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Black Friday vs Boxing Day: Where should Canadian retailers invest?
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holiday trends, Retail, ecommerce

Black Friday vs Boxing Day: Where should Canadian retailers invest?

By: Moneris Team
October 26, 2026 clock Calculating time...
Shoppers carrying retail bags through a shopping centre during a sale

Compare Black Friday and Boxing Day performance, then use sales timing, margins, inventory and channel data to plan your holiday retail budget.

Key takeaways

  1. Black Friday and Boxing Day should have distinct objectives based on your customers, inventory and sales channels.

  2. Boxing Day can still support specific goals such as seasonal clearance, gift card redemption and profitable post-holiday sales.

  3. Compare margin, transaction activity, inventory movement, returns and channel performance before deciding how much to invest in either event.

Black Friday may warrant a larger share of your holiday budget based on your previous event results, but the right split depends on how and when your customers shop. In December 2024, retail ecommerce sales accounted for 6.1 percent of total retail trade in Canada, highlighting the importance of including ecommerce performance in your holiday planning.

National data can provide useful context, but it cannot determine the right budget formula for every retailer. Review revenue, gross margin, average sale, transaction count, sell-through, return activity and channel performance before deciding how much to invest in each event. Black Friday may deserve more support when gift buying and ecommerce activity begin early. Boxing Day may still serve a valuable role when the goal is to clear seasonal inventory, support gift card redemption or respond to strong post-holiday store traffic. For broader context when reviewing your results, explore Moneris data for Black Friday and Cyber Monday 2025.

How should retailers compare Black Friday and Boxing Day?

Black Friday and Boxing Day can serve different purposes within a retailer’s holiday strategy. Black Friday may be a stronger fit for early gift buying and ecommerce promotions, while Boxing Day may support seasonal clearance, gift card redemption and post-holiday sales.


Your own margins, inventory and channel results should determine how the budget is divided.


To compare the events fairly, use consistent reporting windows and review revenue, gross margin, average sale, units per transaction, sell-through, return rate and results by channel. For example, an apparel retailer might compare Black Friday weekend with Boxing Day and the following two days. If Black Friday produces stronger margins, larger baskets and more completed ecommerce orders, it may warrant the larger promotional budget. If Boxing Day moves seasonal inventory more efficiently, it may deserve a focused clearance budget instead.

When Boxing Day still makes sense

Boxing Day may be particularly useful when your goal is to clear seasonal inventory, support gift card redemption or respond to post-holiday store traffic. Its value will depend on your products, margins, inventory and previous event results.

For example, a home goods store with remaining holiday décor or a fashion retailer with seasonal outerwear could limit its Boxing Day offer to products it needs to sell through. Track margin, units sold, sell-through and return activity instead of judging the event only by transaction volume. If Boxing Day primarily supports clearance or gift card redemption, build the promotion around that purpose rather than treating it as a second Black Friday.

Store pattern

Possible budget approach

What to review

Gift buying and ecommerce orders increase before December

Give Black Friday more budget and keep Boxing Day selective

Revenue, gross margin, average sale, ecommerce conversion and return rate

Seasonal inventory remains after Christmas

Reserve a focused Boxing Day clearance budget

Sell-through, markdown cost, margin and remaining inventory

Most holiday sales begin online

Prioritize Black Friday and ecommerce campaign support

Completed orders, conversion, average sale, acquisition cost and returns

Store traffic remains strong after Christmas

Test a targeted Boxing Day promotion

Transactions by hour, sales by location, labour requirements and margin

Gift card redemptions generate additional purchases

Support Boxing Day redemption traffic with a measured offer

Redemption value, total basket value and any remaining balance paid using another tender

 

Group of shoppers carrying colourful retail bags outside a shopping centre

Compare margin, inventory and channel performance

The right promotional window depends on inventory, margin, staffing and the speed at which demand changes throughout the event. For a smaller retail team, a shorter promotion can be easier to staff, explain and measure than a sale that runs for several days.

A strong promotion also requires early preparation across inventory, staffing and checkout. Review these Black Friday preparation tips for retailers before finalizing your offer. A deeper discount may accelerate demand, but it cannot compensate for limited stock or weak margins.

