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It’s hard to believe, but it’s almost time again for marketers to begin their holiday campaign preparations. Leading up to these preparations, it’s important to reflect on consumer trends from Black Friday 2023 and derive insights for the coming year to shape successful marketing strategies.
Spending trends we saw in 2023
In 2023, consumer holiday spending was forecasted to rise at the slowest pace in five years due to inflation and cost of living concerns. Forrester reported that consumers weren’t spending less, but they were spending slower and paying less for what they bought to stretch their dollar further.
Despite slower spending, data showed a 7.5% increase in e-commerce sales from 2022 to 2023, with a record $9.8 billion spent online and the most substantial growth of in-store traffic in recent years, up 4.6% from the previous year. Shopify even reported record 2023 Black Friday sales numbers offline and offline, reaching $4.1 billion, with significant spending across personal care, clothing, jewelry, shoes, and decor. Around 75% of these sales occurred on mobile and 25% on desktop.
When people shopped in 2023
We also saw notable shifts in how, when, and where people shopped on Black Friday. One significant trend noted in our 2023 Holiday spending report was the increasing preference for early holiday shopping, particularly online. Consumers quickly responded to early discounts and promotions, which caused a surge in spending during October. Cyber Week, encompassing Black Friday through Cyber Monday, also played a significant role, accounting for 8% of total consumer holiday spending.
2023 trends we expect to see in 2024
As you gear up for the holiday season, understanding Black Friday trends from 2023 will be vital, as Black Friday 2024 is expected to see a continuation of several key trends alongside emerging ones:
- Mobile shopping will continue its growth trajectory.
- Consumers will keep seeking early deals.
- Marketers will prepare promotions sooner than ever.
- Flexible payment arrangements like “buy now/pay later” (BNPL) will drive conversions amid continued inflation.
- Channel switching will become more common.
- Paid search will drive the most sales.
Let’s talk about what past trends and future predictions mean for your marketing strategy and how you can use them to inform your 2024 holiday campaigns.
Emerging consumer behaviors
Consumer behaviors and preferences have been changing and reshaping the Black Friday shopping landscape over the last few years. Looking ahead to Black Friday 2024, several trends from last year are likely to continue shaping the shopping experience.
Early shopping
The early holiday shopping trend will continue to become more pronounced. Many consumers now begin their end-of-year shopping well before Halloween, seeking to take advantage of early deals and discounts, enjoy more time to compare prices and products, avoid crowds, secure popular items early, and spread out their budget. In 2023, Gallup found that one in four holiday shoppers even starts as early as September. This means your business must begin planning sales and promotions earlier in the season and roll them out sooner.
The value of experiences
We’re seeing an interesting shift toward gifting experiences over physical items among consumers with more disposable income. In a 2023 survey, one in five respondents said they’d prefer to get an experience as a gift over an item. Those in higher income brackets are allocating more of their holiday budgets to experiences that create lasting memories, such as theme park passes, art classes, concert tickets, and so forth. This trend will require retailers to get creative, potentially:
- Hosting giftable in-store events
- Enhancing the in-store experience
- Using experiential marketing to make deeper consumer connections
- Partnering with other companies to provide bundled gift/experience packages
Preference for digital channels
Media consumption habits and preferred engagement channels are also undergoing significant changes. Consumers increasingly turn to digital channels like streaming TV and connected TV (CTV) for entertainment and information. CTV ad spending, in particular, is expected to grow by 20% in 2024 and by low double digits into 2027. This shift will influence how retailers reach and engage with consumers, and it underscores the importance of digital marketing strategies and personalized online experiences.
Mobile vs. desktop online spending
The preference for mobile over desktop for online transactions is growing; in 2023, mobile devices comprised 54% of online sales, with online purchases up 10.4% from 2022 on Black Friday. More and more, consumers are using mobile devices to research, browse, and buy online. Marketers need to optimize their mobile and website experience to make the shopping experience seamless across all devices.
Key products and categories
Research has shown that the most popular in-store purchases of Black Friday weekend in 2023 included clothing/accessories and electronics.
