Mollie data reveals record Black Friday week online spending with European consumers checking out larger basket sizes
Mollie, one of the fastest growing financial service providers in Europe, has revealed that merchants saw a 7.3 percent increase in sales during Black Friday week 2023 with larger basket values (+8.7 percent) when compared to last year.
Increased spend was driven by the average number of items per order increasing +14 percent YoY. Black Friday itself was the busiest day of the week with a 2 percent increase in share of the total week’s sales versus last year. Sales peaked between 10am – 11am on Black Friday as consumers waited until the end of the week for the best deals.
Digital, vehicle and furniture sales jump, fashion falls
This year saw increased spending on digital products (+24 percent), vehicles (+13 percent) and furniture (+9 percent). However, all sectors – with the exception of digital products – saw smaller increases in spend when compared to Black Friday week last year. The most notable decline was in fashion, which saw a 10 percent drop in payments volume vs. 2022, as the sector continued its fall in purchase volumes throughout 2023.
iDEAL and BNPL battle it out
Each European market saw consumers prefer different payment methods during Black Friday week. Highlights:
- iDEAL dominates – iDEAL remains overwhelmingly popular in the Netherlands, constituting 72 percent of all purchases. However, PayPal’s popularity is decreasing, dropping from an overall share of 5.1 percent in 2021 to 3.3 percent in 2023.
- BNPL shifts – BNPL volumes were stable for Belgium and the Netherlands, but German consumers shifted away from BNPL with a 10 percent decrease, as they opted more for credit cards (+6.1 percent share) and PayPal.
- Credit is king: 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.
Record month for merchant lending
To meet peak season demand, merchants secured more funding in November – a dramatic 20 percent increase – when compared to 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.”
Image courtesy of Unsplash. Photo credit: Justin Lim.