The holiday season is a time of joy, excitement, and plenty of shopping. From door-crasher deals on Black Friday to online steals during Cyber Monday, the BFCM weekend always brings excitement for both shoppers and retailers.
Moneris’ data reveals that Black Friday was the busiest day of the 2024 shopping season, reclaiming its spot after a couple of years when last-minute Christmas shopping stole the show. So, what was different this time? From irresistible offers and big discounts to a strike causing potential delivery delays nudging people to shop earlier, a few key factors helped Black Friday make its comeback. Cyber Monday also showed up strong, making it into the top ten busiest days.
Looking back at the 2024 holiday season, Moneris’ spend data gives businesses an idea of what drove consumer behaviour and factors that may shape spending habits through 2025.
The Return of Black Friday
For the first time since 2021, Black Friday once again emerged as the busiest day of the holiday season in 2024. This marks a shift from the previous two years when the days leading up to Christmas were the busiest.
Here’s what might have contributed to regaining its popularity:
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Concerns about delivery delays: With ongoing shipping challenges and the potential for delays due to a labour strike, many consumers opted to shop early, leading to a surge in Black Friday activity.
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Deals and discounts: Amid rising living costs, consumers were drawn to deep discounts and promotions. This, coupled with the opportunity to secure gifts well ahead of the holidays, made it an appealing option.
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The Black Friday fever: The hype around Black Friday is hard to ignore. Retailers heavily market the event, offering limited-time deals that encourage shoppers to splurge.
The Busiest Shopping Days of the Season
Following Black Friday, the next two busiest days were:
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Monday, December 23: Just before Christmas, this day reached 93% of Black Friday's sales as last-minute shoppers hurried to prepare for the holiday.
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Friday, December 20: This day came just behind December 23, with only 2% less sales, highlighting the frenzy of the last shopping weekend before Christmas.
The Quietest Days of the Season
Not every day during the holiday season is busy. The quietest days, as expected, fall in the lull after Christmas, and before end-of-year sales pick up.
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A slow Boxing Day: Contrary to popular belief, Boxing Day wasn’t as busy. It saw only 46% of Black Friday's sales, showing its decline as a major shopping day reflecting shifting consumer priorities and the growing appeal of pre-Christmas sales.
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The bottom three: Sundays, usually slower shopping days, ranked among the quietest:
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Sunday, November 10: 44% of Black Friday’s sales volume
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Sunday, December 29: 36% of Black Friday’s sales volume
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Christmas Day, December 25: 9%, as most businesses were closed for the holiday
A Modest Lift in Overall Spending
Holiday spending in 2024 saw a slight increase in spending, rising 2% compared to 2023. Although a tax holiday introduced on December 14 sparked interest, its effect on the holiday season for retail spending was minimal. The key factors were:
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Timing: The tax holiday began after the busiest shopping days had already passed.
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Early shopping habits: Many shoppers took advantage of Black Friday deals and shopped early due to shipping concerns, reducing the tax holiday's appeal.
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Limited scope: Most items eligible for the tax holiday weren’t retail-focused, benefiting industries like restaurants more directly.
Tips for Retailers and Businesses
Here are some tips to help businesses make the most of the holiday rush while staying prepared for both the busy and quieter days:
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Black Friday still matters: Black Friday remains the busiest shopping day, proving its lasting appeal. Retailers should continue investing in strong promotions and marketing to attract early shoppers.
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Preparing for last-minute shoppers: With December 23 and 20 among the busiest days, businesses should be well-stocked and fully staffed to meet the late-season rush.
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Understanding quiet periods: Recognizing the quieter days, like Boxing Day and post-Christmas Sundays, can help retailers optimize operations with targeted discounts or reduced staffing and business hours to manage costs.
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Leveraging digital channels: The rising popularity of Cyber Monday highlights the importance of a robust online presence. Retailers should focus on digital strategies to engage tech-savvy shoppers.
Holiday Season Spending Across Canada in 2024 vs 2023
Strong regional growth:
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Quebec and Alberta had strong overall growth in total spend (+6%) and transaction counts (+6% and +2%, respectively) from 2023, suggesting a positive market trend.
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Saskatchewan also showed improvement, particularly in total spend (+6%) and transaction count (+4%), indicating a steady increase in consumer spending and activity.
Areas of decline:
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Ontario and the Territories experienced declines across most metrics, particularly total spend (-4%) and transaction count (-2% and -3%, respectively). This could signal less enthusiasm for holiday spending in these regions compared to 2023.
Transaction size behaviour:
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While Manitoba had a +5% growth in transaction count, its transaction size dropped (-2%), possibly indicating more frequent but smaller purchases.
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In contrast, Alberta saw a solid increase in transaction size (+4%), suggesting higher-value transactions.
Across Canada, total spend grew by +2% and transaction count increased by 1% in 2024. However, transaction size remained unchanged, signaling a balanced growth in overall spending but with no significant change in the average value per transaction.
A Friendly Reminder: The Temporary Tax Holiday ends on February 15, 2025
The temporary tax holiday ends on February 15, 2025, so be sure to update your tax settings as needed.
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For Moneris merchants with configurable tax settings: A support article is available on our blog to guide you through adjustments.
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For merchants using the UEAT solution: We will automatically re-enable tax for you.
If you have any questions, our support team is available 24/7 through phone, live chat, or virtual assistant.
Ready to unlock the power of data for your business? Check out Moneris Data Services to learn more about consumer spending behaviour and maximize your success.
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