Over the Black Friday and Cyber Monday weekend, sellers using Block’s ecosystem of commerce tools — Square, Afterpay, Cash App — broke records with 144 million consumer transactions globally, a 17% increase from last year. With over 1 in 3 shoppers more stressed about holiday shopping this year compared to last, customers all around the world turned out in droves for the mega discounting weekend to save on gifts, shopping both online and in-store and driving increased sales on these channels by 21% and 17%, respectively.
Global Black Friday, Cyber Monday highlights:
- 3:10 am EST on Sunday, December 1 was the peak minute of shopping across the globe. In 2023, this was Saturday, November 25 at 2:17 p.m. EST.
- Fastest growing cities in total spend included College Station, Texas (USA), Woodbridge, Ontario (Canada), Duluth, Georgia (USA), Montréal, Quebec (USA), and Fort Collins, CO (USA).
- Saturday, November 30 was the most popular shopping day of the entire weekend.
- Shoppers are doubling down on digital channels with online cart sizes 2X larger than in-person carts.
- Gift givers who aimed for the least stressful holiday shopping experience leaned on gift cards, making up 450K purchased this year, a 29% year-over-year growth. The most popular categories for gift card purchases were food and beverage, retail, leisure and entertainment, and beauty and wellness.
The average promotion offered to consumers over the notoriously discount laden weekend was 19% at Square sellers, with online and in-store discounts averaging 20% and 19%, respectively. To better reach sellers across channels, 12% more businesses tapped into an omnichannel sales strategy.
Square has also found that the holiday season goes beyond retail as shoppers dined out at local restaurants during the major weekend. Restaurant transactions were up 12%, while restaurants aimed to attract customers through Black Friday and Cyber Monday discounts, with a 28% growth in discounts redeemed this past weekend.
Mindful shoppers looked to alternatives to expensive credit cards, with Buy Now, Pay Later (BNPL) transactions through Afterpay increasing 10% year over year. Millennials continue to drive Afterpay usage at 44%, followed by Gen Z at 26% and Gen X at 24%. Beyond fashion and beauty, the largest Afterpay item categories were personal care, household supplies, health care, gift cards, and office supplies as consumers look to shop and pay flexibly on an array of gifting items.
American consumers are also turning to Cash App Card this holiday season to pay for gifts, with 24 million monthly actives using the debit card as of September 2024. Since last Black Friday and Cyber Monday weekend, top transactions made through the debit card included retail items, up 19%, and gaming purchases, up 46%. Purchases made through social media, another popular shopping channel among young consumers, grew 139%, outpacing big box and department store spending growth by 4X.
“The Black Friday and Cyber Monday weekend remains a critical part of the holiday sales season, but shopping habits are evolving. Today’s customers want optionality, whether it’s gifting tangible items or experiences, shopping in-person or online, or how they choose to pay. Across Block brands, we’re uniquely positioned to ensure sellers have access to world-class commerce solutions that adapt to today’s customer needs. And, to offer customers more choice and flexibility through various payment options. We’re expanding access to the economy and empowering both sides of the counter,” said Nick Molnar, Block Head of Sales.
