Black Friday 2025: $21.4 Billion GMV Analysis & Electronics Category Dominance
Total Black Friday 2025 GMV: $21.4 Billion
Black Friday is still the biggest shopping holiday in the US if expectations for today’s Cyber Monday are realized. Expectations for Cyber Monday are for $14.2 billion in GMV, ~20% higher than the $11.8 billion spent online during 2025 Black Friday, however if in-store sales are added (~$9.6 billion), the total for Black Friday this year is ~21.4 billion GMV[1], which is up ~7.0% y/y, with on-line up 9.3% and in-store up 4.3%, stronger results than we might have expected.
Consumer Electronics: 40% Share of Black Friday GMV
Consumer electronics was the largest single product category online by both volume and value, accounting for 54% of total items sold, as it is the category with the highest ASP, while also the most heavily discounted category. On a dollar value basis (combined in-store and online) we estimate that the electronics category has a ~40% share of the total Black Friday GMV.
Laptops & TVs: The Deep Discount Battle
As reported by a variety of sources[2] the products with this year’s biggest discounts are laptops and TVs, While heavy discounting on laptops strike us as being a bit surprising considering rather aggressive stocking of late, TV discounting was a given as weak sales in the back half of this year indicated a need to provide some incentives to move buyers to open their wallets.
Amazon, Best Buy, Walmart Black Friday 2025 Performance Breakdown
Again, these are preliminary numbers, especially margin data, but out assessment is that Black Friday results for the CE space were slightly better than expected. While we were concerned that consumers might have pre-bought a number of items earlier in the year in anticipation of the volatility in tariffs, it seems that was not the case, at least on Black Friday. There is still the rest of the month in terms of shipments and sell-through, but at least the Christmas holiday period started off reasonably well based on this early data.
[1] Adobe Analytics (On-line) and Mastercard Spend (In-store)
[2] CBS News, Consumer Reports, Queue-it, Mashable, Podbase.
Black Friday is still the biggest shopping holiday in the US if expectations for today’s Cyber Monday are realized. Expectations for Cyber Monday are for $14.2 billion in GMV, ~20% higher than the $11.8 billion spent online during 2025 Black Friday, however if in-store sales are added (~$9.6 billion), the total for Black Friday this year is ~21.4 billion GMV[1], which is up ~7.0% y/y, with on-line up 9.3% and in-store up 4.3%, stronger results than we might have expected.
Consumer Electronics: 40% Share of Black Friday GMV
Consumer electronics was the largest single product category online by both volume and value, accounting for 54% of total items sold, as it is the category with the highest ASP, while also the most heavily discounted category. On a dollar value basis (combined in-store and online) we estimate that the electronics category has a ~40% share of the total Black Friday GMV.
Laptops & TVs: The Deep Discount Battle
As reported by a variety of sources[2] the products with this year’s biggest discounts are laptops and TVs, While heavy discounting on laptops strike us as being a bit surprising considering rather aggressive stocking of late, TV discounting was a given as weak sales in the back half of this year indicated a need to provide some incentives to move buyers to open their wallets.
Amazon, Best Buy, Walmart Black Friday 2025 Performance Breakdown
- AMAZON (AMZN)
- ~$3.4b (All categories)
- Top Sellers (Electronics) – Laptops, Smart Home devices, Headphones, Monitors, Gaming Consoles, Phones
- Apple (AAPL) Air Pods ↓0.23% y/y
- Samsung (005930.KS) Galaxy Phones ↑1.09%
- Margins - ↑0.5% to 0.7% y/y on improved efficiency
- BEST BUY (BBY)
- ~$2.8 - $3 billion (Electronics) across weekend
- Most in-store demos – Meta (FB) Ray-Bans, Microsoft (MSFT) Co-pilot PC
- Margins - ↑~2% on shift to premium products and services (Install/service contracts)
- WAL-MART (WMT)
- Most Popular
- TV (Samsung, TCL (000100.CH)
- Phones – Apple, Samsung
- Gaming – XBOX (Nintendo – 7974.JP), PlayStation (SNE)
- Price leader in entry level – 40% - 60% discounts
- Margins (Electronics) – 11% to 13% ↑0.2% - 0.3%
- Margins on Doorbusters – Flat y/y
- Most Popular
Again, these are preliminary numbers, especially margin data, but out assessment is that Black Friday results for the CE space were slightly better than expected. While we were concerned that consumers might have pre-bought a number of items earlier in the year in anticipation of the volatility in tariffs, it seems that was not the case, at least on Black Friday. There is still the rest of the month in terms of shipments and sell-through, but at least the Christmas holiday period started off reasonably well based on this early data.
[1] Adobe Analytics (On-line) and Mastercard Spend (In-store)
[2] CBS News, Consumer Reports, Queue-it, Mashable, Podbase.
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