The bustling energy of Black Friday 2024 saw a notable uptick in consumer activity, with Visa reporting an 11% increase in transaction volumes compared to Black Friday 2023. This rise also marked a 16% growth over an average Friday and a 12% surge in spending across the Black Friday and Cyber Monday weekend. These figures highlight the significant jump in consumer participation during this period, emphasizing the enduring popularity of these major shopping events.
Supermarkets emerged as the top destination for Black Friday shoppers using Visa cards, accounting for a staggering 45% of all spending. Restaurants followed with 31%, while retail outlets rounded off the top three at 12%. These statistics reveal consumer preferences during the shopping frenzy, showcasing a broad spectrum of spending patterns. This also underscores the essential role that everyday necessities and dining out play during such high-volume shopping periods.
Parallel to the increase in transaction volumes, Visa’s network took significant steps to safeguard against potential fraud. Remarkably, the network blocked 410% more suspected fraudulent activities in the UK alone on Black Friday 2024 compared to the previous year. Over the entire Black Friday and Cyber Monday weekend, there was a 117% rise in fraud prevention measures instituted by Visa. The impressive increase in fraud detection reflects the company’s commitment to ensuring the safety and security of its users amidst heightened shopping activity.
Mandy Lamb, Managing Director of Visa UK & Ireland, highlighted the importance of maintaining vigilance against fraud in light of rising consumer spending. Her statement serves as a reminder to both consumers and businesses to stay alert and adopt proactive measures in safeguarding financial transactions. Visa’s intensified fraud prevention efforts illustrate that alongside catering to increased consumer demand, the company remains steadfast in its mission to provide secure and trustworthy transaction solutions.