- 82% of shoppers bought clothing in-store to inspect colors, material, and fit
- 73% said they would buy electronics in store to compare quality
These categories were followed by:
- Health and beauty (49%)
- Household appliances (44%)
- Sports/leisure (32%)
Interestingly, the same categories were also the top sellers online during Cyber Week 2023, with 79% of buyers seeking clothing/accessories and 66% intending to purchase electronics. Amazon was one of the most popular shopping destinations for Cyber Week 2023, with over a billion items sold. Some of the top-selling items included the Amazon Fire TV Stick and Ring Video Doorbell. This indicates a consistent consumer preference across different shopping channels and suggests shoppers are comfortable buying a wide range of products online, even during traditional in-store shopping events.
Looking ahead, retailers can reasonably anticipate continued demand for clothing/accessories and electronics, both in-store and online.
Marketing strategies that worked
Last year was a year of growth, albeit slow growth, despite economic uncertainty. Here are some of the marketing strategies deployed that contributed to this growth.
Influencer collaborations
Data from a 2023 Black Friday report showed that seven of every 10 shoppers acknowledged an influencer’s role in their purchase decision. Partnering with influencers to promote Black Friday deals and hosting live streaming sessions with influencers showcasing products helped reach new audiences and build credibility. Influencers’ recommendations resonated strongly with their followers, which drove traffic and increased sales.
Cross-channel marketing campaigns
Black Friday gives marketers a unique opportunity to engage audiences across touchpoints. Using a mix of channels, such as social media, email, websites, SMS, in-store promotions, and print media, tends to create more impactful campaigns.
Last year proved to be diverse in terms of marketing channel mix. Marketers embraced a cross-channel approach to connect with their users during holiday sales, which was evident in the increased usage of channels like email, SMS/MMS, web push notifications, and emerging channels like Roku messages. Using multiple channels to promote Black Friday deals increased visibility and reached a wider audience. This comprehensive approach ensured marketing messages reached customers wherever they were.
To maximize sales during the Cyber Five holiday season, activate Experian audiences as part of your omnichannel campaign. Our offerings include meticulously curated behavioral segments based on discount indicators such as Black Friday, Cyber Monday, and Coupons/Sales. These segments help you target shoppers who are ready to take advantage of your promotions and are primed for early conversion. Our marketing data was ranked #1 in accuracy by Truthset, which means you can power smarter marketing initiatives, like insights, targeting, and measurement, using the highest-rated data.
App-only deals
In 2023, mobile app sales increased by 2% from 2022, generating a 12% increase in app purchases and $2 billion more in revenue than the year before. Businesses offering exclusive deals through their mobile apps incentivized customers to download and use the app for their purchases, which helped boost sales through a dedicated channel.
Limited-time offers
Time-limited offers are the essence of Black Friday and Cyber Week, giving shoppers a timeframe for getting the lowest prices of the year on certain products. Creating urgency is a highly effective way to get people to make a faster purchase decision.
Bath & Body Works is exemplary at using limited-time offers; once a year around Black Friday, they run a “Buy 3, Get 3” sale on the whole store for a single day, which encourages customers to stock up while getting their holiday shopping done.
Flash sales and hourly deals are shorter limited-time promotions that generate excitement, traffic, and sales. By highlighting specific products with steep discounts, retailers encourage customers to make instantaneous purchases. Amazon is known for these, which they refer to as Lightning Deals or product discounts available for only a few hours.
Early-bird discounts and exclusive previews
Retailers wanting to avoid overcrowded stores or website crashes can reward those who shop early with exclusive discounts or sneak peeks into Black Friday deals. This creates a feeling of urgency and privilege that leads to a purchase. Best Buy offers its Best Buy Plus and Best Buy Total members exclusive savings during a sale period just for them. They get early access to discounts toward the end of October, after which they open up their early bird deals to the public.
Predictions for Black Friday 2024
Based on what we’ve seen in 2023, we expect the following trends to shape consumer behavior on Black Friday and beyond in 2024.
Consumers will use their phones to shop more often than they already do
Mobile shopping is easy and discreet, allowing customers to shop from anywhere while staying on top of sales. Black Friday mobile orders increased from 2022 to 2023, with over 50% of all Black Friday sales occurring on smartphones. This indicates a growing trust in smartphone transactions among shoppers, which is why 2024 will likely reflect this trend.
As a marketer, this means you should ensure your website is optimized for smartphones and tablets. Ensure load speed is quick, navigation is simple, designs are intuitive, and mobile payment options are available. You also have an opportunity to invite your customers to sign up for SMS or push notifications so they can shop deals immediately after they’re rolled out.
