Moneris Solutions Corporation

Moneris Solutions Corporation

December 02, 2011 11:49 ET

Canadians Open Their Wallets on Black Friday and Cyber Monday

The Moneris Spending Report Shows an Increase in Canadian Retail Spending

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2011) - Moneris Solutions®, Canada's largest debit and credit card processor, announced today that consumer spending on Black Friday and Cyber Monday recognized significant increases of 8.29 per cent and 15.38 per cent in dollars spent respectively, compared to 2010.

Black Friday and Cyber Monday are two of the most popular shopping days in the United States - but this year, the trend also took Canadian consumers by storm. On Black Friday, the largest growth in spending was seen in consumer electronics. The category represented a substantial increase of 18.48 per cent in spending. Department stores were also successful in gaining a larger share of the consumer's wallet, with 18.14 per cent increase in spending on Black Friday compared to 2010.

In addition, Cyber Monday continues to gain acceptance in Canada. Consumer electronics again led the growth in online spending, with 131.54 per cent increase compared to 2010. Apparel also saw a large increase, with 58.18 per cent growth. With many online merchants offering free shipping and liberal return policies, the category continues to grow.

Despite concerns that Canadians might cut back on their spending this holiday season, the data compiled from Black Friday and Cyber Monday is an encouraging sign for Canadian retailers.

"Black Friday and Cyber Monday were a great success for merchants on this side of the border," said Santo Ligotti, Vice President, Marketing and Communications, Moneris Solutions. "If these two shopping days are any indication of how Canadians will be spending this holiday season, then we can likely expect overall positive results in December."

About The Moneris Spending Report

The Moneris Spending Report provides a snapshot of consumer spending activity in Canada by analyzing credit and debit card transaction data. As the market leader with the largest merchant base, Moneris presents detailed analysis and insight on a quarterly basis. The percentages cited are derived from actual sales volumes - the dollar values of credit and debit card transactions being processed by merchants.

About Moneris Solutions

As one of North America's largest providers of payment processing solutions, Moneris offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processes more than three billion transactions annually. Through its Ernex division, Moneris offers electronic loyalty and stored-value gift card programs. With more than 350,000 merchant locations, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.

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