The Evolution of Black Friday: How to Connect with Today's Consumers

Welcome to part 1 of this month’s edition of our Brand Breakdown series, a monthly deep dive into the trending marketing initiatives of one company through the lens of owned asset optimization (OAO), a new approach to building consumer connection.

$16.4 Billion

US shoppers spent a record $16.4 billion online this Black Friday according to Salesforce, a 9% increase over last year. Yet, despite record breaking digital growth, in-store sales only grew 6.3%, the smallest increase since 2017.

So which was it? Was Black Friday all silver and gold, or a lump of coal? What do these numbers mean for the future of Black Friday and consumer behavior?

In this 3-part edition of the Brand Breakdown, we’ll reveal which topics and brands are top of mind for consumers this holiday, which companies are earning the most attention, and how brands can move to the top of customers’ wishlists next year.

Black Friday is evolving

The days when panicked parents camped out overnight to score a Cabbage Patch Kid or brawled over doorbuster deals to save fifty bucks are over. Consumers have evolved, and marketers need to rethink their Black Friday strategies if they hope to connect.

Don’t believe me? Head over to TikTok and search Black Friday. You’ll see thousands of videos about the lack of foot traffic and disappointing deals. If you’d rather hear straight from consumers, just look at Google Trends data for “Black Friday” search popularity over the years.

The spectacle of Black Friday is losing popularity

The Pandemic showed consumers that they don’t need to fight crowds or sacrifice sleep to get a great deal. They can score the same bargains from the comfort of their couch while savoring last night’s pumpkin pie.

But even though Black Friday has lost some of its sparkle, consumers are still willing to spend big if they can save big. Here’s a similar chart showing higher search popularity for “Black Friday deals” in 2023.

Self-gifting surges on Black Friday

According to Gallup, 64% of holiday shoppers planned to buy non-gift items for themselves or their homes. That’s why interest surges on Black Friday for items like dishwashers, coffeemakers, and vacuum cleaners.

Furthermore, Amazon revealed that 4 out 17 of its best selling items on Black Friday were beauty products, including moisturizers, serums, and teeth whiteners. And if we look at search data from popular cosmetics brands, we see a similar trend. In other words, consumers are strategically postponing non-gift purchases until Black Friday to get the best deals.

Two takeaways about changing consumer behavior

1. Although the majority of consumers still shop in stores on Black Friday, online purchases are growing at a much faster pace —?and those purchases aren’t coming from ads or emails. According to Salesforce, the vast majority of digital customers come through two sources: direct (41%), and search (29%). Astonishingly, only 1% of Black Friday website traffic came from either advertisements or email.
2. Consumers aren’t just looking for deep discounts on random items anymore. They’re spending strategically by planning out big ticket purchases they previously researched, or stocking up on their favorite items from the brands they love. In other words, the brands that invest in long-term relationships are the ones that will win the biggest share of wallet on Black Friday.

Which topics are top of mind for consumers this year? Which brands control the decision making process?

Stay tuned for those answers and more.

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