Consumerism is at an all-time high due to the rising competition in people’s lives, when it comes to lifestyle and materialism. People often need better things than others around them. Social media plays a major role in creating constant comparisons among lives which tempts consumers to buy unnecessary goods.
As a result, in the current era, our consumption per capita has doubled compared to 50 years ago.
However, all those goods don’t come for free and can upset our budget. Therefore, companies offer massive sales to reach buyers with less than-average purchasing power and sell more. One of the biggest sale events of the year is Black Friday which offers massive discounts on several retail and luxury products.
People wait for Black Friday all year which can be seen through the crowd waiting outside the malls and stores long before they open. So if you are wondering how much the average spending on Black Friday, here is everything you need to know:
What is Black Friday?
Black Friday is the biggest sale event of the year, where different companies worldwide offer impressive discounts on all their products. This event takes place on the Friday after Thanksgiving, which marks the beginning of Christmas preparations.
People shop for Christmas supplies, gifts, and other necessities at half or less than half the original price. In 2022, Black Friday will fall on the 25th of November, and brands around the world have started preparing for the massive event.
Black Friday Spending and Saving Statistics
Black Friday helps consumers get their hands on the desired product at a fraction of the original cost. While businesses experience a massive boom in sales and profits regardless of the generous discounts, consumers also save a good amount of money through such events.
Here are some important Black Friday spending and saving stats:
- The average saving that consumers experienced was around 24% on Black Friday sales. However, most customers said they were only interested in the price reduced to 50%.
- Generation Z will hunt for bargains this holiday season, with three-quarters (75 percent) of respondents saying they plan to shop during Black Friday sales. However, Generation Z plans to spend the second lowest of all generations ($365), while only Generation X plans to spend less ($345).
- The most sold category in the Black Friday sales is electronics. Women spend an average of € 281,54 on major appliances while men spend around € 215,71 on gadgets and other machinery.
Latest Black Friday Spending
2019 has been quite a stressful year for both businesses and consumers. The sales plunged during the coronavirus outbreak but are expected to rise to new heights in 2022.
Here is the average Black Friday sale spending in 2021 and the forecast for this year:
- In 2021, 155 million Americans shopped from the Black Friday sales. Due to this, the average sales increased to 14%, breaking all previous records and forecasts by the National Retail Federation.
- Out of which, 66,5 million Americans decided to search the racks of brick-and-mortar stores. It increased the average foot traffic by 19% in US stores.
- The total spending for Black Friday is forecasted to hit $158 Billion in 2022 as 76% of the people are planning to shop from the Black Friday sales.
- In 2021, there was a 29% increase in female shoppers and a 27% increase in male shoppers during the Black Friday event
Black Friday Spending Online
Online shopping became quite popular a decade ago, but almost everything has been available online since the pandemic. These days, people prefer to order their desired products from the comfort of their homes.
There was a massive increase in sales generated online during Black Friday. Here is what the number tells us:
- In 2020, Amazon experienced the biggest spending by their customers during the Black Friday sales. It surpassed € 4,8 billion in sales during this event.
- The factors that increase the average spending online are free shipping, user-friendly websites, buy-online-pick-in-store service, and limited-time sales.
- Online businesses see a boom in sales because 60,8% of consumers prefer shopping from their couches to avoid the immense crowd. This counts for the 44% decline in in-store shopping compared to 2019.
- Shoppers also have shown strong intentions to buy things they desired during Black Friday sales. The cart abandonment dropped to an average of 81% to 76% in 2020.
- Black Friday continues on the first day of the week, known as Cyber Monday. In 2021, the total spending on Cyber Monday sales was € 10,7 billion. The extended sales allow people to stock up on essentials and Christmas gifts.
Black Friday Spending Based On the Region
Even though Black Friday was initiated in the United States, it has now spread all across the globe. People have also started giving this event different names to suit local interests.
Here is how much different parts of the world spend on Black Friday:
- In 2020 alone, American consumers spent $9 billion on Black Friday sales. These sales included goods from both high-end and affordable brands.
- In fact, the Deloitte survey shows that an average American citizen spends around $430 on the Black Friday sale. The amount has been going up, showing a consistent increase in consumerism.
- Black Friday has now become a major event in European countries as well. Research shows that the average person in the UK spent around $250 in 2021, which is expected to go up to $314 in 2022.
- Moreover, India also observes this shopping holiday. Indians spend an average of $57,57 during the Black Friday sales, which may go up in 2022.
Conclusion
Black Friday is one of the biggest shopping events around the world. People save up all year round to spend on Black Friday sales. During the past few years, people have switched to online shopping for Black Friday sales.
Different parts of the world have different names for Black Friday sales to suit local preferences. In 2022, the market is expected to experience a major boom in Black Friday sales. Since we are fresh out of a global pandemic, people still want to opt for online rather than in-store shopping.
