Black Friday Cyber Monday Payment Trends (2023)
Despite inflation, Spaniards spent 95% more during Black Friday and Cyber Monday than in 2022.
This year, we analyzed more than 60,000 online transactions from the Friday before Black Friday through Cyber Monday to find out how the payment preferences of Spanish consumers are evolving.
Here’s what we discovered.
Black Friday Cyber Monday Payment Trends 2023
- Driven by merchants, the discount period lasted more than a whole week, starting from the Friday before Black Friday — purchases skyrocketed by more than 67% compared to 2022.
- Bizum exceeds 36% of all payments from BF through CM, consolidating itself as the second most used method after cards, which are down 10 percentage points compared to 2022.
- The report highlights the growth in the use of mobile devices (68.95%) to make purchases to the detriment of computers (30.54%).
Our data confirms that Spanish consumers started their Christmas shopping even earlier this year, something driven by merchants who started promoting sales one week before Black Friday. According to our data, sales were up by 67% during the Friday through Thursday before BFCM weekend even started, with Friday, November 17th seeing a massive sales increase of 487% compared to the same day in 2022.
Throughout the week, including Black Friday and Cyber Monday, transactions increased by more than 77%, compared to 2022.
During the weekend between Black Friday (November 24th) and Cyber Monday (November 27th), sales soared by 95% compared to 2022. Cosmetic stores dominated as the most popular product category among consumers, followed by sporting goods stores, and then men's and women's clothing stores.
Bizum is reaching for cards and Click to Pay is making its mark
Although card payments continue to be the preferred payment method for Spaniards, their market share is steadily decreasing compared to Bizum. Bizum exceeds 36% of all payments during Black Friday and Cyber Monday and consolidates itself as the second most popular option after cards, which are down 10 percentage points compared to 2022. Last BFCM, Bizum surpassed 20% of all online transactions for the first time.
PayPal maintains its downward trend, reducing its market share by almost five percentage points. On the other hand, digital wallets remain strong as an alternative payment method, Apple Pay (6.76%) continues to occupy first place as the preferred e-wallet, followed by Click to Pay (3.61%), the Visa, Mastercard, and Discover one-click option that lets consumers pay with previously saved card details. The latter is experiencing an upward trend, gaining more and more popularity.
When making purchases, Spanish consumers reward immediacy and simplicity and their preference for mobile phones is becoming even more notable (68.95%), having increased their market share by more than 12 percentage points compared to 2022 (56.46%). Purchases made from computers continue to decrease (30.54%) compared to the same period last year (42.35%).
MONEI merchant success continues
- Total BFCM sales volume through MONEI’s platform increased by 95% in 2023.
- While the average shopping cart value from Friday, November 17th through Monday, November 27th was down at €84.91 from €94.63 during the same period last year, the total number of purchases more than doubled from 32,562 in 2022 to 64,442 in 2023 — a 98% increase.
- And compared to our payment trends report from earlier this year, AOV has increased this period from €68.10 to €84.91.
Álex Saiz, founder and CEO of MONEI, highlights the importance of knowing first-hand the needs of consumers and market trends, "Black Friday is increasingly becoming a season of discounts rather than a specific day. The report confirms this trend that has been manifesting for years, it’s clear that merchants seek to capitalize during these dates and that consumers are responding to their incentives in a favorable manner. The data confirms that, in these days of massive purchases, customers require a more digital, simple, and immediate payment service.”
Even with inflation and times of uncertainty, our 2023 BFCM payments report shows MONEI merchants are still going strong. We’re committed to helping businesses improve the checkout experience by supporting more payment methods and in turn, adapting to consumer demand and speeding up the payment process.
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Alexis Damen is the Head of Content at MONEI. She loves breaking down complex topics about payments, e-commerce, and retail to help merchants succeed (with MONEI as their payments partner, of course).