New data released by Moneris, Canada’s leading commerce provider, reveals some good news for Canadian retailers from the recent Black Friday/Cyber Monday period.
While holiday sales are extending over a longer period, the allure of the Black Friday/Cyber Monday weekend remains strong, capturing significant consumer spending.
Week over week Black Friday sales were up 29% nationally while Cyber Monday sales rose by 13%.
Year-over-year, sales for Black Friday rose by 11% and increased by 10% for Cyber Monday.
Despite speculation that consumers might delay purchases for the GST tax break, Moneris’ data indicates otherwise. Strong sales could mean good things for businesses as we move into December, where some of the busiest shopping days occur as consumers make last-minute purchases and the GST break is set to come into effect.
Peter Goldsztajn, Vice President, Corporate Data Analytics at Moneris: said “Heading into the holidays, data for September showed transaction volume was down year-over-year at –3 per cent, putting the pressure on Black Friday and Cyber Monday to show positive results for businesses. Based on Moneris’ data for Black Friday, transaction volume was up over +10 per cent year-over-year, driven by growth in transaction size.”
“Economic factors like elevated inflation have been top-of-mind throughout the year, leading consumers to be increasingly cost conscious. As a result, bigger basket sizes suggest shoppers took greater advantage of sales.
“While it isn’t the main event, Cyber Monday still showed strong results. Year-over-year, transaction volume was up +10 per cent, driven entirely by an increase in the number of transactions.
“With Cyber Monday rounding out the weekend of sales, higher transaction counts might be associated with consumers shopping around for items they may have missed on Black Friday, squeezing in purchases before any special sales end.
“There has been some concern that consumers would defer purchases due to the upcoming GST/HST tax break. However, significant increases for Black Friday and Cyber Monday suggest that was not the case, with holiday sales being too good an opportunity to miss.
“While businesses can feel reassured that consumers generally did not defer purchases, it will be interesting to see if spend increases once the break comes into effect. Ultimately, we will need to wait until all the data is available to get a proper understanding of the tax holiday’s impact on spending.
“As a reminder, protecting your business is just as important as growing it. It’s never a bad time to review best practices with employees so you can make the most of the holidays. Often just a few small changes to your business can have a meaningful impact.
“Keeping an eye on your terminals and using password protections can help prevent against as well as minimize losses from terminal theft. Clearly displaying return policies and contact information keeps customers informed and can minimize chargeback losses. For online transactions, using a solution like 3D Secure 2.0 shifts chargeback liability to the card issuer, further protecting your business. If you suspect fraud, call your payments processor, we’re here to help.”
Regional year-over-year trends for Black Friday and Cyber Monday
| Event | Region | Total Spend | Transaction Count | Transaction Size |
| Black Friday | Alberta | 19% | 5% | 13% |
| Atlantic Canada | 18% | 0% | 18% | |
| British Columbia | 19% | 0% | 19% | |
| Manitoba | 13% | 9% | 4% | |
| Ontario | 2% | 1% | 1% | |
| Quebec | 14% | 13% | 1% | |
| Saskatchewan | 25% | 8% | 16% | |
| Territories | -5% | 2% | -7% | |
| Canada | +11% | +4% | +7% | |
| Cyber Monday | Alberta | 17% | 11% | 5% |
| Atlantic Canada | 20% | 19% | 1% | |
| British Columbia | 10% | 8% | 2% | |
| Manitoba | 2% | 13% | -9% | |
| Ontario | 3% | 4% | -2% | |
| Quebec | 18% | 20% | -1% | |
| Saskatchewan | 2% | 13% | -9% | |
| Territories | 12% | 2% | 9% | |
| Canada | +10% | +10% | 0% |
About the data: Year-over-year data compares Black Friday 2024 against Black Friday 2023, and Cyber Monday 2024 against Cyber Monday 2023. Moneris reports measure spending in Canada across a range of categories by analyzing transaction data. The figures cited are derived from aggregated transaction data being processed by Moneris in the applicable categories.
Regional week-over-week trends for Black Friday and Cyber Monday
| Event | Region | Total Spend | Transaction Count | Transaction Size |
| Black Friday | Alberta | +23% | +11% | +11% |
| Atlantic Canada | +35% | +14% | +19% | |
| British Columbia | +34% | +13% | +19% | |
| Manitoba | +32% | +16% | +14% | |
| Ontario | +28% | +17% | +9% | |
| Quebec | +32% | +21% | +9% | |
| Saskatchewan | +21% | +3% | +18% | |
| Territories | -3% | -1% | -2% | |
| Canada | +29% | +16% | +12% | |
| Cyber Monday | Alberta | +8% | +8% | +0% |
| Atlantic Canada | +12% | +10% | +2% | |
| British Columbia | +12% | +8% | +4% | |
| Manitoba | +10% | +10% | +0% | |
| Ontario | +15% | +10% | +4% | |
| Quebec | +12% | +9% | +3% | |
| Saskatchewan | +8% | +9% | -1% | |
| Territories | +6% | +0% | +6% | |
| Canada | +13% | +9% | +3% |
About the data:Week-over-week data compares Black Friday 2024 against Friday the week prior. Week-over-week data compares Cyber Monday 2024 against Monday the week prior. Moneris reports measure spending in Canada across a range of categories by analyzing transaction data. The figures cited are derived from aggregated transaction data being processed by Moneris in the applicable categories.
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I don’t know of anyone who is waiting for the GST break! When you compare savings of up to 50% off for Black Friday or wait to get 5% off for the GST break, it seems like a no brainer!