A look at the American consumer portrait during Black Friday! Retailers lost $4.6 billion due to out-of-stock

According to the latest research from PYMNTS, approximately 22 million consumers in the United States participated in Black Friday shopping this year compared to 2020, and 45% of them spent more on Black Friday. In addition, 13% more people shopped online than in stores.

PYMNTS surveyed 2,060 U.S. consumers on Friday (November 26) and Saturday (November 27) to understand their Black Friday shopping behavior.

First, millennials are more likely to shop on Black Friday than any age group except Generation Z, and are most likely to spend more than last year. Data shows that 76% of millennials made at least one purchase on Black Friday in 2021, and 53% spent more this year than last year.

Apparel was by far the most purchased item on Black Friday, with 49% of people buying apparel online. Shoes were roughly tied with toys, musical instruments and other hobby items as the second-most purchased product category on Black Friday this holiday.

Of the 11 most commonly purchased retail items on Black Friday this year, online shoppers bought more than in-store shoppers.

Inventory out-of-stocks cost retailers up to $4.6 billion in lost sales on Black Friday. Research found that 38% of consumers (55 million people) were unable to purchase at least one item on their list because the retailer did not have it. PYMNTS research shows that consumers intended to spend an average of $253 on these out-of-stock items. As a result, retailers collectively lost up to $30 billion.

The vast majority of consumers who cannot find what they are looking for the first time eventually find what they are looking for at other retailers or ultimately purchase an alternative item.

Consumers said they plan to spend 47% of their total holiday budget online this year. Additionally, 40% plan to do the majority of their holiday spending between Black Friday and Christmas.

Black Friday is no longer the pinnacle of the holiday shopping season. Most consumers plan to spread their holiday shopping throughout the month, with only 40% saying they plan to spend 50% to 100% of their holiday spending budget between Black Friday and Christmas. Only 7% plan to do the majority of their holiday spending after Christmas.

Offering a wide range of payment and delivery options will be key to winning over customers in the coming weeks. This means retailers must enable consumers to make purchases in the way they choose, whether through delivery, curbside pickup, in-store pickup or other methods. This also means offering digital payment options such as BNPL and digital wallets.

Editor ✎ Xiao Zhu/

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