Black Friday and Cyber Monday: Transaction Volume Goes Up By 11%, Moneris Data Reveals

As the air turns crisp and holiday lights start to twinkle, Canadians gear up for one of the most exciting shopping weekends of the year: Black Friday and Cyber Monday. It’s the time when wish lists are made, deals are hunted, and the season of giving (and a little self-indulgence) officially kicks off. This year’s data from Moneris shows how Canadians shopped smarter, seized the moment, and made their holiday dollars count.

Why are Black Friday and Cyber Monday so Big in Canada?

Black Friday and Cyber Monday have cemented their place as two of the busiest shopping days of the year, thanks to a combination of factors:

1. Irresistible deals: Retailers roll out steep discounts, enticing consumers to tick off their holiday shopping lists early.
2. Seasonal kickoff: The weekend marks the unofficial start of the holiday shopping season.
3. Consumer FOMO: Limited-time offers and one-day-only deals drive urgency, pushing consumers to spend now rather than later.
4. Something for everyone: Black Friday caters to in-store shoppers, while Cyber Monday appeals to online deal hunters. Together, they cover all shopping preferences.

Black Friday and Cyber Monday Consumer Spending Trends in 2024

Moneris data reveals a busy and successful Black Friday and Cyber Monday weekend, with strong year-over-year increases in transaction volumes for businesses.

Black Friday: A Day for Big Spends

• Transaction volume was up +11% year-over-year.
• Transaction size increased by 7%, signalling higher-value purchases.
• Province-specific highlights: British Columbia (+19%), Atlantic Canada (+18%), Saskatchewan (+16%), and Alberta (+13%) showed double-digit growth in transaction size.
• Quebec’s unique trend: Transaction count rose by +13%, while transaction size remained flat.

Black Friday continued to shine as a powerhouse for sales, boosted by consumers seeking value amidst economic concerns like inflation. The day captured a +29% increase in transaction volume compared to the previous week, outperforming last year’s +23% week-over-week growth.

Cyber Monday: Closing the Weekend Strong

• Transaction volume was up by 10% year-over-year.
• Transaction count: Growth came entirely from a +13% rise in the transaction count.
• Province-specific highlights: Alberta (+11%), Atlantic Canada (+19%), Manitoba (+13%), Quebec (+20%), and Saskatchewan (+13%) led the charge with significant increases in transaction count.

While not as big as Black Friday, Cyber Monday is still a key part of the weekend’s success. Many Canadians used it to scoop up last-minute deals or items they missed earlier. A week-over-week comparison showed Cyber Monday transaction volume increased by +13%, outperforming last year’s modest +5% growth.

Conclusion

Despite inflation and cost-consciousness shaping consumer spending behaviour this year, we saw a double-digit growth in transaction volumes for both Black Friday and Cyber Monday. The weekend’s strong performance suggests Canadians were determined to stretch their dollars through holiday sales. Retailers saw a surge in spending, showing that shoppers didn’t hold off on purchases despite the upcoming GST/HST tax break.

For more data insights, visit Moneris Data Services.