Canadians Open Their Wallets on Black Friday and Cyber Monday
The Moneris Spending Report Shows an Increase in Canadian Retail Spending
TORONTO - Moneris Solutions, Canada's largest debit and credit card processor, announced Friday that consumer spending on Black Friday and Cyber Monday recognized significant increases of 8.29 per cent and 15.38 per cent in dollars spent respectively, compared to 2010.
Black Friday and Cyber Monday are two of the most popular shopping days in the United States - but this year, the trend also took Canadian consumers by storm. On Black Friday, the largest growth in spending was seen in consumer electronics. The category represented a substantial increase of 18.48 per cent in spending. Department stores were also successful in gaining a larger share of the consumer's wallet, with 18.14 per cent increase in spending on Black Friday compared to 2010.
In addition, Cyber Monday continues to gain acceptance in Canada. Consumer electronics again led the growth in online spending, with 131.54 per cent increase compared to 2010. Apparel also saw a large increase, with 58.18 per cent growth. With many online merchants offering free shipping and liberal return policies, the category continues to grow.
Despite concerns that Canadians might cut back on their spending this holiday season, the data compiled from Black Friday and Cyber Monday is an encouraging sign for Canadian retailers.
"Black Friday and Cyber Monday were a great success for merchants on this side of the border," said Santo Ligotti, Vice President, Marketing and Communications, Moneris Solutions. "If these two shopping days are any indication of how Canadians will be spending this holiday season, then we can likely expect overall positive results in December."