• U.S. online spending surged 9.1% year-over-year to $11.8 billion, while in-store traffic hit a post-pandemic high of 81.7 million shoppers.
  • Consumers focused on higher-value purchases amid elevated promotions, with average selling prices climbing 7% even as order volumes dipped slightly.
  • Looking ahead, 76% of Black Friday shoppers plan to spend the same or less on holiday shopping in 2025, citing rising living costs as the primary concern.

Black Friday 2024 delivered a powerful, promotion-fueled start to the holiday season, with consumers demonstrating a resilient appetite to spend despite a backdrop of economic uncertainty. According to the latest data, U.S. online spending reached $11.8 billion, a robust 9.1% increase from the previous year. Perhaps more surprisingly, physical stores saw a significant resurgence, with 81.7 million consumers shopping in stores—the highest in-person turnout since the pandemic.

This strong performance unfolded against notable headwinds, including tariff concerns, corporate layoff anxieties, and the lingering effects of a recent 43-day government shutdown. Shoppers, however, were highly motivated by major promotional events, viewing them as crucial opportunities to secure value. "Consumers spent not just on deals but also on new products," noted analysts, suggesting a focus on both necessity and desire.

The spending patterns revealed a strategic consumer. While overall dollars spent climbed, the number of items purchased at checkout fell by 2%, and order volumes slipped 1%. This was offset by a 7% jump in average selling prices, indicating shoppers were more selective, prioritizing higher-value items over bulk buying. Massive discounts, particularly in categories like toys where prices were slashed over 27%, were a key driver of traffic and conversion.

Mobile commerce continued its dominance, accounting for more than half of all sales. During peak hours between 10 a.m. and 2 p.m. local time, a staggering $12.5 million passed through online shopping carts every minute nationwide. Platforms like Shopify saw merchants achieve a 22% year-over-year increase in sales to $4.1 billion, with peak performance hitting $5.1 million per minute. Payment innovations also saw heavy use, with Shop Pay transactions up 58% year-over-year.

Yet, the forward-looking sentiment data introduces a note of caution for the coming year. A survey of Black Friday participants found that 76% plan to spend the same or less on holiday shopping in 2025. The primary reasons are stark: 70% cited rising costs of living, 57% pointed to increasing grocery prices, and 54% named high inflation. This suggests the promotional lever may need to be pulled even harder next season to maintain momentum.

Despite this broader caution, a segment of high-spending consumers remains active, with 24% of Black Friday shoppers still intending to spend $1,000 or more on their 2025 holiday purchases. For the current November-December period, the National Retail Federation still anticipates U.S. shoppers will spend over $1 trillion for the first time, though growth is expected to slow.

*Correction: An earlier version of this article misstated the year-over-year increase for Shopify merchant sales. The correct figure is 22%.