Moneris, Canada’s leading commerce provider, said Ontarians splurged on Black Friday/Cyber Monday purchases despite the upcoming GST/HST tax holiday.
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Black Friday spending in Ontario was up 28% week over week (compared to the previous Friday) and up 29% nationally, while Cyber Monday spending was up 15% in Ontario week over week (compared to the Monday prior) and up 13% nationally.
And year over year — on this day in 2024 compared to same time in 2023 — Black Friday spending was up 2% in Ontario compared to 11% nationally, while Cyber Monday spending was up 3% in Ontario compared to 10% nationally.
“Heading into the holidays, data for September showed transaction volume was down year over year at 3%, putting the pressure on Black Friday and Cyber Monday to show positive results for businesses,” said Peter Goldsztajn, Moneris’ vice-president of corporate data analytics.
“There has been some concern that consumers would defer purchases due to the upcoming GST/HST tax break. However, significant increases for Black Friday and Cyber Monday suggest that was not the case with holiday sales being too good an opportunity to miss.”