According to preliminary insights from Mastercard SpendingPulse,
online sales rose 14.6 per cent year-on-year during Black Friday, while in-store sales were flat, with jewelry, electronics and apparel remaining the top sectors.
“Shoppers are making the most of seasonal deals and enjoying a balance of experiences spending and gifts for all loved ones,” said Steve Sadove, senior advisor for Mastercard.
“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.”
Commerce protection company Signifyd also noticed a 5 per cent increase in e-commerce sales. However, shoppers remained cautious and spent less for more items, especially in the luxury goods category where sales were up 14 per cent but average price per item fell 13 per cent.
The company believes retailers might be reaching their limit in terms of deals they can offer, with only 31 per cent of products sold at their lowest price on Black Friday.
Data from RetailNext showed a 3.2 per cent drop in foot traffic at physical stores during the Black Friday weekend. The company said the decline reflected the broader trends of cautious spending and intentional purchasing this year amid rising cost of living.
Joe Shasteen, global head of advanced analytics at RetailNext, noted a shift in shopping behavior as consumers are spreading out purchases and seeking extended promotions with more flexibility.
He also stressed the importance of integrating both online and offline strategies as shoppers are increasingly expecting a seamless experience across all channels.
Source; Inside Retail, Sean Cao, December 2, 2024
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