The global Black Friday sale market net worth is estimated to be around US$ 273.1 Billion in 2022 and is anticipated to expand at a CAGR of 15.2% from 2022 to 2032. The growing popularity of this festive event beyond the United States is expected to drive the market up to US$ 123.9 Billion by 2032.
Black Friday now marks the beginning of a long sale that lasts until Cyber Monday, and it is no longer just a one-day shopping spree. This has solidified itself as a fixture of retail calendars all around the world, significantly altering how consumers purchase in the run-up to Christmas and New Year celebrations.
The global market for Black Friday sales has changed over the past decade due to a rise in instant internet buying, a decline in purchasing at public outlets following the pandemic years, and a widespread awareness that not all bargains are as amazing as they seem. Customers' reluctance to enter crowded stores, in particular, presents a huge limitation for businesses that supply goods and merchandise according to those of their target market expectations.
Get Sample now @ https://www.futuremarketinsights.com/reports/sample/rep-gb-15812
The overall sales fell just short of the previous record in 2020 at $8.9 billion. Some speculate that this was due to the pandemic's lasting effects of out-of-stock products, extended shipping times, etc., as well as earlier online sales that may have taken some of the steam. Global, as well as regional retailers aiming to make a fortune out of Black Friday sale events, must deal with these quick-changing adjustments if they want to fully benefit from the shopping season.
Key Takeaways from the Black Friday Sale Market Study
- Based on product type, clothing goods are figured out to be the dominating segment contributing to almost 51% of the sales, followed by consumer appliances contributing nearly 24%.
- According to consumer orientation, market players mostly target the Gen-Z buyer segment, which is responsible for approximately 48% of the overall sales achieved globally. While millennial buyers also make up a substantial part of the market by contributing a market share of 28%.
- In the end-user category of the market report, men were found to be the major buyers during the Black Friday sale event, with overall sales of this segment amounting up to 48% of the overall sales.
- On the basis of sales channels, online sales are presently the prominent mode for Black Friday deals. This segment has exhibited constant growth over the past few years against in-store distribution channels and will capture almost 69% of the market share in 2022.
Competitive Landscape for the Black Friday Sale Market
Amazon, Walmart, Target, Macy’s, Best Buy, Puma, John Lewis, Luxe Strap, New Egg, eBay, Apple, HM, Zara, Go Daddy, Adidas, and Big Rock among others are some of the major players in the global Black Friday sale market.
Recent Developments in the Global Black Friday Sale Market
- Throughout Black Friday and the Thanksgiving holiday, Walmart offers its third Black Friday Deals for Days promotion as its stores are closed on Turkey Day. Online sales start the previous day and continue through the week in-store. Walmart also provides early access to its customers which is available from a few years before the peak hours.