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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.
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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Media is changing and the sell-side is stepping boldly into the identity jungle—a dense and complex environment where privacy regulations, evolving signals, and advertiser expectations make every step an adventure. It’s not about survival; it’s about navigation. Experian’s identity solutions offer sell-side players like connected TV (CTV) publishers, supply-side platforms (SSPs), and open web publishers a roadmap to deliver rich consumer insights and build addressable audiences. Here’s how different stakeholders are navigating the landscape—and why having the right sherpa makes all the difference. CTV publishers: Turning anonymous viewers into addressable audiences The surge in CTV viewing, fueled by the shift from linear TV to digital streaming, has made it a critical channel for marketers—but navigating the identity jungle isn’t the same for every platform. 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The days of simply aggregating inventory are gone; today, SSPs must prove their worth by delivering premium value to advertisers and publishers. Addressability is a cornerstone of this strategy. By combining demographic and behavioral data with offline and digital identifiers, SSPs can build and deliver high-quality audiences across various channels. At the same time, supply path optimization (SPO) is taking center stage. SPO acts as a machete in the underbrush, clearing out unnecessary intermediaries and reducing costs while creating direct, transparent pathways to premium, brand-safe inventory. When paired with identity data, SSPs can offer buyers precisely targeted audiences, more premium inventory and a streamlined supply path. How Experian can help Imagine an SSP striving to stand out in a crowded market by delivering premium value to advertisers and publishers. 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Inventory commoditization makes it difficult to stand out and often leads to suppressed CPMs. To compete, publishers need data and identity solutions that enable them to differentiate their inventory and reveal the true value of their audience. Similar to FAST publishers, the jungle for open web publishers often starts with anonymous visitors. Recognizing and identifying all their users allows publishers to present advertisers with rich audience insights that lead to more efficiently targeted ads. Publishers are now equipped to fight commoditization and maximize revenue potential. How Experian can help Imagine an open web publisher striving to deliver more value to advertisers in a crowded programmatic landscape. Experian’s identity solutions help publishers turn anonymous traffic into addressable audiences, enabling them to understand their visitors and provide richer audience insights. 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Instead of a single steak-and-potatoes meal, today’s data marketplace operators might be cooking up a complex menu of campaigns. As a result, data buyers are beginning to shop around. Some still rely on large-scale marketplaces for familiar staples, but now they have reasons to explore other options. Some are turning to providers known for offering top-tier, transparently sourced segments. Others are focusing on specialty providers that excel in one area. A more selective approach to data buying In this environment, choosing where to “shop” for data is becoming more deliberate and selective. Data buyers aren’t just thinking about broad scale; they’re looking to prioritize quality, durability, data privacy, and differentiation. They need to place higher value on data marketplaces that can maintain audience addressability over time, despite signal loss. Sometimes, that means accepting a smaller assortment in exchange for tighter vetting and more reliable targeting. 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Conversion data helps marketers understand the whole customer journey to optimize messaging, targeting, and channel mix to improve conversion rates. A retailer that knows 50% of TV ad viewers visit its e-commerce site within 36 hours of exposure could use that information to adjust the timing of its retargeting and align with site visit spikes. Audience segmentation for targeted measurement Outcome-based measurement breaks down performance across target demographics and allows for granular audience segmentation so TV ads resonate with the right audiences. For example, if a luxury brand saw better TV ad performance with high-earning Millennials, they’d want to refine their campaign messaging based on this group’s habits and preferences. Customer journey tracking Knowing how viewers move from awareness to conversion is critical. Outcome-based TV measurement helps you track the customer journey by pinpointing touchpoints where engagement happens and tying these to your TV campaigns. If a fitness brand found that TV campaigns drive app downloads, it could combine app analytics and TV exposure data to find out when most of their conversions happen after ad exposure and create follow-up messaging for that window of time. Integrating these insights with other marketing channels allows you to fine-tune your messaging, channel mix, and audience targeting to drive better outcomes and deliver more personalized customer experiences. Lifetime value (LTV) Beyond immediate conversions, outcome-based TV ad measurement helps brands identify which TV campaigns attract high-value customers with long-term revenue potential. If a financial institution ran a TV ad campaign centered on its new credit card, for instance, it could use LTV to track new cardholders and determine whether ads occurring during financial news airtime produced customers with higher average annual spend compared to other segments. How outcome-based TV measurement works Outcome-based measurement is a data-driven process that involves collecting, analyzing, and applying insights to improve TV ad performance. 