• Imagine
  • Innovate
  • Design
  • Transform
  • Inspire
Loaded

How Did Consumer Behavior Affect Black Friday 2023 Spending Trends?

Post Image

A recent Drive Research survey indicated a seismic shift in consumer behavior, with a projected 68% of shoppers opting for the convenience of online shopping during this holiday season and 66% on Cyber Monday. The survey suggests a substantial transformation in purchasing habits, highlighting the growing preference for digital transactions. This trend underscores the evolving landscape of retail, where consumers increasingly prioritize the ease and accessibility offered by online platforms, reflecting a significant departure from traditional in-store shopping experiences.

Let’s dissect the amalgamation of data from various sources to uncover the crucial insights that redefined Black Friday in 2023.

#BlackFriday2023 #ConsumerBehavior #OnlineShoppingTrends #RetailEvolution #BOPUS #EconomicImpact #DigitalTransformation #RetailAdaptation #ADLStudio #FutureRetailTrends

Crucial Insights

1. Dominance of Online Shopping:

Salesforce calculated sales for $16.4 billion in the U.S. and $70.9 billion globally. Moreover, 79% of all shopping traffic — browsing and buying — was carried out on mobile handsets. As per these numbers, it is evident that the preference for online shopping has grown substantially. Furthermore, it emphasizes a shift in consumer behavior during this Black Friday.

2. Key Black Friday Statistics for 2023:

Several noteworthy statistics provide a comprehensive overview of consumer behavior during Black Friday 2023.

Adobe Analytics reported a record $9.8 billion in Black Friday 2023 online sales, up 7.5% from 2022, not accounting for inflation. And for Cyber Monday, the numbers were even stronger — consumers spent $12.4 billion, a 9.6% increase from 2022. Smartphones contributed to 59% of internet sales.

#BlackFriday2023 #ConsumerBehavior #OnlineShoppingTrends #RetailEvolution #BOPUS #EconomicImpact #DigitalTransformation #RetailAdaptation #ADLStudio #FutureRetailTrends

3. The Rise of Online Shopping Destinations:

For Black Friday 2023 consumers, Walmart and Target emerged as the most popular physical store locations, with electronics and cosmetics businesses. Amazon.com, Walmart.com, and Target.com continued to rule the internet market, but Temu.com, a recent addition, began to draw notice. With 25% of customers preferring this conventional retail setting, malls are still relevant.

#BlackFriday2023 #ConsumerBehavior #OnlineShoppingTrends #RetailEvolution #BOPUS #EconomicImpact #DigitalTransformation #RetailAdaptation #ADLStudio #FutureRetailTrends

4. Shift Towards 'Buy Online, Pick Up In-Store' (BOPUS):

A significant trend highlighted by the survey is the growing popularity of ‘Buy Online, Pick Up In-Store’ (BOPUS). Over 54% of U.S. shoppers agree that they are more likely to patronize stores offering this service during Black Friday. This innovative approach enhances convenience and time savings for today’s buyers. The data highlights the growing importance of flexible shopping solutions that seamlessly blend online and in-store experiences, catering to the evolving needs of consumers during high-demand periods like Black Friday.

#BlackFriday2023 #ConsumerBehavior #OnlineShoppingTrends #RetailEvolution #BOPUS #EconomicImpact #DigitalTransformation #RetailAdaptation #ADLStudio #FutureRetailTrends

5. Decline in In-Person Shopping:

In contrast, the allure of in-person Black Friday shopping experiences is waning, with only 27% of shoppers visited planning to visit brick-and-mortar stores physically. This represents a 16% decrease from the previous year. Target (67%) and Walmart (66%) are preferred in-person shopping destinations. It showcases a nuanced consumer landscape where traditional retail experiences persist, albeit with a declining trend in favor of the growing dominance of online and multichannel alternatives.

#BlackFriday2023 #ConsumerBehavior #OnlineShoppingTrends #RetailEvolution #BOPUS #EconomicImpact #DigitalTransformation #RetailAdaptation #ADLStudio #FutureRetailTrends

6. Buy now, pay later

Compared to last year, when it was above 7%, inflation is now just over 3%. However, customers are still affected by economic uncertainty, so it’s noteworthy that purchase now, pay later choices have become more and more popular as a supplement to other forms of credit. As per the Adobe reports, BNPL sales increased by $79 million on Black Friday, with orders utilizing BNPL up 72% over the same period the previous year.

Closing Remarks :

As the reports mentioned, online dominance, evolving consumer preferences, and economic considerations shaped the retail narrative. While online shopping continues to soar, retailers must navigate the delicate balance between digital convenience and the enduring appeal of in-person experiences. Adapting to these developing trends is necessary for businesses hoping to prosper in the changing retail environment. And here comes the role of AD+L in adapting the changing consumer preferences and demands. 

Prev
Product Design & Development – How to bring your idea to life
Next
When companies collapse, what happens to the furniture?