#6 Breaking down the performance of Black Week 2024

Hello, and welcome back to Retail Radar—your source for all things retail!

In this edition, we’re unpacking the results of Black Week 2024 to explore what the numbers tell us about consumer behavior, sector performance, and spending trends.?

From total revenue growth to gender insights and the online vs. in-store split, this newsletter dives deep into the data to help you reflect and prepare for the next big sales season.?Let’s go!?

Consumers spent 4.97% more this Black Week

This year saw a 4.97% increase in total consumer spending compared to 2023, proving that Black Week continues to grow in importance.

The week started strong, with early days outperforming last year. One reason driving this surge was payday falling on Monday, giving consumers more flexibility to shop earlier. The momentum then slowed toward the weekend - due to many shoppers securing deals early in the week.?

Broken down by day:

• Monday: +13%
• Tuesday: +16%
• Wednesday: +20%
• Thursday: +9%
• Black Friday: +0.15%
• Saturday: +3%
• Sunday: -9%
• Cyber Monday: -1.5%

This shift highlights how shoppers spread their purchases over the week rather than only concentrating on one day, making early promotions increasingly important.

Revenue: Sector-by-sector breakdown

Top-performing sectors

Some categories performed exceptionally well this year, and those were Pharmaceuticals & Health and Home Decoration & Garden Supplies, indicating that shoppers focused on wellness and upgrading their homes.

Fashion - Premium Brand also saw strong demand, driven by interest in high-quality products. Beauty & Cosmetics and Fashion - Brand rounded out the top, reflecting a focus on self-care and wardrobe updates.

Sectors in line with overall growth

These sectors aligned closely with the overall 4.97% growth, showing steady consumer interest. While they didn’t see explosive growth, their consistent performance highlights their resilience in a competitive market:

• Fashion - Reseller: +5%
• Furniture: +5%
• Jewelry & Accessories: +3%

Sectors where spending fell short

Some sectors didn’t manage as well this Black Week. Electronics, a long-time Black Friday favorite, struggled to keep up, likely impacted by earlier promotions or shifting shopper priorities. Similarly, Hobbies & DIY and Sports Outdoor & Athleisure saw declines.

• Hobbies & DIY: -1%
• Sports Outdoor & Athleisure: -1%
• Electronics: -3%

The online vs. in-store split

65% of Black Week revenue came from in-store purchases, while 35% was generated online, highlighting the ongoing importance of physical stores. Although e-commerce continues to grow, the in-store experience remains predominant for Black Week.

Why In-Store Still Shines

There’s an energy to shopping in-store that online can’t replicate. Shoppers value the instant gratification of taking home purchases immediately and enjoy the festive atmosphere of exclusive in-store events.

Why Online Matters

However, e-commerce remains essential, offering unmatched convenience and extended shopping hours. This balance underscores the importance of an omnichannel strategy, with retailers delivering great experiences in both spaces.

Many shoppers turned to online platforms for higher-value purchases and to avoid the crowds.

Gender Insights: How men and women shop on Black Week

When it comes to Black Week spending, the divide between men and women highlights some fascinating trends. While women accounted for 63% of total spending compared to 37% for men, the average receipt value tells a different story.

• Women dominated overall spending, contributing to nearly two-thirds of Black Week sales.
• Men made fewer but higher-value purchases, with an average receipt value of 991 SEK, compared to 590 SEK for women.
• This means men spent a staggering 68% more per purchase than women, indicating a focus on fewer but bigger-ticket items.

Women’s spending tends toward frequent, smaller purchases, possibly due to shopping for multiple items or taking advantage of broader deals across categories. Men, on the other hand, appear more targeted, making high-value purchases that boost their average receipt size.

Black Friday: Still the main event

While Black Friday experienced growth of 0.15%, it fell short of the Black Week average of 4.97%. Nonetheless, it remained the week’s largest revenue spike. Some sectors took advantage of the day’s significance, whereas others struggled to maintain their weekly momentum.

These sectors performed strongly on Black Friday, aligning with their weekly trends:

• Home Decoration & Garden Supplies (+12%): This category performed well on Black Friday, although its growth rate was slightly below the weekly average of +17%.
• Pharmaceuticals & Health (+12%): This sector did not fully match its impressive weekly growth rate of +17%, however, say strong demand all week.
• Fashion - Brand (+11%): This category aligned with its weekly growth of +11%, indicating consistent demand.

?These sectors saw a notable drop compared to their week-long performance:

• Fashion - Premium Brand (+5%): Lagged behind its weekly growth of +16%, with momentum earlier in the week.
• Beauty & Cosmetics (+1%): A significant slowdown compared to its +13% weekly growth, indicating a reduced focus on Black Friday.
• Furniture (-3%): Underperformed its +5% weekly growth, but spoiler—look at Cyber Monday figures below!
• Electronics (-9%): Steeper decline than its -3% weekly dip, likely impacted by earlier week’s deals.
• Hobbies & DIY (-15%): Fell far below its -1% weekly decline, showing sharp consumer disinterest on Black Friday.

Cyber Monday: A Day for Strategic Shoppers

Cyber Monday remained a key element of Black Week 2024, despite a slight dip in total spending (-1.5%) compared to 2023. This decline likely reflects a shift in shopper priorities earlier in the week. Even so, the day stood out for its focus on high-value and luxury items, as shoppers capitalized on last-minute deals.

While Black Friday generated the highest revenue spike, Cyber Monday attracted strategic shoppers—those waiting for targeted deals on big-ticket or premium items. This behavior ensures Cyber Monday retains relevance, even as spending spreads more evenly throughout the week.

Cyber Monday Winners

Some sectors made the most of Cyber Monday’s unique shopper mindset, delivering standout performances:

• Furniture (+32%): The clear winner of the day, far surpassing its steady weekly growth of +5%. Shoppers held off on big-ticket purchases, waiting for Cyber Monday’s discounts on home essentials and high-value furniture.
• Fashion - Premium Brand (+24%): Luxury products thrived, building on their strong weekly performance (+16%). Well-timed online promotions helped encourage shoppers to invest in high-end items.
• Beauty & Cosmetics (+21%): This category continued its momentum from earlier in the week, driven by last-minute self-care deals and gift purchases.

Wrapping Up Black Friday Insights

Black Friday 2024 gave us plenty to think about—shoppers spread their spending more evenly across the week, but Black Friday still delivered the biggest revenue spike. From gender spending habits to the online vs. in-store split and sector-specific performance, the data highlights how consumer behavior continues to change.

Benchmark your Black Week results against your sector here!

Stay tuned for the Retail Radar Annual Report coming in January, where we’ll dive into 2024 consumer patterns based on over 200 million purchases.

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