Black Friday was the busiest shopping day of the 2025 holiday season, according to new retail transaction data from Moneris, as consumer spending clustered around a small number of peak periods amid otherwise restrained activity.
Data released by the payment processor shows Black Friday generated the highest transaction volume between Nov. 1 and Dec. 31, with several late-December days also recording elevated levels as shoppers made last-minute purchases.
Concentrated demand shapes holiday season
Moneris said Dec. 23 reached 95 per cent of Black Friday’s transaction volume, driven largely by last-minute holiday shopping. Dec. 22 followed closely at 94 per cent of Black Friday’s volume.
Cyber Monday ranked 11th overall during the period, generating nearly 79 per cent of Black Friday’s volume. Boxing Day, by contrast, captured less than half of Black Friday’s volume, continuing what Moneris described as a downward trend.
The data suggests holiday spending in 2025 was anchored by early promotional events and predictable late-December purchasing patterns, pointing to multiple demand surges rather than a single sustained peak.
“Moneris data shows that holiday spending in 2025 was concentrated around a small number of high-impact moments, with Black Friday once again leading the season. This was followed by a strong pre-holiday surge, as December 22 and 23 ranked among the busiest shopping days, reflecting how consumers continue to rely on a mix of early promotions and last-minute purchasing to complete their holiday shopping,” said Sean McCormick, vice-president of business development, data services at Moneris.
National spending remains largely flat
Despite the strong performance of specific shopping days, Moneris said overall retail spending across Canada was relatively unchanged compared with the previous year. Total retail spend declined by one per cent year over year, while the total number of transactions increased by one per cent.
The transaction data aligns with consumer sentiment measured earlier in the season. According to an Angus Reid survey commissioned by Moneris, 43 per cent of Canadians said they intended to spend less during the 2025 holiday shopping season than the year before, while seven per cent said they planned to spend more.
Moneris said the combination of flat spending and a slight increase in transaction count suggests consumers remained engaged in holiday shopping but adjusted how they spent.
“Moneris data shows that while overall holiday spending remained relatively flat in 2025 compared to 2024, transaction activity increased modestly, pointing to a more cautious and selective approach to holiday shopping. Canadians continued to participate in the season but spread their spending across smaller, more deliberate purchases, reflecting a heightened focus on value and affordability,” McCormick said.
Regional differences emerge
While national results showed limited growth, Moneris said its data revealed notable regional variation in consumer activity.
Manitoba stood out with more than a two per cent increase in spending volume and a three per cent rise in transaction count during the holiday period, according to Moneris.
“While holiday spending in 2025 was more restrained nationally, Moneris data shows clear pockets of regional strength, with Manitoba standing out with a more than two per cent increase in spend volume and a three per cent rise in transaction count. These results highlight that, even in a slower year overall, strong consumer activity persisted in key regions across the country,” McCormick said.
Implications for retailers
Moneris said the 2025 holiday season underscores the importance for retailers of planning for multiple spikes in demand rather than relying on a single marquee shopping day. The data points to a combination of early promotional periods, sustained pre-holiday activity and last-minute purchasing driving overall results.
The company said the continued prominence of Black Friday, alongside the resilience of Cyber Monday and the relative decline of Boxing Day, reflects evolving consumer behaviour during the holiday shopping season.
Moneris is one of Canada’s largest providers of payment processing and commerce data, tracking transaction activity across a wide range of merchants nationwide.
More from Retail Insider:
