The 2024 holiday season brought a notable shift in consumer spending habits, with Black Friday regaining its position as the busiest shopping day of the year. According to Moneris, Canada’s leading commerce provider processing a third of all nationwide transactions, this marks a return to pre-pandemic patterns.
“Black Friday reclaiming that number one spot represents a change from the past couple of years, where the busiest day for retail has been just before Christmas,” said Sean McCormick, Vice President of Business Development, Data Services at Moneris.

The shift may stem from shoppers opting to make early purchases to avoid delays caused by the Canada Post strike. This mirrors behaviours observed in 2020 and 2021, when supply chain concerns prompted consumers to shop well ahead of the holiday rush.
Top Spending Days of the 2024 Holiday Season
Moneris’ data, which analyzed retail transactions from November 1 to December 31, reveals that the top three spending days for 2024 were:
- Friday, November 29, 2024 (Black Friday): Achieving 100% of its baseline volume.
- Monday, December 23, 2024: Reaching 93% of Black Friday’s volume as last-minute shoppers flocked to stores.
- Friday, December 20, 2024: Recording 91% of Black Friday’s volume, underscoring the influence of pre-Christmas buying.
“Reviewing a ranking of the busiest days over the holidays helps us identify sweet spots for spending,” McCormick explained. “Looking at the top three busiest days for retail, we see Black Friday followed by the final few days before Christmas, where last-minute shoppers were driving spending.”
Cyber Monday Makes a Comeback
Another significant highlight was the rise of Cyber Monday. Previously ranked as the 17th busiest day in 2023, it jumped to the tenth spot in 2024, capturing 74% of Black Friday’s volume.
“The Canada Post strike may also have helped improve its ranking, with consumers trying to account for shipping delays,” noted McCormick.
This suggests that while in-store shopping dominated, e-commerce played a vital role in the overall holiday spending landscape.
Boxing Day Quiet Among Shoppers
Contrary to popular belief, Boxing Day ranked among the quietest shopping days of the season. It recorded just 46% of Black Friday’s volume, a stark contrast to its historical significance as a major retail event.
“As for the quietest days, they occur in the lull after Christmas and before all the holiday sales have ramped up,” McCormick added.
This trend reflects a growing shift in how Canadians approach post-Christmas shopping, with more emphasis on pre-holiday deals.

Modest Growth Despite Temporary Tax Holiday
Despite the temporary tax holiday implemented during the 2024 holiday season, spending across Canada saw only a modest 2% increase compared to 2023. Regional differences highlighted contrasting spending patterns, with Alberta and Quebec leading growth at 6%, while Ontario and the Territories experienced declines.
“When thinking about the temporary tax holiday, it’s still a bit too early to tell,” McCormick said. “Through January, as more data becomes available, we’ll be able to get a better understanding of what the impact of the temporary tax holiday has been.”
Regional Holiday Spending Trends
Breaking down spending by province, Moneris observed varied year-over-year trends:

Preparing for Post-Holiday Adjustments
As businesses prepare for February, McCormick advised retailers to update their tax settings once the tax holiday ends on February 15. “Should our merchants need any assistance, we’re here to help,” he said.
McCormick also anticipates a potential lift in February spending as last-minute shoppers take advantage of the remaining tax holiday discounts.
Looking Ahead
The 2024 holiday season reaffirmed the enduring significance of Black Friday as a cornerstone of retail activity in Canada. Moneris’ insights provide a roadmap for businesses to anticipate consumer behaviour, optimize inventory, and plan promotions for key shopping days.
“Understanding these spending patterns is invaluable,” McCormick concluded. “It allows retailers to strategize more effectively and cater to the evolving needs of their customers.”









