I’ve been doing some Black Friday research for you all and the numbers are something
else.
How about this one.
Can you guess how much Americans spend online during the Black Friday rush?
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Hi everyone, it’s Jessica from Oberlo.
Today we’re talking about Black Friday, and the answer to that question you just heard
right there?
We’ll get back to it later on.
First, I’ll explain Black Friday with some key facts and figures.
And then we’ll take a look at how Black Friday is evolving, which is particularly
interesting for the online entrepreneurs out there.
And then I share my three favourite facts about in-store shoppers on Black Friday.
Those guys really know how to get into the Black Friday spirit.
Black Friday is the name of the biggest sales day of the year in the United States.
It takes place the Friday after Thanksgiving.
This year Black Friday is on November twenty-third
What makes Black Friday, Black Friday?
It’s an annual retail extravaganza.
Every year brands and retailers run special offers, deals, and discounts on tons of products.
And shoppers get pretty hyped about it all.
So hyped, that 51% of US internet users said they would shop digitally at the Thanksgiving
table if it meant they could, quote, “get an amazing deal”.
The origin of the term Black Friday is up for debate.
There are numerous accounts about how and when the phrase first came to be.
But we feel this one makes the most sense.
Apparently the Philadelphia Inquirer newspaper first coined the phrase Black Friday back
in 1981.
The story relates to how, in those days, financial accountants wrote their statements with pen
and paper, using red ink to record losses, and black for the profits.
So, if you believe the Philadelphia Inquirer, Black Friday was the day when US retailers
made so many sales that they were able to come out of the red, and into the black.
All thanks to the sudden and drastic increase in sales over the holiday weekend.
In recent years, Black Friday has become an integral day in the calendars of retailers.
It’s no surprise that brick and mortar store owners have traditionally enjoyed the bumper
profits that Black Friday brings.
But this shopping extravaganza is emigrating to the virtual world.
In 2016, ecommerce sales on Black Friday surpassed in-store purchases for the first time in history.
Now let’s look at some Black Friday statistics for last year, so we can get a better idea
of what to expect in this time around.
Last year one hundred and seventy four million Americans went shopping on the Black Friday
weekend.
That’s over half of the country.
And if these people formed a nation of Black Friday shoppers, it’d be the eighth largest
country by population in the world.
There were thirteen million online transactions during Black Friday in 2017.
The days from Thanksgiving through to the following Monday capture 20% of all online
shopping during the holiday period.
The average spend per-person over Thanksgiving weekend in 2017 was three hundred and thirty-five
dollars and forty-seven cents.
Two hundred and fifty one dollars of that average was spent on gifts.
Black Friday 2017 stats show that millennials were the biggest shoppers during Black Friday.
The average spend for those aged 25 to 34 was four hundred and nineteen dollars and
fifty-two cents.
Over Black Friday weekend 2017, 64 million people
did their shopping both online and in-store.
58 million shopped online only.
And 51 million shopped exclusively in the stores.
44% of consumers said they planned to do their shopping online during Black Friday 2017 compared
to 42% who prefer to shop in-store.
And 29% of smartphone owners said they used their device to make a purchase.
If current trends suggest that Black friday is moving ever closer to becoming an online
event, then the infamous Black Friday crowds may be responsible.
A survey from PayPal and Koski Research found that two-thirds of Americans are turned off
by the holiday season crowds.
And here’s the kicker: these people said they’d rather do almost anything instead
of shopping, including visiting their in-laws or going for an appointment at the DMV, which
if you don’t know, is kind of like a cross between hell and a government agency for motor
vehicles, or so I’ve heard.
So what are the most popular Black Friday products?
To find out, let’s take a look at what kinds of products the consumers of 2017 said they
were most looking forward to finding deals for.
Twenty-seven percent said devices such as laptops, tablets, PCs and TVs.
Twenty-four percent were after bargains on clothing and fashion items.
Fifteen percent were hoping for great deals on smart-home gadgets.
Another 15% wanted special offers on toys.
11% said gift cards, while eight percent got their hopes up for travel products.
How about Black Friday in other countries?
Well, it seems the annual event is no longer just an American staple.
Black Friday had always caused Canadian businesses great pains.
Canadian retailers had to watch their customers cross the border every year to take advantage
of the great deals on offer in the US.
They started to resent the day so much, that Canadian businesses began inventing their
own Black Friday deals.
And now, 15 countries have their own versions of Black Friday, from Brazil in South America
to the UK, France, and Norway in Europe, to India in Asia.
Now it’s time for my three favourite facts and figures about in-store Black Friday shoppers.
Because these guys cut loose in a big way.
On average, shoppers will wait in line for two and a half hours in order to get a deal
in-store.
And with queues potentially lasting multiple hours, it may shed light on why 13 percent
of Black Friday shoppers said they would be willing to pay someone to endure the lines
on their behalf.
If that strikes you as a strange decision, then this third fact may do some explaining:
12% of Black Friday shoppers are drunk, having said they have hit the shop floors while under
the influence of alcohol.
So guys, it’s smarter to do your shopping, and selling, online.
And on that note, I’m all out of numbers.
Hit subscribe now so you catch next week’s Black Friday video special.
We’ll show you six proven ways to get sales on Black Friday.
You won’t want to miss that one.
What else would you like to know about Black Friday?
Which fact was the most interesting?
Tell me your thoughts in the comments, and I will write back to you.
Whether you’re shopping, selling, or doing both this year, we wish you a great Black
Friday 2018!
Until next time: learn often, market better, and sell more.