While mobile should be a priority, we still recommend investing in multiple channels to capture online shoppers everywhere they’re buying. Our Graph can help you unify data, capture user activity, and view your target audience holistically to optimize ad spend, allocate resources effectively, and improve ROI.
Marketers will start preparing their Black Friday campaigns earlier than ever
With increasing market competition and pressure to accommodate early bird deal seekers, marketers will likely start preparing their discounts, inventories, and promotional materials earlier in the summer.
Data enrichment can help you prepare early Black Friday promos by providing deeper insights into your customers and what they want. Enriching your existing data with behavioral, financial, and demographic information can help you create precise audience segments and personalized content, anticipate customer preferences, optimize channel placement, and tailor your promotions effectively. On average, Experian has 250 behavioral and demographic marketing attributes per individual, which means we can decorate households and people with marketing data to get a full customer profile and fill in any gaps you have on your audience. You can also consider implementing sell-side targeting to help your promotions reach the right people.
If you plan to run early promotions, try not to create deal fatigue among your consumers. Focus on building a few high-quality promotions that will attract your target customers.
BNPL arrangements will become more common for conversion
Given lingering inflation in the U.S., consumers will still be looking for ways to stretch their money this year, and many shoppers may seek out BNPL arrangements. According to Deloitte, 37% of shoppers have used these services historically, and these arrangements have proven to increase conversions by up to 30%.
With so many shoppers wanting the financial convenience of making large purchases without the immediate financial burden, marketers can use data enrichment to identify their target segments most likely to use BNPL and create personalized offers and promotions for them. Your strategy should include high-value offers and messaging that appeal to budget-conscious shoppers and a checkout optimized for BNPL options.
Channel switching will surge
Black Friday and Cyber Monday sales are starting to become channel-agnostic, with consumers browsing online, on mobile apps, in physical stores, and on social media. As such, they expect a unified experience wherever they browse. Any inconsistency can disrupt the purchase journey and deter potential buyers.
As the shopping experience becomes more connected, consumers are moving between channels more frequently, which means integrating data from various touchpoints will be crucial to understanding and predicting customer behavior. Marketers must develop cohesive omnichannel strategies with consistent messaging and promotions across channels. Your campaigns should span multiple channels so customers can engage with your brand in various ways.
We work with major platforms, marketers, and agencies, which means we have existing partnerships across the ecosystem for you to connect with and bring your consumer data to life to meet your needs.
Paid search will drive the most sales
Research from Adobe shows paid search as the top sales driver of Cyber Week 2023, comprising nearly 30% of all online sales. Due to the high-intent customers captured by paid search and the surge in shopping on mobile devices, we expect to see paid search drive much of the Black Friday sales in 2024 — especially as advances in data analytics and AI allow marketers to optimize paid search campaigns more effectively. They can analyze vast amounts of data to refine keywords, ad copy, and bidding strategies for higher ROI and better targeting.
In 2024, it’s essential to prioritize paid search strategies and focus on using relevant, high-performing keywords for your campaigns. You can continuously refine your strategies using AI and data analytics to target high-intent customers. Additionally, integrating insights from customer behavior data will help you create more personalized, impactful ad copy and heighten the effectiveness of your paid search efforts.
Experian can help you win Black Friday 2024
Want your marketing campaigns to stand out and reach your audiences on Black Friday this year? Partner with Experian to create data-driven, targeted, impactful 2024 holiday campaigns.
Our data empowers you to gain valuable insights and optimize your holiday marketing strategies. We can connect online and physical transactions to our Experian household ID for a holistic view of customer behavior, connect ad exposure with foot traffic, or employ control group lift analysis to measure campaign effectiveness. By activating our purchase-based holiday audiences, like last-minute and one-stop holiday shoppers, you can reach the segments most likely to spend with you. Integrating with over 150 channels, we’ll help your campaigns reach your audience wherever they are. You can even utilize our connections to various digital platforms and partners to expand your reach.
With Experian’s measurement offerings, you can make data-driven decisions about your activation strategies. Engage the right audiences and drive exceptional results this holiday season with Experian.
