The Consumer Edge Insight Center (CEIC) provides timely insight into holiday spending trends for consumer industries and individual brands built from credit and debit card transaction data. In this report, the CEIC uncovers winners and losers from Black Friday, highlighting key themes that could set the tone for the remainder of the season. Stay tuned for our next report which will include data through Cyber Monday.

Key Black Friday 2023 Takeaways

  • Online retailers were the clear winners on Black Friday, with sales growing +19% YoY on top of +3% growth in 2022. While Amazon (AMZN) was the key driver of this outperformance, the rapid growth of newcomer Temu also added substantial sales dollars to this category compared to last year. Our next report will reveal whether this strength persisted through Cyber Monday, a key post-Thanksgiving indicator for online retail.
  • The Apparel, Accessories & Footwear Industry exhibited strong growth (+4% YoY on top of +7% in 2022), led by Luggage/Travel Accessories, Intimate Apparel/Accessories, and Women’s Apparel/Accessories. Emerging brand Beis Travel was a key standout in the Luggage/Travel Accessories space, while Victoria’s Secret (VSCO) was the primary driver of Intimate Apparel/Accessories gains. Strength in Women’s Apparel/Accessories was more broad-based, ranging from premium merchant Revolve (RVLV) to lifestyle brand Free People (URBN) to more affordable brands like Ann Taylor Loft.
  • The Sporting Goods, Hobby, Toy & Game Industry performed relatively well on Black Friday (+5%), bouncing back after a soft 2022 (-3%). Sales of Books, Toys, & Games led the way, with comeback stories Barnes and Noble and American Girl (MAT) as notable outperformers.
  • Discounters fared well as cost-conscious consumers managed budgets amid macroeconomic headwinds, with Dollar Stores sales rising +12%, Off-Price Department Stores +6%, and Other Discount Retail +4%. Dollar Tree (DLTR), Marshalls (TJX), and Ollie’s Bargain Outlet (OLLI) were among the retailers powering those gains. The Fast Fashion and Consignment/Thrift subindustries underperformed, as consumers likely purchased affordable clothing throughout the year.
  • Luxury was a key standout on the downside, continuing the weak sales trajectory seen throughout 2023 as inflation squeezes real incomes and shoppers pull back on expensive purchases. Brands such as Canada Goose (GOOS) and Farfetch (FTCH) experienced sales declines following strong 2022 performances, while others like Yves Saint Laurent (KER-PAR) and Gucci (KER-PAR) displayed weakness despite an easier base last year.

Black Friday 2023 Performance by Industry & Subindustry

Winning industries this Black Friday were not surprising, with online retailers, discount department stores, sporting goods, toys, and apparel taking the lead. Luxury brands took a big hit in light of inflation this season.

Black Friday Sales by Industry 2023 vs 2022

Black Friday Sales by Top Subindustry 2023 vs 2022

Black Friday Sales by Bottom Subindustry 2023 vs 2022

Consumer Edge is the leading provider of alternative data for consumer spending behavior, and the only provider of global revenue signals. Our data offers insights into not only the fast-paced BFCM holiday shopping season but across hundreds of industries, subindustries, tickers, and symbols year-round. If you’d like to benefit from using Transact US, CE Vision, or other products for industry market insights and shopper intelligence to track trends and dynamics like these, reach out to insights@consumer-edge.com.

About the Authors

Michael Gunther is the VP Head of Insights for the CEIC. Explore more of his insights here and follow him on LinkedIn.

Katherine Bjorkman is the Director of Insights for the CEIC. Explore more of her insights here and follow her on LinkedIn.