Black Friday 2024: record sales, new trends and exclusive insights from the Swiss payment platform Payrexx
Black Friday 2024 broke records again. Online merchants using Payrexx generated 81.7 percent more sales than on regular days. Early offers and higher basket values characterized this year's shopping day.
Black Friday has also established itself as one of the most important days for online retail in Switzerland - as confirmed by the transaction volumes on this year's Black Friday, November 29. However, another clear trend is emerging this year: record sales are already being achieved on the Thursday before Black Friday itself. This means that not only Black Friday, but Black Week as a whole is establishing itself as a sales period.
Record figures at a glance: Black Friday and Black Week 2024
Payrexx's data analysis shows that Black Friday and Black Week as a whole offer immense sales potential if merchants act in good time.
The most important facts:
82 percent more sales on Black Friday compared to the Friday of the previous week - a significant increase in consumption.
23 percent higher shopping cart value on Black Friday 2024 compared to the daily average of the two weeks before.
Long-term trend: Compared to Black Friday 2020, sales grew by 16.8% by 2024.
Early-starting offers: The Thursday before Black Friday is already one of the best-selling days of the week.
Increased desire to buy: Consumers want to spend up to 400 francs on Black Friday and plan their purchases specifically for this day.
The following chart illustrates the transaction volume in a weekly comparison and shows that sales figures are significantly higher during Black Week compared to the previous week and that the highest sales are achieved on Thursday and Friday of Black Week. The data makes it clear that retailers who start their offers early can exploit the full potential of Black Week.
Transaction volume in week 47 (week before Black Friday) and week 48 (Black Week)
The increase in total sales on Black Friday since 2020 and the renewed rise in shopping basket values show that consumers are willing to spend more money and are targeting their purchases at this time. According to an analysis by Bring Labs and the Swiss Retail Federation consumers are even prepared to spend around CHF 400 on Black Friday 2024.
The following diagram shows the upward trend in online sales in recent years. The average transaction volume per online retailer has been increasing with an average sales growth of just under 6% per year since 2020.
Average transaction volume from 2020 to 2024 (comparison Black Friday / Friday before)
Buying behavior: When and what do people buy?
A look at the purchase times in the chart below shows clear peak sales times: Most transactions were made between 8 and 11 am and between 2 and 3 pm. These times are particularly relevant for retailers who want to place their offers in a targeted manner and take advantage of demand during these peak hours.
Temporal evaluation of the number of transactions on 22.11.2024 and 29.121.2024
According to Statista consumers were particularly interested in products from the technology/electronics and fashion categories during Black Friday week. Other popular categories were furniture, cosmetics, toys and health. Online retailers can therefore score particularly well with their customers by offering discounts in these categories.
Payment behavior: How do people pay online?
The most frequently used payment methods for online purchases on Black Friday 2024 reflect the increasing diversity and preferences of shoppers. The trend towards fast, secure and flexible payment options is particularly clear.
TWINT: 59.3 percent of purchases were paid for with TWINT. The Swiss payment method is particularly popular in Switzerland as it offers a fast, secure and convenient payment option via smartphone - simply using a QR code, without the need for a card.
Credit and debit cards: 34% paid with credit or debit cards. These payment methods are therefore once again among the most popular this year, as they enable fast and secure payment processing.
Digital wallets such as Apple Pay and Google Pay: The convenience and ease of use make these options particularly attractive for shoppers who want a fast and secure transaction.
Purchase on account: This method is becoming increasingly popular, as buyers only have to pay after receiving the goods.
Real-time transfer: Customers from Germany in particular prefer direct transfers from their bank account, as these transactions are very fast and secure.
For online merchants who want to optimize their payment processes, the Swiss payment provider Payrexx offers a solution that integrates all common payment methods such as credit cards, digital wallets, pay by bank, purchase on account and national options such as TWINT and PostFinance. This allows merchants to address a broad target group and benefit from smooth payment processing - for example during peak times on Black Friday.
In addition, Payrexx offers special e-commerce tools such as Paylink and QR Pay, which are also useful outside of Black Friday. With Paylink merchants can simply send invoices via a link and QR Pay enables fast payments via QR code - perfect for on-site transactions.
Interested merchants can register free of charge at any time and test all functions of Payrexx free of charge for 30 days.
Data collection
The Swiss payment provider Payrexx conducted this data survey with 1120 SME companies. These included merchants from various sectors such as event services, traditional online stores, healthcare services, education and gastronomy.
The data relates to transactions that were processed via the Payrexx platform. The second period was measured from 18.11.2024 to 1.12.2024, between 0:00 and 23:59.
