November 30 , 2012
Spending up from last year as Canadians eagerly pull out their pocketbooks in search of bargains on Black Friday
TORONTO--Moneris Solutions, Canada's largest debit and credit card processor, announced today that Black Friday and Cyber Monday saw an overall increase in spending of 6.51 per cent and 22.54 per cent respectively, compared to last year - pointing to the growing popularity of two of the U.S.' busiest shopping days, in Canada.
The specialty retail category saw the largest increase in dollars spent on Black Friday, at 15.06 per cent, compared to the same day last year. Specifically within this category, radios, televisions and stereos were some of the most popular purchases with Canadian shoppers, leading to a 22.01 per cent increase in dollars spent. Apparel was also popular with Canadian shoppers this year, showing an increase in spending of 13.02 per cent on Black Friday, as compared to 2011.
Canadians also took to cyberspace in search of bargains on Cyber Monday, leading to a significant increase in spending of 22.54 per cent from 2011. Apparel led the way in spending growth, with a 76.88 per cent increase in dollars spent compared to the same day last year. Speciality Retail was a close second at 45.25%. Within this category, online shoe sales skyrocketed 112.27 per cent compared to 2011.
"Black Friday and Cyber Monday have been popular shopping days with our neighbours south of the border for years. Thanks to the unprecedented number of Canadian merchants and consumers who embraced them this year, these two shopping days are becoming a mainstay in Canada," said Malcolm Fowler, Vice President, Marketing, Moneris Solutions. "While there have been concerns that overall spending may decrease this holiday season, Black Friday and Cyber Monday spending are encouraging for Canadian retailers going into December."
The Moneris Spending Report provides a snapshot of consumer spending activity in Canada by analyzing credit and debit card transaction data. As the market leader with the largest merchant base, Moneris presents detailed analysis and insight on a quarterly basis. The percentages cited are derived from actual sales volumes - the dollar values of credit and debit card transactions being processed by Moneris merchants.