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Canadians’ spending at “Black Friday” shopping events seems to have peaked, according to new spending data.
Moneris, Canada’s largest processor of electronic payments, reports that year over year, shopping on Black Friday 2017 saw a slight 4.5 per cent increase in spending over Black Friday 2016.
The increase was even smaller in Ontario, where sales increased by a slim 3.86 per cent.
Nationally, in 2016 Canadians spent 5.91 per cent more on Black Friday than they did in 2015. In Ontario, consumers spent 9.59 per cent more on Black Friday purchases than they did on the same day in 2015.
Malcolm Fowler, Moneris’s chief product and partnership officer, said while it appears Canadians have reached the “bar” as far as Black Friday spending goes, it remains the biggest single shopping day of the year. Fowler said it’s even a bigger shopping event than Boxing Day.
“What we’re seeing is the volumes are so very strong, it’s still a happening start to the busy shopping season. But, it looks like the growth year-over-year is moderating now,” said Fowler. “It’s starting to mirror the same behavioural pattern, year over year instead of being a step above. I think it’s plateauing in the sense that it’s no longer growing faster than the economy around it.”
Moneris could not provide a dollar figure for Canadians’ Black Friday spending.
Black Friday started as a major sales day in the U.S. decades ago, offering major discounts on products on the Friday after Thanksgiving as a way of kickstarting the Christmas shopping season. The idea has found its way into Canada, in part to keep Canadians shopping at home and not venturing across the border for U.S. sales.
While Canadian shoppers seem to be maxed out when it comes to Black Friday spend, Moneris said Americans seem to be feverish about the shopping day even when they aren’t in their home country.
Purchases at Canadian retailers by American shoppers, using American credit and debit cards, soared 14.82 per cent on Black Friday 2017, compared with last year.
Fowler said the weak Canadian dollar helped to lure U.S. shoppers, giving them ever deeper discounts than those advertised.
While the overall spending on Black Friday appears to be levelling off Moneris said Black Friday spending remains by far the biggest selling Friday of the year. For example, Moneris said spending on Black Friday was 52.7 per cent higher than it was on Nov. 17, the Friday the week before.
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Moneris, Canada’s largest processor of electronic payments, reports that year over year, shopping on Black Friday 2017 saw a slight 4.5 per cent increase in spending over Black Friday 2016.
The increase was even smaller in Ontario, where sales increased by a slim 3.86 per cent.
Nationally, in 2016 Canadians spent 5.91 per cent more on Black Friday than they did in 2015. In Ontario, consumers spent 9.59 per cent more on Black Friday purchases than they did on the same day in 2015.
Malcolm Fowler, Moneris’s chief product and partnership officer, said while it appears Canadians have reached the “bar” as far as Black Friday spending goes, it remains the biggest single shopping day of the year. Fowler said it’s even a bigger shopping event than Boxing Day.
“What we’re seeing is the volumes are so very strong, it’s still a happening start to the busy shopping season. But, it looks like the growth year-over-year is moderating now,” said Fowler. “It’s starting to mirror the same behavioural pattern, year over year instead of being a step above. I think it’s plateauing in the sense that it’s no longer growing faster than the economy around it.”
Moneris could not provide a dollar figure for Canadians’ Black Friday spending.
Black Friday started as a major sales day in the U.S. decades ago, offering major discounts on products on the Friday after Thanksgiving as a way of kickstarting the Christmas shopping season. The idea has found its way into Canada, in part to keep Canadians shopping at home and not venturing across the border for U.S. sales.
While Canadian shoppers seem to be maxed out when it comes to Black Friday spend, Moneris said Americans seem to be feverish about the shopping day even when they aren’t in their home country.
Purchases at Canadian retailers by American shoppers, using American credit and debit cards, soared 14.82 per cent on Black Friday 2017, compared with last year.
Fowler said the weak Canadian dollar helped to lure U.S. shoppers, giving them ever deeper discounts than those advertised.
While the overall spending on Black Friday appears to be levelling off Moneris said Black Friday spending remains by far the biggest selling Friday of the year. For example, Moneris said spending on Black Friday was 52.7 per cent higher than it was on Nov. 17, the Friday the week before.
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