Just how bleak was Black Friday 2022?
Typically eCommerce Retailers rely on seasonal sales to drive profits. However, predictions leading up to this year’s Black Friday warned of limited consumer spending due to the continued cost of living pressures.
Despite these warnings, globally reported online sales were up 2.3% on Black Friday compared to 2021. eCommerce platform Shopify has also reported over 52 million consumers worldwide purchased from a brand using their technology. Meanwhile, Barclaycard Payments have reported a 3.2% increase in transactions in the UK compared to last year.
While these increases are not at the same level as previous years, set against the backdrop of the current economic climate, any growth is positive. The better-than-expected results are likely due to the deeper-than-normal discounts coupled with consumers’ needs for lower costs and better deals. However, Forbes has also reported that higher-than-average inventory levels resulted in retailers launching their Black Friday discounts weeks before the event.
But which categories flourished this Black Friday?
- Online toy sales increased 285% compared to a single average day of sales in October, with an average discounted rate of 31.8%
- Electronics as a category was up 19% compared to the prior month.
- Smart home electronics and audio equipment were up by over 200% compared to an average day in October.
- Searches for Amazon Basics increased revenue by 135% – supporting the theory that consumers are looking for cheaper alternatives and more significant discounting this year.
Let’s take a closer look at some of the key emerging statistics from this year’s Black Friday weekend:
- 73% of online sales were purchased using a mobile device.
- Top selling countries were the United States, United Kingdom and Canada.
- Meanwhile, 15% of all global orders were cross-border between the UK, US and Canada.
- The largest group of consumers spending this year were 25-34-year-olds, followed by 35-44-year-olds.
These early emerging Black Friday statistics provide a good indication of the overall performance this Peak Season.
While media reports claimed that consumers would be restricting all but essential spending, these statistics indicate that consumers are still spending, albeit while looking for great deals and being a little more selective about how they spend.
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