Canada-based credit and debit card processor Moneris Solutions Corporation has announced that Black Friday and Cyber Monday spending in Canada jumped 19.19% and 29.33%, respectively, compared to last year. This indicates that these traditionally popular US shopping days – which are still relatively new to Canada – are gaining significant traction north of the border.
The Moneris Spending Report, which provides a snapshot of consumer spending activity in Canada by analysing credit and debit card transaction data, shows that department stores saw the largest increase in spending on Black Friday, at 26.21%, compared to the same day in 2012. This was followed by apparel, with a 20.22% jump in dollars spent. Within the apparel category, men’s clothing saw the highest year-over-year growth at 53.24%, making it one of the most popular purchases on Black Friday 2013. Within specialty retail, camera and photography supplies (40.28%), sporting goods (39.96%) and shoe stores (36.58%) proved to be popular among Canadian bargain hunters this year.
Online sales on Cyber Monday also skyrocketed, generating a spending increase of 29.33%, compared to the same day in 2012. Specialty retail topped the spending list, with a 39.23% jump in dollars spent. Within the specialty retail category, sporting goods (105.46%) and shoe stores (93.43%) were the most popular among Canadian shoppers on Cyber Monday.
The apparel category sales rose by 27.33% compared to the same day in 2012. Interestingly, while consumer electronics (including radio, television and stereos) experienced a drop (-35.02%) in year-over-year sales on Black Friday, the opposite was true on Cyber Monday (45.82%). This may suggest that Canadian shoppers were less likely to brave the stores and possible crowds for these items on Black Friday, choosing instead to wait for online deals on Cyber Monday.
“This year’s Black Friday and Cyber Monday were a real win-win for Canadian shoppers and merchants, alike. While shoppers took advantage of pre-holiday bargains, merchants boosted their end-of-year revenues, with nearly all retailers seeing their sales increase significantly compared to 2012. This spending spike might be an early sign of a busier holiday shopping season this year,” says Jeff Guthrie, chief sales and marketing officer at Moneris.