This year, Black Friday retail spending surged by 29% compared to the previous week and 11% over 2023. Cyber Monday spending followed suit, up 13% week-over-week and 10% year-over-year. These figures reflect a notable recovery from last year’s flat year-over-year performance.
“Consumers are clearly taking advantage of major sales events to stretch their dollars further in a challenging economy,” said Jasroop Gosal, Interim Spokesperson and Policy & Research Manager at the Surrey Board of Trade. “These spending trends highlight the importance of discount-driven strategies for retailers during peak shopping periods.”
According to Sean McCormick, Vice President, Business Development, Data Services at Moneris: “Economic factors like elevated inflation have been top-of-mind throughout the year, leading consumers to be increasingly cost-conscious. As a result, bigger basket sizes suggest shoppers took greater advantage of sales.”
The data, derived from Moneris, Canada’s leading commerce provider, highlights spending trends based on over five billion transactions processed annually across various industries and regions. Week-over-week comparisons measure spending on Black Friday 2024 versus the previous Friday and Cyber Monday 2024 versus the previous Monday, providing a robust and statistically significant sample of national retail activity.
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Jasroop Gosal, 604-634-0345, jasroop@businessinsurrey.com
