The 2024 holiday season started with record-breaking sales, fueled by a strong Cyber Monday and Black Friday performance. Cyber Monday retained its title as the busiest online shopping day of the year, with U.S. consumers spending a staggering $13.3 billion—up 7.3% year-over-year (YoY), according to Adobe Analytics. Black Friday also experienced significant growth, with online sales rising 14.6% from 2023.
Overall, Adobe projects total online sales for November and December will reach $241 billion, an 8.4% YoY increase. These figures align with broader retail sales trends, which have averaged $705 billion per month so far in 2024—up from $500 billion in 2019 and $420 billion in 2014 (Census.gov).
Despite this success, the data suggests that early November spending may have been cannibalized as consumers delayed purchases to take advantage of major sales events. The National Retail Federation (NRF) reported that 197 million U.S. shoppers participated in the Thanksgiving-to-Cyber-Monday stretch—slightly fewer than the 200.4 million recorded last year but still surpassing expectations.
Key Trends Driving Demand
Popular shopping categories included electronics, apparel, toys, and winter goods. Retailers like Walmart, Target, and Amazon capitalized on this demand by offering exclusive deals and extending sales periods. Shoppers were drawn to convenience and value, with fast, free shipping and one-stop shopping experiences giving multi-channel retailers like Walmart an edge over discount chains such as Aldi and Lidl.
The shift to e-commerce continues to transform the holiday shopping landscape. From November 26 to December 2 alone, online sales increased by 7% YoY, according to Salesforce. Meanwhile, in-store traffic remained flat, emphasizing the growing preference for digital shopping.
This trend reflects broader changes in consumer behavior, as shoppers prioritize the convenience, variety, and accessibility of online platforms. In response, retailers have extended promotional periods and improved digital experiences to meet these expectations. However, this surge in online shopping also intensifies pressure on supply chains and fulfillment operations, making efficiency a key factor in sustaining growth.
The Outlook for Holiday Spending
As the season continues, the focus shifts to whether the early momentum will extend through December. The NRF remains optimistic, forecasting a 2.5% to 3.5% increase in overall holiday spending between November 1 and December 31 in 2024 over the same timeframe in 2023. Looking ahead, 2024’s trends highlight the resilience of consumers and the increasing dominance of e-commerce. Year-end performance will also set expectations for 2025, as retailers continue adapting to an increasingly digital and value-conscious marketplace.
