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Holiday Trends
Black Friday's big comeback: What happened in 2024 and what SMBs can expect in 2025
November 18, 2025
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As Canadian retailers look ahead to the 2025 holiday season, Moneris’ 2024 data offers a clear picture of shifting consumer behaviour and emerging retail trends. For small and medium-sized businesses (SMBs), understanding what drove last year’s activity can help shape smarter strategies this year.
Black Friday returned as the busiest shopping day
In 2024, Black Friday reclaimed its position as the busiest shopping day of the season for retailers. This marked a significant change from 2022 and 2023, when peak shopping occurred closer to Christmas, specifically on December 22 in both years. The last time Black Friday led the season was in 2021 and 2020, making its resurgence in 2024 a noteworthy development.
Several factors contributed to this shift:
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Uncertainty caused by the postal strike, which began on November 15, 2024, encouraged consumers to shop earlier and in person to avoid delivery delays.
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Ongoing economic concerns, particularly around the cost of living, made early discounts more appealing.
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Retailers responded with strong promotional campaigns, which helped reignite interest in Black Friday deals.
This combination of logistical challenges and consumer demand for value positioned Black Friday as a key moment in the holiday shopping calendar.
Holiday spending peaked early
While Black Friday led the season, other days also saw significant transaction volumes:
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Monday, December 23, 2024, reached 93 per cent of Black Friday’s volume.
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Friday, December 20, 2024, followed closely, just 2 per cent behind December 23.
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Cyber Monday ranked as the tenth busiest day, recording 74 per cent of Black Friday’s volume which went up from 17th place in 2023.
Despite its reputation, Boxing Day was one of the slowest days of the holiday season, generating just 46 per cent of Black Friday’s volume in 2024.
For SMBs, these trends suggest that the early holiday window, particularly Black Friday weekend and the final days before Christmas, will continue to be critical in 2025. Cyber Monday’s improved performance also points to renewed interest in online shopping, especially earlier in the holiday season as shipping reliability is in question.
Regional trends shaped the retail landscape
Moneris’ 2024 data also highlighted how consumer behaviour varied across provinces:
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Quebec and Alberta led with a +6 per cent increase in total spending volume, driven by higher transaction counts.
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Saskatchewan also performed well, with a +6 per cent rise in spending volume and +4 per cent in number of transactions.
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Ontario and the Territories saw a -4 per cent decline in total spending volume, suggesting economic caution or less aggressive promotional activity.
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British Columbia and Manitoba posted moderate gains, though smaller basket sizes indicated a focus on value-driven purchases.
These regional differences underscore the importance of localized strategies. SMBs operating in high-performing provinces may continue to benefit from strong consumer engagement, while others can capture more spending through targeted offers and well-timed promotions.
What SMBs should focus on in 2025
Many Canadians are planning to spend less this holiday season. Rising costs and economic pressure are driving more cautious behaviour.
A recent survey conducted by Harris & Partners found that nearly three-quarters of respondents expect to cut back on Christmas spending. Most plan to set strict budgets. More than half said they feel anxious about affording the holidays.
Month-to-month budgeting is now common. Many households are waiting until the last minute to set aside funds. This limits flexibility and affects how and when people shop.
Retailers should expect more price-sensitive customers. You should:
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Offer clear, value-focused promotions
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Highlight budget-friendly options
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Communicate early and often
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Launch promotions early to meet budget-conscious shoppers
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Offer practical price points and bundle deals
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Highlight savings and limited-time offers across channels
Shoppers are still looking to celebrate. But they are doing so with tighter budgets and more planning. You should meet them with timely offers and practical choices.
You should also prepare for lower basket sizes and more selective purchases. Focus on essentials, gifting categories and items with strong perceived value.
Mobile shopping played a key role in 2024. Consumers browsed and bought from their phones more than ever. Cyber Monday’s rise in rank showed how important mobile access has become.
You should optimize your mobile experience:
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Ensure fast load times
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Simplify checkout
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Use clear calls to action
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Highlight deals early and often
Mobile users expect speed and clarity. If your site is slow or hard to navigate, they will leave. You should test your site on multiple devices and fix issues before peak days.
You should also promote mobile-friendly offers:
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Use SMS and email to share deals
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Link directly to product pages
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Keep messages short and direct
Mobile-first shoppers respond to clarity and simplicity. Make it easy to act on your promotions.
With similar factors expected to influence shopping behaviour this year, Black Friday may once again be the defining moment of the season. SMBs that plan proactively and respond to consumer needs will be best positioned to succeed.
Learn how data helps you plan better, sell smarter, and stay ahead of consumer trends. Explore Moneris Data Services to understand spending patterns and make confident decisions this holiday season.
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