2024 Shopping Trends for Black Friday & Onwards

As we enter November, the major shopping seasons overseas follow one after another, from the upcoming Black Friday and Cyber Monday to the Christmas gift shopping season, Boxing Day, and more. Holiday shopping has always been a key marketing focus of the year, a high ground that brands aim to dominate.

Compared to the past, the retail landscape is shifting due to economic pressures, changing consumer preferences, and the continuous development of digital technologies. To successfully secure a spot in the highly competitive Black Friday market, international brands need to gain deeper insights into the 2024 shopping season, better understand consumer behavior, and navigate the evolving shopping dynamics.

Many seasoned digital agencies and service providers have summarized numerous shopping trends to help retailers gain clarity. We've selected some of the most significant points for in-depth analysis.

Overall Growth in Black Friday Consumption Trends:

The National Retail Federation (NRF) forecasts that holiday spending in 2024 will increase by 2.5% to 3.5%, reaching $985 billion. Despite economic challenges, consumers are still willing to spend and are more inclined to shop during heavily discounted periods such as Black Friday. However, the growth rate is expected to moderate, reflecting the impact of inflation.

In the era of online shopping, Black Friday and Cyber Monday remain key retail sales drivers. Adobe has also released similar sales predictions for these two shopping events. Adobe expects 2024 Black Friday sales to reach $10.8 billion, an increase of 9.9% from last year, while Cyber Monday sales are predicted to grow by 6.1%, reaching $13.2 billion.

Increased Focus on Discounts and Deals:

Although overall shopping trends are thriving, economic pressures have heightened consumer price sensitivity to record levels. Many consumers are opting for discounted products due to economic uncertainty. This shift in consumer psychology will continue to drive discount-driven shopping behavior, with high-traffic events like Black Friday and Cyber Monday attracting more consumers looking for the best deals.

Ongoing inflation and tightening household budgets further increase the demand for value-driven offers, especially in electronics, clothing, furniture, and other big-ticket items.

The acceptance of higher prices varies across generations—especially between Gen Z and Millennials—intensifying this trend. **Younger consumers are heavily driven by discounts and deals, often prioritizing price and cost-effectiveness over brand loyalty. **

This behavior is especially noticeable in the context of "self-gifting" shopping, where economic pressures lead individuals to buy products they might otherwise have avoided for financial reasons. Therefore, brands targeting younger generations during peak shopping seasons should consider offering deeper discounts and more frequent promotions to boost sales.

Electronics, Apparel, and Furniture Drive Seasonal Growth:

Electronics, clothing, and furniture remain core categories during Black Friday and other shopping events, accounting for the majority of consumer spending. Electronics, in particular, will dominate, with sales expected to reach $55.1 billion, a growth of 8.5%. Popular electronics include smartphones, gaming consoles, smart TVs, and laptops, which will see even greater sales during promotions and product launches. The ongoing demand for smart home devices, wearables, and the latest consumer tech products will continue to drive this trend.

Apparel is expected to reach $43.9 billion in sales, remaining a popular category despite economic pressures. Many consumers purchase clothing not only for themselves but for others as well, with Black Friday promotions providing a prime opportunity for fashion-conscious shoppers to update their wardrobes.

Furniture and home-related products are expected to reach $28.4 billion in sales, with a year-over-year growth rate of 4.2%. Consumers are seizing the opportunity to refresh their living spaces. In recent years, home décor items have become popular during holiday discounts, making furniture and bedding highly sought after. However, due to the trend toward expensive items, consumers are more inclined to purchase lower-priced home/home decor products.

Evolution of Retail Shopping Channels:

With the rise of omnichannel shopping (combining online, mobile app, and in-store shopping experiences), retailers need to adopt more flexible strategies for their shopping channels. Consumers now expect a seamless shopping experience across multiple platforms, whether they are browsing online, ordering through mobile apps, or making purchases in-store. A report shows that over 41% of consumers plan to use two or more shopping channels during the holiday shopping period, with 45% preferring to shop online and have items delivered to their homes. Retailers that provide integrated, flexible shopping experiences will enhance customer satisfaction and loyalty.

Growth of Mobile Shopping:

Although it is not an original story anymore, the significant differences in preferred shopping channels across generations still make this a crucial point for brands targeting multiple age groups, particularly in international markets.

The shift toward online shopping continues to be a dominant feature of the retail environment in 2024, especially with more consumers relying on smartphones for shopping. The importance of mobile devices in the shopping experience has grown significantly.

According to the NRF, the overall online shopping market is expected to grow by 8-9% in 2024, with total sales projected to reach $296 billion. Adobe further predicts that mobile shopping will grow by 12.8%, reaching $128 billion, highlighting consumers' demand for instant and convenient shopping from anywhere.

Consumers are increasingly relying on digital channels for their convenience, variety, and the ability to quickly compare prices. Browsing, purchasing, and completing transactions from anywhere has become the new normal. This underscores the growing importance of mobile-friendly payment options like Apple Pay. As consumers expect a seamless shopping experience across multiple devices and platforms, retailers need to provide consistent, high-quality digital shopping experiences to capture their attention.

Social Media and Influencer Impact:

Social media's influence on consumer shopping decisions cannot be underestimated. Platforms like Instagram, TikTok, and YouTube play a significant role in shaping shopping habits, especially among younger consumers, who trust influencer recommendations. Shopping has become more social and visual, with consumers interacting with brands, reading real-time product reviews, and watching sponsored content.

The rise of social commerce—shopping directly through platforms like Instagram and TikTok—shows that consumers are increasingly willing to shop without leaving social media apps. Retailers and influencers use personalized content to guide product discovery, and personalized recommendations, virtual try-ons, and influencer promotions will continue to be key components of the shopping season experience, particularly among Gen Z and Millennial consumers.

Price Sensitivity, Self-Gifting, and Brand Loyalty Challenges:

With ongoing economic uncertainty, price sensitivity and self-gifting consumption have become key features of the shopping season. Consumers are increasingly treating themselves during economic stress, favoring instant-gratification purchases rather than traditional gift-giving. This shift in shopping behavior reflects the realities of supply chain disruptions and delays, where shopping behavior has shifted from buying gifts for others to rewarding oneself.

Meanwhile, brand loyalty faces significant challenges. With tightened budgets, consumers are more willing to switch to more competitively priced retailers or choose cheaper alternatives to satisfy their shopping desires. This trend presents a comprehensive challenge to brands, who must now offer competitive pricing while improving the customer experience to maintain loyalty. We recommend that brands invest in value-driven promotions and seamless online shopping experiences to win back customers.

Three Key Tips for Brands:

Extend Promotion Periods: 32% of consumers are influenced by early promotions, with shopping starting as early as July and lasting through October.
Offer Price Advantages: 70% of consumers expect prices to rise this year, increasing demand for discounts and deals.
Focus on Brand Value and Rational Marketing: 60% of Gen Z consumers regret impulsive Black Friday purchases in the past, leading to a decline in brand trust.

The Role of Generative AI in Shopping:

Generative AI plays an increasingly important role in e-commerce, marking a significant shift in how brands interact with consumers. With the integration of AI-driven tools such as virtual assistants, personalized recommendations, and chatbots, the consumer shopping journey is becoming more personalized and efficient.

Gen Z, in particular, shows a strong preference for AI-assisted shopping. Over 50% of Gen Z consumers use AI when making purchase decisions, from personalized product recommendations to AI-generated reviews and virtual try-ons. Retailers that leverage AI to create personalized shopping experiences are more likely to attract this tech-savvy generation and increase sales during the peak shopping season.

Partnering with Naturality Digital to Build Strong Shopping Season Marketing Strategies:

The 2024 Black Friday shopping season is showing positive growth, with consumers focusing more on price discounts, particularly in key categories like electronics, apparel, and furniture. Meanwhile, with the rise of omnichannel and mobile shopping, retailers need to adapt to the growing demand for digital channels and capitalize on the power of social media and influencer marketing to drive sales. Despite ongoing economic pressures, consumer demand for discounted goods remains strong, and brands must optimize their marketing and operations across multiple levels to stand out during the competitive shopping season.

Naturality Digital is a trusted partner for many leading companies looking to expand their overseas marketing efforts. Contact us to seize market opportunities during the upcoming shopping season.