The Black Friday sale, which originated in Western countries like the United States and Canada, has also spread to other parts of the world. The Black Friday sale market is estimated to be around USD 278,645 million in 2024. With increased exposure due to social media, the industry is set to follow an upward trend in the coming future. By the end of 2034, this valuation is very likely to surpass USD 1,158,302.7 million, exhibiting a CAGR of 15.3%.
Even after its origin in the 1950s, Black Friday is still considered one of the biggest shopping days of the year for retailers and consumers across the globe. According to a report, billions of dollars are spent on these days, especially in developed economies. Brands and retailers also actively take part in the sale as they see it as an opportunity to boost sales and clear out old inventory before the end of the year.
The rise of eCommerce in developing and underdeveloped economies has also contributed positively to the industry. It is observed that, in the last few decades, consumers have shifted toward online shopping as they find supermarket runs cumbersome. This is also the main reason why brands and retailers have put up their product offerings on online platforms so that they can reach a wider consumer base on Black Friday sale days.
The Black Friday sale market is also gaining widespread acceptance due to brands and companies collaborating with each other to market their products effectively. Through social media, email marketing, and advertisements, brands these days are able to attract a significant number of consumers to the industry. In countries like India, Brazil, Spain, etc., where a substantial portion of the population is in its youth stage, this way of promotion has worked well for the players involved in this industry.
Attributes | Description |
---|---|
Estimated Global Black Friday Sale Market Size (2024E) | USD 278,645 million |
Projected Global Black Friday Sale Market Value (2034F) | USD 1,158,302.7 million |
Value-based CAGR (2024 to 2034) | 15.3% |
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Extended Sales Period Benefits the Black Friday Sale Market
These days, many retailers are extending Black Friday sales beyond a single day. They offer deals and discounts throughout the entire week or even the entire month of November. This trend is also known as ‘Black November’ or ‘Cyber Month’, allowing consumers more time to shop and helping retailers spread out consumer traffic. This extended sales period has had a significant effect on the overall industry valuation in recent years.
Online Mobile Shopping Dominates the Sales Routes
The proliferation of the internet and mobile phones in every nook and corner of the world has positively impacted the industry. App notifications and exclusive offers draw consumers drastically to the industry compared to other promotional strategies. In addition to this, personalized deals and recommendations to consumers based on their browsing and purchasing history have also benefited the industry on another level.
Alternative Sales Days and Competition to Hamper the Prominence of Black Friday Sales
The increasing number of sales events throughout the year, such as Cyber Monday, Singles Day, Prime Day, and other promotional events, has lessened the excitement of Black Friday sales for the general populace. Besides this, cut-throat competition among rival brands has led to pressure on profit margins and made it difficult for retailers to stand out among the crowd.
The Black Friday sale market is heavily reliant on consumer confidence, disposable income, retail trends, and economic scenarios in the world. In the last few years, the industry has been through a lot of fluctuations. Before the pandemic hit the world, the industry experienced a sustained growth rate. Economic conditions all over the world were stable, and the general populace had a considerable disposable income in their hands so that they could spend more freely.
When the world was shut down due to the pandemic, the industry received a severe blow. The production capacity of several factory units was hampered which meant that the supply of products was severely disrupted. Lockdowns and social distancing measures also led to the closing down of retail stores during the sales period. It was also observed that people preferred online shopping over retail ones during this period.
Consumers in this period also emphasized essential items rather than luxury ones due to the economic crunch. The pandemic also meant inventory shortages, shipping delays, and increased costs for retailers, which hampered the Black Friday sale industry. The industry exhibited a CAGR of 12.9% from 2019 to 2023. With economies reopening post-pandemic, the industry has flourished again, and a CAGR of 15.3% is predicted for the industry over the next ten years.
The Black Friday sale market is categorized on the basis of product types, end users, consumer orientations, sales channels, and region. The section discusses the top two categories in this industry.
Black Friday sales are one of the biggest opportunities for both consumers and retailers to make profits. A variety of products from various sectors such as clothing, footwear, beauty and personal care, consumer electronics, household appliances, accessories, books, toys and games, jewelry, and gift cards are purchased during these sales. Among them, consumer electronics are consumed the most, with a share of 24.7% in 2024.
