How Much Money Is Spent on Black Friday? (2013–2023)
With US holiday sales rising year after year, it’s clear that the potential for businesses to generate revenue during this period is immense. In fact, winter holidays ranked as the third busiest shopping period of 2023, with consumers spending an average of $875 per person over the entire season.
As one of the biggest retail sales days of the year, Black Friday, which falls during the winter holidays, is one event that brands need to focus on. To understand how businesses can benefit from marketing their stores for Black Friday, we need to first look at how much money is spent on Black Friday.
Black Friday spending: 2013–2022
Recent statistics on Black Friday spending show that total online sales rose annually from 2013 to 2020. In 2013, overall online sales on Black Friday registered at $1.9 billion. By 2020, this had surged to $9 billion, marking an average annual growth rate of 25% and increasing by nearly fivefold in seven years.
The biggest annual increase during this period came in 2017, when Black Friday spending grew by 50.6%, from $3.3 billion to $5 billion. Even the smallest yearly increase, which took place in 2015, registered a double-digit growth rate of 12.5%.
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In 2021, Black Friday spending fell for the first time in at least eight years, which analysts attributed to the COVID-19 pandemic and logistical woes. That year, consumers spent $8.9 billion online on Black Friday, a marginal decline of 1.1% from 2020. However, sales quickly rebounded in 2022, rising 2.5%, to $9.1 billion.
Black Friday sales numbers: 2023
The latest Black Friday sales numbers for 2023 show that expenditure for this shopping holiday surpassed analysts’ forecast to hit a record $9.8 billion. This marked a 7.5% annual rise, the largest in three years, and was more than sales figures on Thanksgiving, which totaled $5.6 billion.
According to a report, the best-selling categories of Black Friday included electronics—specifically, smartwatches and televisions. Toys and gaming also performed particularly well. Analysts say the data suggests that discounts play a huge role on how well products perform.
One key Black Friday spending statistic that stood out in 2023 was the increased use in the buy now, pay later (BNPL) payment method. $79 million of Black Friday revenue was generated by shoppers who elected this flexible payment method, a 47% increase from 2022.