Black Friday vs. Cyber Monday
There was a time when Christmas represented the biggest shopping season of the year, with millions around the world saving up in anticipation of the occasion. Some even put aside their online casino winnings throughout the year to spend on gifts over the festive season. But that special shopping season soon got competitors, Black Friday and Cyber Monday!
Black Friday, which falls on the 29th of November in 2019, was very simply based on the marketing concept that prices everywhere would fall to ridiculous levels on the Friday following Thanksgiving. The strategy worked, triggering a mass shopping extravaganza. Eager commercial outlets quickly jumped on the bandwagon, and at everywhere from luxury goods stores to grocery stores prices fell to unprecedented levels, and eager consumers were more than happy to participate.
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Interestingly enough, Black Friday was soon complimented by Cyber Monday, which in 2019 falls on the 2nd December, and more or less follows the same formula. Only, Cyber Monday has a twist, it is aimed at online shopping.
Which Day Is More Successful?
As it stands, Black Friday and Cyber Monday are more or less thought of as part of the same shopping marathon stretch. Others however, tend to think of the two days as competitors. Do you prefer to go out in the hustle and bustle, doing the shopping manually on Black Friday? Or are you the type that prefers to stay home, kick back, and do all your shopping online on Cyber Monday?
Or at least that was the initial idea. Today, many do their shopping online regardless of which day the spending actually occurs.
Based on 2018 statistics, Black Friday saw consumers spend roughly $6,2 billion. This is a stunning increase of 23.6% from the same period of the previous year. Meanwhile Cyber Monday saw around $7.9 million spent, which is a slightly more modest 19.7% increase from the previous year.
But it can be misleading and confusing to simply say that consumers spend more during one holiday than the other. Instead, it makes more sense to take a closer look at the type of spending that occurs.
Black Friday: 61%
Cyber Monday: 70%
Black Friday: 21%
Cyber Monday: 14%
Black Friday: 8%
Cyber Monday: 7%
Black Friday: 10%
Cyber Monday: 9%
Based on these statistics, it can be seen that consumers trend towards making smaller purchases on Cyber Monday; under $400. The mid-range spending, however, between $400 and $800, is where most of the spending occurs, and this is dominated by Black Friday.
Specific statistics reveal that; the average amount spent overall on Black Friday is $472. On Cyber Monday the average amount is $415. Hence an average of $57 more is spent on Black Friday.
Traffic And Sales Stats
But that isn’t the end of the story. Most interesting is the flow of traffic that occurs on each day. Black Friday certainly sees more sales, by 28.8%. But as it turns out, Cyber Monday sees significantly more traffic; 13% more. This likely has to do with Cyber Monday still pushing itself as an online event, encouraging consumers to browse the web for great deals; even if they don’t land up making as many purchases. Additionally, sales of fashion products occurred 56% on mobile phones, a number that is expected to increase.
Preferred Shopping Days
When asked on which day they intend on doing their holiday shopping, consumers gave the following direct responses.
- Black Friday - 31%
- Cyber Monday - 22%
- Thanksgiving - 15%
- Free Shipping Day - 12%
- Small Business Saturday - 11%
- Christmas Eve (Dec 24) - 9%
What Is Being Bought?
Perhaps the most important question is what are people buying?
- Clothing: both days 23%
- Tech: both days 22%
- Toys: Black Friday 18%, Cyber Monday 14%
- Smart home and gadgets: Black Friday 14%, Cyber Monday 18%
- Travel: Black Friday 9%, Cyber Monday 12%
When Are People Shopping?
Lastly is perhaps the most revealing statistic of all. Where, and at what time are the majority doing their shopping? Assumptions might be that many still head on out into the chaos to do their Black Friday shopping, given that Cyber Monday is supposed to be the day focused on online shopping. But as said earlier, it turns out that times have truly changed.
Black Friday is as much about shopping online as Cyber Monday these days, making the two events less about where you shop, and more about which day you choose to do it on. With the two days combined, there are the statistics;
- Online: 68%
- Later in the day in-store: 17%
- Early in-store: 15%