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The stakes are high when it comes to advertising during football’s biggest games as the cost of advertising continues to rise, with the average 30-second TV ad during the 2023-24 Sunday Night Football season priced at $882K. With record viewership at the College Football Playoff and the Super Bowl drawing in 123.7 million average viewers, the largest TV audience on record, it's no surprise that brands are willing to pay those prices since football games are prime time for reaching engaged audiences. In fact, an estimated 51% of viewers search for an ad they saw during the game, underscoring the potential of second-screen engagement to amplify campaign impact. Whether you advertise on TV during these games or not, brands are exploring how they can use football season to drive a deeper connection to their audience. To do this, brands need data driven strategies. In this blog post, we’ll reveal audience segments designed for you to craft tailored marketing strategies that resonate with football fans in the stands and on the couch. You can find the complete audience segment name in the appendix. Make a game-winning play with Experian Audiences With playoff season fast approaching, it’s the perfect time to go on the offensive and target football fans. Utilize Experian’s syndicated audiences to ensure your marketing messages resonate with fans when they're the most engaged. Experian's 2,400+ syndicated audiences are available directly on over 30 leading television, social, and programmatic advertising platforms. Reach consumers based on who they are, where they live, and what they do using data ranked #1 in accuracy by Truthset. Run omnichannel campaigns based on a reliable understanding of households, people, digital identifiers, and marketing attributes. Four football audience categories to add to your advertising lineup Football fans come in all shapes, sizes, and viewing habits. From dedicated supporters to casual viewers, targeting the right audience can make or break your campaign. Here are four football audience categories you can target: Sports enthusiasts College football fans 21+ audiences TV viewers Let’s huddle up and break down the audience segments within each category. Whether it’s tailgating, tuning in, or cheering from the stands, these insights will get your campaign into the end zone. Sports enthusiasts Whether they’re following their favorite teams, attending games in person, or watching professional sports events on TV, football fans are deeply engaged, making them an ideal target for advertisers looking to score big. Here are five audiences to target: NFL Enthusiasts Football (FLA/Fair Lending Friendly)1 Sports Enthusiasts NFL Stadium Visitors Professionals Sports Event College football fans College football fans bring unmatched passion and loyalty, with bowl games during the 2023 season drawing on average of 4.6 million viewers across 40 total games—a 5% increase year-over-year. From students to alumni, these fans represent an invaluable opportunity for advertisers to connect with a deeply invested audience. Here are four audiences to target to connect with passionate college football fans: College Football Stadium Visitors College Football Bowls College Students College Sports Venues 21+ audiences With 84% of U.S adults reporting that they drink alcohol while watching football on TV, targeting 21+ audiences during game season is a winning play. 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Connect with our audience team You can activate our syndicated audiences on-the-shelf of most major platforms. For a full list of Experian’s syndicated audiences and activation destinations, download our syndicated audiences guide. Explore our other seasonal audiences that you can activate today. View now 1 “Fair Lending Friendly” indicates data fields that Experian has made available without use of certain demographic attributes that may increase the likelihood of discriminatory practices prohibited by the Fair Housing Act (“FHA”) and Equal Credit Opportunity Act (“ECOA”). These excluded attributes include, but may not be limited to, race, color, religion, national origin, sex, marital status, age, disability, handicap, family status, ancestry, sexual orientation, unfavorable military discharge, and gender. Experian’s provision of Fair Lending Friendly indicators does not constitute legal advice or otherwise assures your compliance with the FHA, ECOA, or any other applicable laws. Clients should seek legal advice with respect to your use of data in connection with lending decisions or application and compliance with applicable laws. Appendix Sports enthusiasts Lifestyle and Interests (Affinity) > Activities and Entertainment > NFL Enthusiasts Lifestyle and Interests (Affinity) > Sports and Recreation > Sports Enthusiast Mobile Location Models > Visits > NFL Stadium Visitors Lifestyle and Interests (Affinity) > Sports > Football (FLA / Fair Lending Friendly)2 Travel Intent > Activities > Professional Sports Event College sports fans Mobile Location Models > Visits > University Stadium College Football Visitor Lifestyle and Interests (Affinity) > Sports > College Football Bowls Mobile Location Models > Visits > College Students Mobile Location Models > Visits > College Sport Venues 21+ audiences Lifestyle