The day of discounts – otherwise known as Black Friday – was established as a shopping holiday and marks the unofficial beginning of the holiday shopping season. Consumer behavior has changed quite a bit over the past few years and retailers have been working hard to adjust to new and evolving consumer preferences.
This year’s Black Friday sales started earlier, but deals were still abound on the actual day. In this edition of our Datonics Research series, we explore the start of this year’s holiday shopping season.
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Black Friday 2022 - Sales Data
The data is still fresh, but some estimates are projecting that this year’s Black Friday drew in $9.12 billion in online sales alone. That’s up from $8.92 billion in 2021 and $9.03 billion the previous year. Cyber Monday is expected to top Black Friday online sales, with totals reaching $11.2 billion.
Electronics topped Black Friday purchases with items like Apple Macbooks, watches, Xbox Series X and more.
In-person shopping is still expected to draw most retail holiday spending, with the National Retail Federation projecting 67% of Black Friday shoppers shopped in stores.
Consumer Behaviors
Families/parents with young children: Parents typically like to shop early. Age group of 35-44 were most likely to participate in Black Friday shopping, while the most frequent in-store shoppers are millennials and Gen-Z, perhaps buying gifts for their parents.
Grandparents: Similar buying habits for grandchildren and children, this group may spend more on single products. 24% of those 65+ make purchases.