1. Collect data When someone sees your TV ad, they might take action, like downloading your app or buying something. Outcome-based TV measurement begins by tracking these actions and gathering data from various sources, such as: TV viewership CRM Digital engagement Purchase behavior Cross-platform interactions And more Data integration with digital platforms Combining TV data with insights from platforms like social media or website analytics creates a more unified view of campaign performance. This integration powers easier retargeting and better alignment between digital and TV advertising strategies. Some marketers enhance this integration further using artificial intelligence (AI) to streamline data coordination and ensure campaigns are optimized for effectiveness and ROI. 2. Connect the dots Next, marketers need to find out which actions were influenced by TV ads. It’s important to ask questions like these as you work to connect the dots: Did website traffic spike right after the ad aired? Did the ad viewers match the people who signed up for the service or made a purchase? You can link TV exposure to real-world behaviors with tools and identifiers like hashed emails, device IDs, surveys, and privacy-safe data-matching techniques. 3. Analyze the data Then, the data needs to be analyzed for patterns like these: Which TV ads or time slots drove the most engagement? Did certain customer groups respond better than others? Was there a noticeable lift in sales or signups after the ad campaign? This step can help you uncover what’s working and what’s not. Role of advanced analytics and machine learning The data analysis required in this process can be overwhelming, time-consuming, and risky without the right tools. Fortunately, advanced analytics and fast, effective artificial intelligence tools can process large amounts of data from digital platforms, TV viewership, and customer interactions in less time to reveal accurate, actionable insights and patterns. They can also predict which audiences, messages, and channels will be most profitable so campaigns can adapt in real time, whether by reallocating spend to higher-performing channels or refining audience targeting. 4. Turn insights into action Once you have your data-derived insights, you can tweak your campaign in a number of ways, whether you decide to: Adjust your ads: If one message works better than another, lean into it. Refine your targeting: Focus on the audience segments most likely to act. Optimize your spend: Invest in channels or times that deliver the best return. For example, if you see that ads during prime time lead to more purchases than morning slots, you can shift your budget accordingly. This type of knowledge can be used to continuously improve your campaigns. Each time you run a new ad, you measure again, building on past insights to make your outcome-based TV advertising even smarter. Applications of outcome-based TV measurement Outcome-based TV measurement has wide-ranging applications across industries. Here’s how it’s helping businesses link TV ad exposure to real-world actions and optimize campaigns for better results. E-commerce and retail: Retailers can track how TV ads influence purchases and use those insights to refine their assets and target specific customer groups. A clothing retailer may track how well a TV ad boosts online traffic and in-store purchases. For instance, if a seasonal sale commercial correlates with a spike in website visits or mobile app downloads, the brand can refine its ad placement to focus on the most responsive demographics. Automotive: Automakers use outcome-based TV measurement insights to determine how ads drive dealership visits, test drives, or inquiries. A car manufacturer could analyze whether TV spots featuring a new vehicle increase traffic to its dealership locator or car configuration tool online. Healthcare: Pharmaceutical companies could assess whether TV spots lead to increased prescription fills, or a health provider could test how ads promoting flu shots result in appointment bookings through its website or app. If any messages resonate more with families, the provider can create similar campaigns for the future. How Experian enhances outcome-based TV measurement Experian has recently partnered with EDO, an outcomes-based measurement provider, to offer more granular TV measurement across platforms. Our identity resolution and matching capabilities enhance EDO’s IdentitySpine™ solution with rich consumer data, including age, gender, and household income, all in a privacy-centric way. Integrating these demographic attributes is helping advertisers achieve more precise audience insights and connect their first-party data to actionable outcomes. As a result of this collaboration, brands, agencies, and networks can optimize their TV campaigns by identifying which ads drive the most decisive engagement among specific audience segments. We’re improving accuracy, targeting, and more so advertisers can maximize the performance of their CTV strategies. Get in touch with Experian’s TV experts If you’re ready to take your data-driven TV advertising strategies to the next level, connect with our team. We combine advanced data and identity solutions as well as strong industry collaborations to help brands optimize their TV campaigns. Whether you're navigating traditional or advanced TV formats, our expertise ensures your efforts deliver maximum impact. Connect with us today to drive engagement, connect with audiences, and achieve better ROI. 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