For example, if a featured product sold out before noon, increasing the discount may cause it to sell out even earlier without generating sufficient incremental profit. Consider using a modest storewide offer with a stronger discount on selected products instead of applying the deepest markdown to every item.

Measure the result using:

  • Gross margin
  • Revenue and transaction count
  • Average sale and units per transaction
  • Sell-through by promoted product
  • Return and exchange rate
  • Ecommerce conversion
  • Customer acquisition cost, where available

Compare equivalent time periods and channels to avoid distorting the result by a longer event window or a different store schedule.

Compare results by sales channel 

Channel mix can shape how Black Friday and Boxing Day perform because customers may shop differently online and in-store.

Black Friday and Boxing Day can perform differently across ecommerce and in-store channels. Review each channel separately before making a budget decision. A strong total result can hide an underperforming channel, while a weaker national shopping day may still be useful for a particular store or location.

Compare completed sales, average sale, gross margin, return activity and transaction volume by channel. If ecommerce accounts for most of your Black Friday result, direct more campaign support toward the online experience. If a physical location performs comparatively well after Christmas, assess whether a focused Boxing Day offer is justified by its margin and sell-through.

Account for gift card redemptions and returns 

Gift card redemptions can affect how a retailer interprets Boxing Day performance. Where reporting allows, separate gift card redemption from markdown-driven purchases so you can understand whether the event moved discounted inventory, supported redemption or did both.

Make sure staff understand how to process gift card redemptions and purchases that use multiple payment methods in your particular setup. For example, a customer using a $50 gift card toward a $68 purchase may contribute $18 through another method. If that information is available in your reporting, compare the redeemed value with the total basket value to understand the role gift cards played in the event.

 

Shoppers carrying paper bags past retail stores in a shopping centre

Build your Black Friday and Boxing Day budget

National results can provide context, but your budget should be driven by the performance of your own products, channels and locations. Use a consistent reporting window to compare Black Friday and Boxing Day, then evaluate the results against each promotion's objective.

Review: 

  • Revenue and gross margin
  • Average sale and units per transaction
  • Transaction volume by hour and channel
  • Sell-through and remaining inventory
  • Returns and exchanges
  • Gift card redemption, where available
  • Campaign cost and customer acquisition cost

If Black Friday produces stronger margins, larger baskets and more completed ecommerce orders, direct more of the next holiday budget toward that event. If Boxing Day moves seasonal inventory profitably or supports valuable gift card redemption, preserve a focused budget for that purpose.


The goal is not to declare one event the permanent winner. It is to invest in the event, channel and offer that best support your business objective.
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FAQs

  • Neither event is automatically better for every retailer. Black Friday may support early holiday shopping, while Boxing Day may be useful for seasonal clearance, gift card redemption and post-holiday sales. Compare your results from each event before dividing your budget.

  • Choose the event that best supports your promotional objective. Some retailers may benefit from participating in both events with different offers, such as a broader holiday promotion for Black Friday and selected clearance offers for Boxing Day.

  • Boxing Day remains a recognized Canadian retail event, but its value varies by retailer, product category, sales channel and location. Review your Boxing Day sales, margins, inventory movement and gift card redemption before deciding how much to invest.

  • Use equivalent reporting periods and compare revenue, gross margin, average sale, transaction count, units per transaction, sell-through, returns and channel performance. Applying the same measures to both events creates a fairer comparison.

  • Give more budget to the event that best supports your objective and produces the strongest overall result for your store. Consider gross margin, promotional costs, inventory movement, returns and ecommerce and in-store performance rather than relying on revenue alone.

Author Profile

Moneris Team

Moneris Team

Moneris is a leading provider of payment processing solutions in Canada. Our blog is your go-to resource for insights into the ever-evolving world of payments. We cover everything from the latest industry trends and technologies to practical advice for businesses of all sizes. Our blog's mission is to spotlight small businesses and provide resources that help them succeed in today's economy. Blog articles are written by members of Moneris' in-house marketing team with support from internal product and industry experts.

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