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Traditional shopping meets the digital revolution. In 2023, Black Friday experienced a major transformation, reshaping the way consumers engage with sales. Join us on a journey through the ups and downs of this famous shopping day as we unravel the impact of online commerce, changes in consumer behavior and the rise of innovative payment methods. From the numbers to the most sought-after items, let's take a look at the highlights that define the new face of Black Friday.
What we know about Black Friday 2023
The landscape of this famous shopping day is undergoing significant change due to the growing prevalence of online retail, marking the beginning of a new era of convenience and transforming consumer dynamics. In Europe, shoppers are increasingly turning to online shopping as a means of saving time by easily searching and comparing prices. This allows them to avoid the social interactions of crowded shopping malls and access online reviews before they buy. In Germany, 81% of consumers prefer online shopping because of the time savings it saves, and this trend is replicated among Spanish shoppers.
Online sales increased and marked a milestone in online retailing, according to Adobe Analytics, Black Friday 2023 sales reached an unprecedented level, almost touching the $10 billion threshold worldwide.
Black Friday vs Cyber Weekend in Europe
During this Black Friday, European consumers were more cautious in their purchases, resulting in a 2% decrease in sales. In contrast, during Cyber Weekend in Europe, sales showed an upward trend, experiencing a 3.3% increase compared to 2022, and revenues followed suit with a corresponding increase of 6%.
Mobile payments increased
Over 50% of these purchases originated from transactions conducted via mobile devices. The top three countries in Europe that made their purchases through mobile payments were the UK, the Netherlands, and France.
However, success was not limited to this payment method alone; innovative payment options are playing a crucial role in helping consumers make the most of their budgets. "Buy now, pay later" (BNPL) saw a substantial 72% increase compared to the same period in 2022, highlighting the evident demand for this payment option from shoppers.
Top items looked for by consumers in Europe
According to Statista, European consumers showed a predominant interest in electronic products; clothing and accessories, along with home appliances and decoration, emerged as the three categories most sought after.
The electronics sector recorded a remarkable €6.3 million increase in revenues compared to the previous year during Black Friday. This increase was attributed to attractive promotions, cash back, and incentives that attracted shoppers.
Conclusion
In conclusion, the Black Friday landscape is undergoing a transformative shift, driven by the growing dominance of online retail. Black Friday 2023 highlighted the changing dynamics of consumer engagement with the marketplace. Expanded shopping opportunities and the extension of sales events beyond the traditional Black Friday highlight a new era characterized by convenience and accessibility. What is clear is that in-store sales experienced a modest year-over-year increase of 1.1%, while e-commerce sales posted a more substantial 8.5% growth, according to Mastercard SpendingPulse data.