and Interests (Affinity) > Activities and Entertainment > Imported Light Beer Enthusiasts Lifestyle and Interests (Affinity) > In-Market > Domestic/Imported Beer Lifestyle and Interests (Affinity) > Retail > High-end Spirit Drinkers Financial – Analytics IQ > Discretionary Spend > Alcohol and Wine: $331-$726 TV viewers Television (TV) > Household/Family Viewing > Cable Satellite or Streaming Network Subscribers Retail Shoppers: Purchase Based > Entertainment > Streaming/Video/Audio/CTV/Cable TV: Streaming Video: High Spenders Television (TV) > Household/Family Viewing > Cord Cutters Television (TV) > Household/Family Viewing > Cable and Streaming Service Subscribers Television (TV) > TV Enthusiasts > Paid TV High Spenders Television (TV) > Viewing Device Type > Screen Size – Large Television (TV) > Household/Family Viewing > Co-Watchers Latest posts
Following the success of our recent launch of Third-Party Onboarding, we are excited to introduce the Experian marketplace, a new addition to our portfolio of data-driven activation solutions. Experian’s marketplace bridges TV operators, programmers, supply partners, and demand platforms with top-tier third-party audiences across retail, CPG, health, B2B, and location intelligence. Easily activate premium audiences from leaders like Attain, Alliant, Circana, and Dun & Bradstreet – driving precise, efficient consumer reach. "Experian has been a longstanding partner of DISH Media, and we’re excited to be an early adopter of their marketplace which leverages the foundation of their identity solutions to ensure maximum cross-channel reach as we look to expand the breadth and depth of data we use for addressable TV."Kemal Bokhari, Head of Data, Measurement & Analytics, DISH Media As privacy regulations evolve and traditional identity signals shift, many activation platforms face declining addressability. This impacts their ability to effectively reach consumers, which is critical to staying competitive. Experian’s marketplace, powered by our identity graphs which include 126 million households, 250 million individuals, and 4 billion active digital IDs, enables audiences to be easily activated and maintain high addressability across display, mobile, and connected TV (CTV) channels. Benefits of Experian's marketplace Enhanced addressability and match rates: All audiences delivered from our marketplace benefit from our best-in-class offline and digital identity graphs, which ensure addressability across all channels like display, mobile, and CTV. Unlike other data marketplaces, Experian ensures all identifiers associated with an audience have been active and are targetable, improving the accuracy of audience planning. Simplified audience planning and distribution for TV Operators: TV operators can build custom audiences matched directly to their subscriber footprint and distribute them across all advanced TV channels (data-driven linear, addressable, digital, and CTV) for maximum impact. Diversification within the data marketplace ecosystem: With the recent departure of Oracle’s advertising business, the optionality for buyers and sellers to connect with third-party data has become increasingly limited. With Experian marketplace, we’re excited to offer a new solution to the market that ensures data-driven targeting can continue to take place at scale. Lower activation costs: Experian’s marketplace offers transparent, pass-through pricing with no additional access fees, enabling partners to maximize their earnings while reducing costs. Audience diversity and scale: Platforms can access a broad range of audiences across top verticals from our partner audiences, which can be combined with 2,400+ Experian Audiences. This offers the flexibility, reach, and scale necessary to effectively execute advertising campaigns. Remove compliance concerns: Experian’s rigorous data partner review ensures available audiences comply to all federal, state and local consumer privacy regulations. “Circana and Experian have enjoyed a deep partnership for over a decade. We are exceedingly excited to extend our partnership and be an early adopter and launch partner of the Experian data marketplace. This additional capability will enable the ecosystem to more easily access Circana’s purchase-based CPG and General Merchandise (for example Consumer Electronics, Toys, Beauty, Apparel etc.) audience segments to drive performance outcomes across all media channels.”Patty Altman, President, Global Solutions, Circana “Capturing the attention of target audiences across channels is critical for marketers navigating an increasingly connected digital world. We are excited to be an exclusive provider of B2B solutions within Experian’s marketplace, helping brands and media agencies to accelerate their reach, addressability and targeting capabilities across TV, mobile and connected TV channels.” Georgina Bankier, VP of Platform Partnerships at Dun & Bradstreet Better connections start here: Experian's marketplace Experian’s marketplace, easily accessible from our Audience Engine platform, brings unparalleled addressability, enabling our clients to reach more relevant consumers and increase revenue. If you’re interested in learning more about Experian’s marketplace or becoming an active buyer or seller in our marketplace, please contact us. Contact us Latest posts