Black Friday Led Holiday 2024 Spending in Canada: Moneris

Date:

Share post:

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.

Sean McCormick, Vice President of Business Development and 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:

  1. Friday, November 29, 2024 (Black Friday): Achieving 100% of its baseline volume.
  2. Monday, December 23, 2024: Reaching 93% of Black Friday’s volume as last-minute shoppers flocked to stores.
  3. 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.

No HST on products in a grocery store in Toronto. Photo: Dustin Fuhs

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.”

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.”

More from Retail Insider:

LEAVE A REPLY

Please enter your comment!
Please enter your name here

RELATED ARTICLES

Subscribe to the Newsletter

Subscribe

* indicates required

RECENT articles

Who Shopped HBC’s Men’s Floor, and Where They’ve Gone

Environics Analytics examines who shopped Hudson's Bay's men's clothing department and where those customers may have shifted following the retailer's closure.

Retail Insider Home Furnishings Report: Service, Value and Accessibility Reshape the Market

Canadian home furnishings retailers are adapting to slower demand by investing in service, accessibility, omnichannel retail and operational resilience. Retail Insider's latest Home Furnishings Report examines how evolving consumer behaviour is reshaping competition across furniture, décor, mattresses, lighting and related categories.

After lengthy search, Calgary Co-op names new CEO

The company had been without a permanent CEO since the departure of Ken Keelor in October 2024.

Empire Company Limited no longer enforcing restrictive covenants

The Competition Bureau Canada announced in late June it was expanding its investigation into Sobeys and continuing a campaign that has already led to voluntary concessions from major grocers and new legislation in Manitoba.

Retail Insider Ranked Third Globally in FeedSpot’s 2026 Retail Rankings

Retail Insider has been ranked third worldwide and first in Canada in FeedSpot's 2026 retail publication rankings, recognizing the publication's coverage of Canada's retail industry.

Trump’s proposed 50% tariffs on Canadian imports spark uncertainty for retailers, supply chains

Trump’s proposed 50% tariffs on Canadian imports are creating uncertainty for retailers, with leaders warning of higher costs and disrupted planning.

Home Hardware expands Quebec network as 90-year-old Matériaux Miron Plus joins Dealer-Owned system

Home Hardware says the move reflects its strategy of attracting established independent retailers rather than simply adding new locations. 

Taco Bell Canada launches Crispy Chicken Nuggets, new Baja Blast flavour as expansion accelerates

Limited-time offerings are intended to balance familiar favourites with fresh experiences that encourage repeat visits and generate buzz in an increasingly competitive quick-service market.

AI redesigns jobs, not cuts them: JLL study reveals business leaders expect workforce growth ahead

Global study finds organizations further in AI adoption anticipate workforce growth, prioritize full-time roles and focus on productivity

Alberta CEOs plan to invest, hire despite uncertainty: Business Council of Alberta 

65% of Alberta CEOs expect Alberta's economy to improve over the next year.

Trump’s New Tariffs Put Canada’s Food Economy at Risk

Sylvain Charlebois argues that Canada must urgently re-engage with Washington as new U.S. tariffs threaten alcohol, dairy and broader food-sector trade.

Daily Synopsis: Jul 20, 2026

Canadians turn to thrift stores, Trump threatens 50% tariff on Canada, HBC auction tied to world's biggest art fraud, KaleMart24 opening store, Flying Tiger opening 3rd GTA store, and other news.

Sleep Country Set for Major U.S. Expansion with Sleep Number Deal

The Fairfax-owned Canadian retailer is preparing to take control of more than 570 U.S. stores through a court-supervised acquisition valued at approximately US$701 million.

Retail Insider “Health & Beauty Report”: Scale, Integration and Trust Reshape the Market

Retail Insider's latest Health & Beauty Report examines how pharmacy services, loyalty ecosystems, wellness, digital care and consumer trust are reshaping Canada's health and beauty retail sector, with implications for retailers, brands, landlords, investors and the broader healthcare ecosystem.

Rains Opens Yorkdale Store as Canada Becomes Key Growth Market

Danish lifestyle brand Rains has opened its second Canadian store at Yorkdale as it expands retail, wholesale and e-commerce operations in Canada.

Rising costs outpace sales growth, eroding restaurant profitability: Restaurants Canada

Real commercial foodservice sales are expected to grow by 1.5% in 2026 (inflation-adjusted), a slight improvement over the Q1 forecast.

CFIB urges Premiers to champion tax relief and internal trade reform

The federal small business tax rate has remained frozen at 9% since 2019, and the Small Business Deduction threshold has been unchanged at $500,000 since 2009.

Consumer prices rise 2.8% year-over-year in June: Statistics Canada

Prices for food purchased from stores grew at a slower pace on a year-over-year basis in June (+3.9%) compared with May (+4.3%).

Staples Canada and Canada Post partner to provide new shipping tools for small businesses

Canada Post small business shipping services arrive at select Staples locations this summer.

High-end street-front retail investment coming to Calgary: Barclay Street Real Estate report

At the close of Q2 2026, Calgary’s retail market continued to demonstrate resilience and momentum.