt for the ease of online shopping.
The data from multiple sources, including Salesforce and Shopify, concurs with Adobe’s insights, with Salesforce predicting the strong performance of online sales will likely continue through the Cyber Week. They indicate global Thanksgiving Day sales rose to $33.6 billion, signifying the healthy appetite for shopping Across various platforms.
The initial numbers underline not only the financial resilience of consumers during the holiday period but also reflect their strategic shopping shifts as they await significant discounts during Cyber Week. Many buyers deferred holiday spending until now, showing intent during the lead-up to the holiday shopping season. “Nearly two-thirds of consumers earlier stated they planned to wait for these deals. Our early findings suggest they were true to their word,” said Caila Schwartz, Director of Consumer Insights at Salesforce.
The Black Friday to Cyber Monday transition is also poised to break records again this year. Other projections suggest around $10.8 billion is anticipated to be spent on Black Friday alone, predominantly on electronics. Meanwhile, Cyber Monday long expected to yield high online sales will, according to predictions, eclipse this year’s total, continuing the upward trend of holiday online shopping.
This Thanksgiving spending surge—combined with the anticipated records for Black Friday and Cyber Monday—illustrates the growing dominance of e-commerce. Retail experts continuously highlight the need for attractive pricing strategies and promotional offerings to cater to this increasingly online-savvy shopper base. 2024 has set the bar high for the upcoming holidays, which shows the power of combined convenience and cost savings has become the hallmark of the modern consumer experience.
With these shifts predicted to impact future shopping behaviors, retailers are encouraged to continue providing attractive offerings as they aim to captivate consumers during the holidays. The adaptability of businesses to the changing shopping environment reflects broader trends within the retail industry. The key takeaway is clear: successful retail strategies will require innovation and foresight to meet consumer needs as the e-commerce wave continues to crash against traditional sales practices.
