They’re Here — Initial Stats & Figures From Thanksgiving, Black Friday & Cyber Monday 2024!
The start of the holiday season is always marked by the five-day period spanning from Thanksgiving to Cyber Monday. By looking at the stats and figures from that shopping blitz, we can get valuable insights for retailers and set the stage for the rest of the season.
Consumers will generate $241 billion dollars in revenue for online retailers this season; an 8.6% increase over last year’s total, according to data published by Adobe:
The holiday season is just getting started, though. There’s still a lot of room for eCommerce merchants to fine tune and make adjustments to ensure that they capture a greater share of that bounty.
So, what else can we learn from looking at the initial stats and figures tied to the 2024 holiday kickoff? We’ve identified some trends and key takeaways based on the data. Check it out below!
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Holiday Kickoff 2024: Key Stats & Figures
Online spending on Black Friday has more than doubled in the last seven years. This could be partly attributed to inflation, but it also suggests that shoppers are not being deterred by any broader economic concerns when it comes to their holiday shopping lists.
Breaking consumer spending down by day, we see that last year’s trend largely held. Shopping started on Thanksgiving Eve, then gradually ramped up through the weekend, with sales culminating on Cyber Monday. eCommerce retailers saw year-over-year sales increases of 10% and 7% on Black Friday and Cyber Monday, respectively.
Mobile overtook desktop devices as the primary channel driving sales, and that continues to be the case in 2024. Even with more shoppers choosing buy now pay later options, mobile channels’ share of revenue remained stable.
That said, conversion rates continue to be much higher via desktop, as compared to mobile devices. This could be chalked up to intent. Shoppers are more likely to absently browse via mobile without the intent of actually pulling the trigger, as compared to desktop devices, which require the shopper to sit down and focus on the act of shopping.
Adobe Analytics forecasts that shoppers will spend significantly more this year using buy now pay later arrangements, as compared to just two years ago.
Key Trends for the 2024 Season
With the initial stats and figures from the 2024 holiday kickoff in hand, retailers can make strategic decisions to capitalize on these trends. Here are some of the most notable points we’re seeing so far:
More Widespread Use of Buy Now Pay Later
There are a few conclusions we could draw here. One is that shoppers, still plagued by fears about inflation, are looking to lock-in today’s prices, even if they can’t pay today’s price up front. Another is that reckless shoppers maybe spending beyond their means. However, consumer confidence remained high in November, suggesting that the widespread use of BNPL may simply point to the desire for flexible payments, rather than any broader trend toward tighter purse strings.
BNPL Cutting in On Desktop Commerce’s Share of Spend
53% of all eCommerce purchases between November 1st and December 2nd were made using a mobile device. This is about the same portion of sales as in 2022. But, BNPL options are more widespread now than in 2022, suggesting that growth in BNPL’s share of total spend came largely at the expense of credit and debit purchases made via desktop devices.
Elder Millennials Lead the Pack
All age groups across the board say they plan to spend more this holiday season. But, by far the biggest spenders on both gifts and non-gift items will be those between the ages of 35 and 44. Millennials born between 1980 and 1989 say their household plans to spend $1,544 on the holidays this year; a 12.6% increase over last year. This is probably due to this being the prime age group among parents of younger children. But, it may behoove retailers to cater their marketing messaging to Millennial shoppers regardless.
What’s the Takeaway? Here are Our 5 Key Recommendations.
So, now we’ve looked at some of the initial data and key trends. But, if we were to boil it all down into a couple of essential points that merchants should keep in mind, here’s what we’d say:
Get Ready for the New Year Now
Remember: customers tend to initiate chargebacks between 45 and 60 days after making a purchase. So, if shoppers are starting earlier each year, and the distribution of purchases occurs over a wider timeframe, that means we’re looking at an extended period of chargeback issuances after the holiday season, as we outlined in our recently published Chargeback Holiday Handbook guide.
DOWNLOAD THE GUIDEGlobal chargeback issuances reached 615 million in 2021. And, there’s been no slowdown in new dispute filings. That’s why merchants need to prioritize risk management measures to mitigate potential losses and maintain financial stability.
With Chargebacks911®, you get access to an end-to-end chargeback management solution. Our advanced platform, driven by data and offering machine learning capabilities, lets you fight revenue drain across three critical fronts:
- Dispute Prevention: Intercept disputes and avoid chargebacks by replying in real-time with additional transaction information or refund confirmation.
- Dispute Recovery: Identify illegitimate disputes and automatically respond using compelling evidence. Reverse chargebacks and recover revenue lost to friendly fraud.
- Dispute Intelligence: Pinpoint the true sources of chargebacks and make informed decisions using the most accurate and actionable data.
With Chargebacks911, you have the unique advantage of a performance-based ROI guarantee, allowing you to take charge of chargebacks without any risk. Treat yourself to a gift that keeps on giving throughout the year. Reach out to Chargebacks911 today and give chargebacks the heave-ho ho ho.
