Sales, Not Sentiment, Drives Black Friday Turnout

Black Friday participation is on the rise. PYMNTS Intelligence data finds that 62% of U.S. consumers made at least one purchase on November 29, representing a jump from 53% in 2023. That increased engagement looks and feels vastly different from the event’s traditional Friday-only doorbuster origins, however.

Early shopping played a significant role this year, with consumers spending 42% of their total holiday budgets before the day. In fact, 39% of Black Friday shopping happened before November 29, as consumers sought to secure deals and avoid crowded stores.

Deal-hunting during the event is now a mostly online pursuit. Seventy-two percent of shoppers made their purchases via the internet this year. Most in-store shopping supplemented consumers’ online spending. Economic motivations for the best deals drive Black Friday shopping, yet most consumers focus on discretionary spending, with 59% purchasing ‘nice-to-have’ items for others, 53% purchasing those items for themselves and 14% indulging in experiences like trips or massages.

Additionally, data revealed that Black Friday shoppers using buy now, pay later (BNPL) spent more on average than others using credit or debit cards. Those in stable financial situations utilized BNPL most dramatically, spending 86% more than their financially stable peers who used other payment methods.

These are just some of the findings detailed in “Sales, Not Sentiment, Drives Black Friday Turnout,” a PYMNTS Intelligence special report. This research examines how U.S. consumers’ spending patterns, early deal-seeking and payment preferences shaped Black Friday shopping. This report draws on insights from a survey of 2,811 respondents conducted on November 29 and 30.

Black Friday anchors holiday shopping budgets

But early shopping already captured a significant portion of holiday spend

Black Friday continues to dominate holiday shopping, with 43% of consumers’ total holiday budgets allocated to spending on Black Friday sales. However, 39% of “Black Friday” spending happened before Black Friday did, showcasing how the day itself has grown. Many merchants leveraged consumers’ desire for flexible deals by opening “Black Friday” offers throughout the week — and consumers took advantage.

Turnout is up

Black Friday turnout continues to climb, with 62% of consumers making at least one purchase on the day — up from 53% in 2023 and continuing an upward trend from 48% in 2020. Generation Z and millennial consumers remain the most engaged, with 75% of these generations participating in Black Friday shopping.

Further analysis of how much participants spent can be found below.

In-store shopping is more a supplement, less a focus

Online channels overshadowed all others, with just 28% of Black Friday participants shopping exclusively in-store. That means 72% of shoppers made at least some purchases online. In-store Black Friday shopping, while still significant, primarily supplements online efforts. Although 56% of consumers still visit physical stores, that figure represents a slight decline from 57% last year and a greater overall decline from 62% in 2022.

More than one-third of Black Friday spending happened early

Eight-five percent of consumers have made or will make at least one purchase throughout the holiday shopping season (defined in our research as late October to New Year’s). A growing share has already made a holiday shopping purchase before Black Friday.

Spending patterns reveal that consumers allocated 26% of holiday budgets to Black Friday (Nov 29th). Consumers spent an additional 17% on Black Friday deals ahead of the day. Altogether, consumers allocated 42% of their holiday spending budgets to purchases preceding the Friday shopping event, spotlighting a shift toward early shopping. Analysis suggests that convenience and crowd avoidance drove early shopping. Consumers who make most of their purchases using Black Friday deals before the day are the most likely to cite concerns about long lines and crowded stores.

This behavior also aligns with broader trends in shopping channels. While Black Friday remains crucial for holiday spending, online shopping continues to dominate, with in-store purchases supplementing holiday spending — the steady rise of online shopping and the decline of in-store exclusivity throughout the years.

In pursuit of the luxury look now — and the bill later

Consumers shop with a plan and prioritize looks over brands

Forty-seven percent of consumers shopped with specific items in mind during Black Friday, demonstrating a purposeful approach to their spending. One-third browse by general category, while 19% shop spontaneously, purchasing items that capture their attention in the moment.

While most shoppers have an idea of what they want to buy, and 57% express interest in luxury purchases, just 22% prioritize specific luxury brands due to their status or reputation. Thirty-five percent focus on the look and feel of items rather than the brand.

These preferences matter for consumers’ spending choices. Data reveals that many turn to BNPL to leverage available deals. Shoppers prioritizing luxury brands spent the most on November 29, averaging $471.99. They were also the most likely to rely on BNPL (15% of them used this payment method). Those focused on the look and feel of luxury spent an above average $379.06.

Shoppers uninterested in luxury items spent less, averaging $230.92 — and just 2% paid using BNPL.

Millennials, high earners lead Black Friday spending

Spending differences highlight financial stability trends

The average Black Friday shopper spent $340.93 this year, but spending varied significantly across generations and financial situations. Millennial consumers opened their wallets widest, averaging $388.40 in spending. Generations X and Z followed at $364.22 and $323.04, respectively. Baby boomers and seniors spent the least, averaging $253.47.

Spending differences align with financial lifestyles, highlighting how financial stability can impact gifting. On average, consumers who do not live paycheck to paycheck had the most to share, spending $376.17. Those living paycheck to paycheck who comfortably pay bills were not far behind, spending an average $351.12. Paycheck-to-paycheck consumers who struggle to pay bills spent the least but still averaged $282.81.

Sales drive Black Friday participation

Nice-to-have spending dominates Black Friday shopping

One in three consumers report that Black Friday is still a significant holiday shopping event for them. Why? Respondents tell us that economic value is key. Overall, the availability to access exclusive higher-value deals drives their shopping motivation more than tradition or sentiment.

While nearly 29% of participants cited finding the best deals as their main reason for shopping on November 29, another 28% participated because the timing of the event was easy to remember. In contrast, just 17% shopped for the excitement, and 5% cited tradition as their primary motivator.

Shoppers look for the best deals so they can afford more “nice-to-have” items for themselves and their loved ones. Fifty-nine percent of Black Friday shoppers purchased non-essential ‘nice-to-have’ goods for others, and 53% did so for themselves. Some consumers also added fun experiences to their list, with purchases such as trips or massages (11.5% purchased for others and 5.9% purchased for themselves). In comparison, essentials were less common, purchased by 29% of shoppers for personal use and 32% for others.

These insights suggest that consumers cherish the Black Friday event as an opportunity to treat themselves and others at great value — especially when they can do it online without the hassle of crowds.

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Methodology

“Sales, Not Sentiment, Drives Turnout” is based on a survey conducted on November 29 and 30, 2024. The report examines consumer spending patterns, preferences for online and in-store shopping, and the role of payment methods like BNPL in shaping Black Friday behavior.

Our survey included 2,691 respondents who planned to make holiday purchases, providing insights across demographics and financial lifestyles. The sample was census-balanced, capturing perspectives from paycheck-to-paycheck consumers and those in stable financial situations. Findings reveal how economic motivations, early deal-seeking, and shifting luxury preferences defined Black Friday 2024.