Segment | Consumer Electronics (Product Type) |
---|---|
Value Share (2024) | 24.7% |
Retailers and brands announce jaw-dropping offers and discounts on consumer electronic products such as mobile phones, laptops, gaming consoles, television sets, tablets, etc. This is the main reason why consumers get attracted to them and plan their purchases during these days. This is also the same season where people wish to upgrade their devices or purchase gifts for friends and family. All these factors positively impact the overall revenue generation during Black Friday sales.
On the basis of end users, the Black Friday sale market is segmented into men, women, kids, etc. As of 2024, the men's segment holds an industry share of 36.6%.
Segment | Men (End User) |
---|---|
Value Share (2024) | 36.6% |
Men have always been more inclined toward making big-ticket purchases. The consumer group devours electronics, gadgets, and consumer appliances, which are often heavily discounted during Black Friday sales. This is probably the reason why men are the principal consumers in the Black Friday sales period.
Although the Black Friday sales trend originated in Western countries in the late twentieth century, it soon spread to other countries by the beginning of the century. In countries like Australia, China, and India, due to the increased exposure of the Western world due to the internet and social media, the prominence of the shopping holidays reached its all-time peak.
Countries | CAGR 2024 to 2034 |
---|---|
Australia | 14% |
China | 11.6% |
India | 9.5% |
United States | 8.5% |
Germany | 7.9% |
Australia’s Black Friday sale market is slated to show a 14% CAGR from 2024 to 2034.
In the last few years, the Australian eCommerce sector has seen some tremendous growth and expansion. Brands and retailers have listed their products on these platforms to reach a wider consumer base. During the Black Friday sales period, these brands turn toward online platforms so that they can capitalize on the increasing trend of online shopping. Several platforms like Amazon, e-Bay Australia, Catch.com.au, and Kogan.com are some of the online platforms supporting the growth of the Black Friday sale industry in the country.
China also is a promising country in this industry. Over the next ten years, China’s Black Friday sale market is projected to rise at 11.6% CAGR.
China’s growing middle class has led to increased consumer spending in the last few years. Consumers are increasingly spending their disposable income on consumer electronics, fashion, and luxury goods. The Western influence on the youth of China is also one of the major drivers for the industrial growth of Black Friday sales. Retailers in China are also seen hopping on this trend to attract customers.
The United States is also one of the most profitable countries in the global Black Friday sale market. The country is anticipated to exhibit a CAGR of 8.5% through 2034.
The Black Friday industry is growing significantly in the United States primarily due to the long tradition of the holiday shopping season. American consumers are also one of the largest spenders. With some of the leading companies across industries in the country, the United States Black Friday sale industry is poised for continued growth. Besides this, a strong and mature e-commerce presence further fuels industry growth.
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The Black Friday sale market is very competitive as the brands and companies involved compete fiercely to attract consumers and drive sales. These companies start their promotions very early to gain more ground. Companies also collaborate with social media influencers and promotional pages to maximize their reach and attract more customers. Companies also offer exclusive deals and discounts to customers who sign up for their loyalty programs or newsletters, further incentivizing people to shop with them on Black Friday.
Industry Updates
Based on product type, the industry is categorized into clothing, footwear, beauty and personal care, consumer electronics, consumer appliances, accessories, books, toys and games, jewelry, gift cards, and others.
Key consumers present in this industry are baby boomers, millennials, Gen-Z, Gen-X, and others.
On account of end users, the sector is segmented into, men, women, and kids.
Sales channels include both in-store and online sales.
As per region, the industry is divided into North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa
The global black Friday sale market is likely to grow by 15.2% during the forecast period.
The global black Friday sale market is predicted to be valued at USD 1,123.9 Billion by 2032.
The global black Friday sale market was valued at USD 226.4 Billion in 2021.
The USA accounts for the largest revenue share of the global black Friday sale market.
India is predicted to witness the highest CAGR of 37.4% in the black Friday sale market.
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