CANADA

Payment companies share Black Friday, Cyber Monday sales data


Ben Cousins, BNN Bloomberg

Canadians spent more money this Black Friday and Cyber Monday than they did a year ago, according to data from retailers, as shoppers searched for deals in advance of the holidays.

Financial payments company Square has reported that Canadians made 70 million transactions with businesses that use Square’s services between Black Friday and Cyber Monday, a 14-per-cent climb from last year.

“We found that the holidays aren’t just for traditional retailers, as businesses across industries like restaurants and beauty lean into the major weekend,” Saumil Mehta, head of point of sale and omnichannel at Square, said in a news release.

“Given consumer sentiment has been positive around the holidays, and we know this weekend is often just the beginning, businesses should continue to expect an influx of shoppers, and be ready to meet them wherever they prefer to shop.”

Meanwhile, Shopify reported US$9.3 billion in sales over the Black Friday and Cyber Monday weekend, a new record and a 22-per-cent climb from a year ago.

"Our merchants spend all year building relationships with their customers and earning brand trust,” Shopify president Harley Finkelstein said in a written recap of the sales weekend.

“This weekend was a testament to how they consistently deliver experiences and products that global consumers are looking for."

Overall, Shopify peaked at 12:01 p.m. EST on Nov. 24, with $4.2 million in sales for the minute, while 61 million people made purchases through Shopify products over the weekend.

SPENDING CLIMBS

Square’s report showed its customers spent 1.34 times higher over the sales weekend than the average purchase compared to the rest of the year, as consumers focused more on hot-ticket items.

Consumers also appeared to be increasingly looking at “buy now, pay later” options with inflation taking a toll on spending money. The plans give customers the option to pay for their purchases in monthly installments.

Square found that transactions using Afterpay – Square’s buy now, pay later product – climbed 29 per cent compared to a year ago, as the cost per transaction climbed 10 per cent.

METHODOLOGY

SQUARE

All data presented are unaudited and subject to adjustment. Black Friday and Cyber Monday: Square and Afterpay analyzed millions of transactions across all seller industries globally in 2023 from November 23, 11:00 UTC to November 27, 23:59 UTC. All monetary metrics are displayed in USD. Countries include the United States, Canada, United Kingdom, Australia, Japan, France, Ireland, Spain, and New Zealand.

SHOPIFY

Shopify’s 2023 Black Friday-Cyber Monday data is based on gross merchandise volume (GMV) by Shopify merchants around the world from November 23 11:00 UTC to November 28 8:00 UTC. GMV represents the total dollar value of orders facilitated through the Shopify platform including certain apps and channels for which a revenue-sharing arrangement is in place in the period, net of refunds, and inclusive of shipping and handling, duty and value-added taxes.

All data presented here (including worldwide sales) is approximate and is based on various assumptions. All data is unaudited and is subject to adjustment. The methodology underlying the data may vary year on year and prior year results are not directly comparable to current results. All financial figures are in USD. Data represents online and offline sales made by Shopify’s global merchants.