Crypto reigns this Black Friday: Big spends on luxury & global deals

By Gloria Methri

Cryptocurrency is making waves this Black Friday, with a surge in shoppers opting for digital currencies like Bitcoin and Ethereum to complete their online transactions. Reports reveal a growing preference for crypto payments in the luxury sector, particularly for high-end fashion, jewellery, and premium dining experiences.

This trend marks a significant shift in consumer behaviour, signalling that crypto has moved beyond niche adoption to become a mainstream payment method.

Data from Binance and Fivewest highlights that crypto spending is gaining traction in premium categories. Shoppers are increasingly using their digital wallets to purchase collectable items and luxury goods, underscoring the evolving role of cryptocurrency in retail. The convenience, speed, and security of crypto payments are attracting high-value shoppers, making Black Friday 2024 a pivotal moment for the technology’s adoption.

One of the most transformative aspects of cryptocurrency is its ability to facilitate seamless global transactions. For Black Friday shoppers eyeing international deals, this means snagging discounts from global retailers without worrying about exchange rates or hidden charges. For merchants, accepting crypto opens doors to an international audience, providing access to a broader market of tech-savvy consumers.

Major retailers and platforms are embracing cryptocurrency at an accelerating pace. Global eCommerce players like Overstock and Newegg have pioneered this space, while Shopify merchants are integrating solutions like Coinbase Commerce for digital payments. High-profile brands, including Ralph Lauren and AMC Theaters, now accept crypto, further signalling its move into the mainstream.

Platforms like BitPay are facilitating these transactions, empowering consumers to use their assets for a variety of purchases, from luxury items to charitable donations.

As Black Friday weekend continues, experts predict an even greater uptake of cryptocurrency payments.

Over $10bn spent online

A tally from Adobe Analytics revealed that U.S. shoppers used their mobile phones, laptops, desktops and other devices to make roughly $10.8 billion in purchases online on Black Friday. The top-selling merchandise online included makeup, skincare and haircare products, as well as Bluetooth speakers and espresso machines.

The holiday shopping season has solidified cryptocurrency’s role in the retail ecosystem. With its ability to streamline global purchases and cater to luxury markets, crypto is not just reshaping Black Friday—it’s redefining the future of online shopping.