Another Black Friday sales frenzy ended this past weekend and European financial service Mollie has revealed that sales have taken an uptick from the landmark retail event in 2022.
According to Mollie research, Black Friday week sales increased by 7.3% year-over-year with larger basket values of 8.7% also rising from the same period last year.
Black Friday itself was the busiest day of the week with a 2% increase in share of the total week’s sales versus last year. Sales peaked between 10am – 11am on Friday (24 November) as consumers waited until the end of the week for the best deals.
This year saw increased spending on digital products (+24%), vehicles (+13%) and furniture (+9%). However, all sectors – with the exception of digital products – saw smaller increases in spending when compared to Black Friday week last year.
The most notable decline was in fashion, which saw a 10% drop in payments volume vs. 2022, as the sector continued its fall in purchase volumes throughout 2023.
Data revealed that consumers in each European market preferred different payment methods during Black Friday week. iDEAL remains overwhelmingly popular in the Netherlands, constituting 72% of all purchases. However, PayPal’s popularity is decreasing, dropping from an overall share of 5.1% in 2021, to 3.3% in 2023.
Buy Now, Pay Later (BNPL) volumes were stable in Belgium and the Netherlands, but German consumers shifted away from BNPL with a 10% decrease, as they opted more for credit cards (+6.1% share) and PayPal.
The top 10 favoured payment methods for UK shoppers showed a heavy reliance on credit card and BNPL (such as Klarna) payments to make purchases over the week.
To meet peak season demand, merchants secured more funding in November – a dramatic 20% increase – when compared to the yearly average (based on Mollie Capital data). Capital was used by merchants to pay for advertising, acquire inventory and invest in new tools ahead of Black Friday week.
“This Black Friday week is a reflection of our economic climate with shoppers across Europe continuing to search for the best prices for a wide variety of needs, not just Christmas shopping,” said Ken Serdons, CCO, Mollie.
“Consumers demonstrated clear preferences for different payment methods market by market, a clear signal for ecommerce businesses to prioritise payment diversity and optimise the checkout experience to secure sales.”
