• U.S. retail sales excluding automotive rose 3.4% on Black Friday 2024 compared to 2023
  • Online sales surged 14.6% while in-store sales saw modest 0.7% growth
  • Consumer spending remained deal-focused with strongest performance in jewelry, electronics, and apparel

U.S. retail sales showed moderate growth this Black Friday as consumers continued to shift their holiday spending online, according to data from Mastercard SpendingPulse released Saturday. Retail sales excluding automotive increased 3.4% on November 29 compared to the same day last year, with e-commerce posting a robust 14.6% gain that significantly outpaced the meager 0.7% growth in brick-and-mortar stores.

The numbers reveal a continuing evolution in consumer behavior during the critical holiday shopping period. While overall growth was more measured than last year's holiday season performance, the dramatic divergence between online and in-store sales underscores how shoppers are increasingly prioritizing digital channels for their Black Friday purchases.

"What we're seeing is a consumer who remains strategic and deal-focused," said a payments industry executive familiar with the data. "The online channel is capturing the lion's share of growth as shoppers hunt for promotions they perceive as offering the greatest value."

Top-performing categories included jewelry, electronics, and apparel, with clothing e-commerce showing particularly strong performance following cooler weather after an unusually warm autumn. The data suggests retailers' early promotional strategies and expanded online offerings resonated with budget-conscious consumers navigating persistent economic pressures.

Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, indicated that overall holiday season projections for the period from November 1 through December 24 anticipate a 3.6% increase compared to the previous year's 4.1% growth rate.

Efforts to reach Mastercard representatives for additional comment on Saturday were unsuccessful. The company typically releases its SpendingPulse data without extensive accompanying analysis, leaving market observers to interpret the trends.

While the Black Friday numbers show continued consumer engagement, the moderate growth rate and channel shift suggest retailers may need to recalibrate their strategies for the remainder of the holiday season. The data comes as economists watch closely for signs of consumer resilience amid fluctuating economic indicators.

Correction: An earlier version of this article incorrectly stated the year-over-year comparison period. The data compares Black Friday 2024 to Black Friday 2023.