Thanksgiving 2024: A Record-Breaking $33.6 Billion Spent Online, Mobile Takes the Lead at 72!

As the holiday shopping season kicks off, Thanksgiving weekend has solidified its reputation as the launchpad for colossal retail sales. According to real-time data from Salesforce, online shopping raked in an astonishing $33.6 billion globally yesterday, reflecting an impressive 6% increase from 2023. The United States alone accounted for $8.1 billion, marking an 8% uptick. Meanwhile, European markets followed closely with a robust 10% growth.

Adobe's statistics for U.S. shoppers also paint a positive picture, revealing that a whopping $6.1 billion was spent on Thanksgiving, up from $5.6 billion last year—an impressive 9% increase. Notably, both Salesforce and Adobe employ different methods for their analytics. Adobe collects data from over 1 trillion visits to U.S. retail sites, while Salesforce's figures are derived from shopping interactions involving 1.5 billion consumers across its various platforms.

In contrast to 2023's sluggish online sales, which saw a mere $31.7 billion and a 1% growth, this year's results are a clear indicator of shoppers' rejuvenated enthusiasm for online deals. The average discount in the U.S. was around 27%, enticing consumers to open their wallets despite a backdrop of economic instability. Retailers have resorted to promotions to encourage spending, with Salesforce reporting that the average selling price only crept up by 2% year-over-year, the smallest increase since 2022.

Mobile shopping has reached new heights this Thanksgiving Day, fueled by the closure of many brick-and-mortar stores and people spending time with family. Adobe noted that mobile purchases represented a ground-breaking 59.5% of online sales, amounting to about $3.6 billion—an increase of 10.5% from last year. Salesforce corroborated this by reporting that a staggering 72% of Thursday’s orders originated from mobile devices, up from 69% in 2023.

Welcome to Cyber Week!

The rise of the internet has transformed traditional shopping patterns, extending Black Friday's influence beyond the United States. Now branded as "Cyber Week," this shopping phenomenon begins even before Thanksgiving. Salesforce has deemed Tuesday the kickoff for this shopping extravaganza, reporting increase rates of 7% globally and 14% in the U.S. since that day.

While e-commerce may seem stagnant in its innovation trajectory, the introduction of generative AI is shaking things up. Salesforce indicated a 32% uptick in the use of digital agents and generative AI by retailers compared to just a week prior. However, specifics regarding how many retailers truly utilize these AI tools—and their effectiveness in converting sales—remain elusive.

In a statement, Caila Schwartz, the director of consumer insights at Salesforce, expressed optimism: "Holiday shopping momentum is building throughout Cyber Week with online traffic and sales on the rise. After waiting all year for the best deals of the season, shoppers are finally ready to make their holiday purchases and are flocking to their favorite sites via their mobile devices."

As more data is expected in the coming days, particularly regarding Black Friday sales, all eyes will be on how this upward trend evolves throughout the rest of the holiday shopping season. It seems that shoppers are not just embracing the holiday spirit but are ready to make this season one for the books! Stay tuned for the latest updates!