Preliminary results from Mastercard SpendingPulse research indicate U.S. retail sales, excluding automotive, on Black Friday, November 29, increased year over year by 3.4%.
Black Friday has evolved into a multiple-day promotional occasion, Mastercard noted, adding the period also is a window of time consumers count on as part of their search for value. Although early deals in the days leading up to the Thanksgiving holiday enticed consumers, Black Friday online retail sales advanced 14.6%, while in-store sales gained 0.7%, year over year, the company stated. Jewelry, electronics and apparel were the top gift categories for the current holidays, with particular apparel strength in e-commerce.
In the two-week period ending on Black Friday, a few themes stood out, Mastercard observed:
- Value in Vogue. Although retailers and consumers effected an early start to the holiday season shopping, deals and promotions rolled out on Black Friday appealed to shoppers looking to save on items they value most.
- Regional Trends. Spending outperformed in certain pockets of the country, including Massachusetts, Washington D.C, and Colorado.
- Home Cooking. Grocery spending grew during the holidays as consumers feasted at home in the two weeks leading up to Black Friday although restaurant spending on Black Friday also was strong.
- New Outfits. Apparel spending started off the season with stronger activity in-store, and consumers spent impressively online for Black Friday. After an unusually warm fall, the apparel industry welcomed cool and clear weather.
- Fresh Kicks. Spending on footwear tracked stronger than at the same time in 2023.
“Shoppers are making the most of seasonal deals and enjoying a balance of experiences spending and gifts for all loved ones,” said Steve Sadove, Mastercard senior advisor and former chairman and CEO of Saks. “They’re more strategic in their shopping though, prioritizing promotions that they believe hold the greatest value, opening their wallets but with more intentional distribution.”
Michelle Meyer, chief economist, Mastercard Economics Institute, added, “Black Friday was a good indicator of how the holiday season is positively shaping up. Our real-time insights show that consumers are comfortably in the gift-giving spirit as price reductions and deals occur across sectors, supporting budgets for holiday shopping.”
Mastercard SpendingPulse measures in-store and online retail sales, including all payment types, and is not adjusted for inflation.
