Holiday Joy! Consumers Dig Deeper Into Their Wallets Than They Did a Year Ago
Data by Moneris reveals consumers purchased everything from discount goods to luxury and big ticket items during the recent holiday season
TORONTO, ONTARIO--(Marketwire - Jan. 7, 2010) - Data released today by Moneris Solutions, Canada's largest debit and credit card processor, reveals that consumers opened their wallets in record numbers during the holidays, spending almost eight per cent more from Christmas Eve through Boxing Week than they did the previous year. The findings clearly reflect renewed consumer confidence and serve as welcome news to retailers looking forward to a healthy and prosperous New Year.
"When it comes to shopping – whether for clothing, jewellery or major appliances – Canadians have demonstrated they are once again ready to spend," said David Ades, Senior Vice President, Sales and Marketing, Moneris Solutions. "The creativity shown by retailers during the volatile economy worked to entice shoppers back to the stores throughout the holiday season for a diverse range of purchases. We expect the momentum to continue to build in 2010, positioning Canada's retail landscape for a bright future."
Shoppers across the country were certainly busy in the seven weeks leading up to Boxing Week 2009. The busiest shopping day of the year was December 22, with Canadians spending 4.54 per cent more on debit and credit card purchases than they did on the same day in 2008. The week of December 24-29, which includes Boxing Day, reported a 7.93 per cent spending increase in debit and credit card purchases over the same period in 2008.
Canadians demonstrated no preference between debit and credit cards with both types of cards showing an equal division of transactions.
Department stores recorded the biggest year-over-year change during the seven-week period, with debit and credit card purchases up by 7.12 per cent from 2008. Drug stores and pharmacies fared best from Christmas Eve through Boxing Week, increasing debit and credit card sales by 8.47 per cent compared to the same week in 2008.
During the seven weekends from November 28 to December 29, 2009, consumers in Prince Edward Island showed they were happiest to be back in spending mode, purchasing 13.84 per cent more on their debit and credit cards than any other province in Canada. Albertans, on the other hand, reduced their 2009 spending during the seven weeks by 5.75 per cent compared to the same period in 2008.
December 2009 as a whole proved lucrative for retailers, the Moneris data found, with a 5.22 per cent increase in debit and credit card spending over December 2008. Again, PEI showed the biggest year-over-year spending increase at 9.83 per cent, followed closely by Newfoundland (9.73 per cent increase), Saskatchewan (9.48 per cent), and Quebec (7.64 per cent).
Every major merchant category experienced spikes in consumer spending on debit and credit cards throughout December 2009. Luggage/leather goods stores and household appliance stores made the most significant gains, with consumers across the country spending 18.37 per cent and 13.65 per cent more in the respective categories over December 2008. Discount stores were also big winners, experiencing a 10.61 per cent increase in debit and credit card purchases over December 2008.
"Discount stores did brisk business spending, yet consumers still demonstrated their willingness to spend by continuing to purchase big ticket items such as jewelry and household appliances," said Mr. Ades.
Moneris' 2009 holiday spending data compared national retail sales during the month of December 2009 as well as seven weekends in November and December 2009 with the same periods the previous year. The data covers all merchant categories (excluding gas merchants since gas volumes fluctuate according to gas prices) and tallies the dollar value as well as the number of transactions made on Moneris debit and credit card terminals across the country.
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.
"When it comes to shopping – whether for clothing, jewellery or major appliances – Canadians have demonstrated they are once again ready to spend," said David Ades, Senior Vice President, Sales and Marketing, Moneris Solutions. "The creativity shown by retailers during the volatile economy worked to entice shoppers back to the stores throughout the holiday season for a diverse range of purchases. We expect the momentum to continue to build in 2010, positioning Canada's retail landscape for a bright future."
Shoppers across the country were certainly busy in the seven weeks leading up to Boxing Week 2009. The busiest shopping day of the year was December 22, with Canadians spending 4.54 per cent more on debit and credit card purchases than they did on the same day in 2008. The week of December 24-29, which includes Boxing Day, reported a 7.93 per cent spending increase in debit and credit card purchases over the same period in 2008.
Canadians demonstrated no preference between debit and credit cards with both types of cards showing an equal division of transactions.
Department stores recorded the biggest year-over-year change during the seven-week period, with debit and credit card purchases up by 7.12 per cent from 2008. Drug stores and pharmacies fared best from Christmas Eve through Boxing Week, increasing debit and credit card sales by 8.47 per cent compared to the same week in 2008.
During the seven weekends from November 28 to December 29, 2009, consumers in Prince Edward Island showed they were happiest to be back in spending mode, purchasing 13.84 per cent more on their debit and credit cards than any other province in Canada. Albertans, on the other hand, reduced their 2009 spending during the seven weeks by 5.75 per cent compared to the same period in 2008.
December 2009 as a whole proved lucrative for retailers, the Moneris data found, with a 5.22 per cent increase in debit and credit card spending over December 2008. Again, PEI showed the biggest year-over-year spending increase at 9.83 per cent, followed closely by Newfoundland (9.73 per cent increase), Saskatchewan (9.48 per cent), and Quebec (7.64 per cent).
Every major merchant category experienced spikes in consumer spending on debit and credit cards throughout December 2009. Luggage/leather goods stores and household appliance stores made the most significant gains, with consumers across the country spending 18.37 per cent and 13.65 per cent more in the respective categories over December 2008. Discount stores were also big winners, experiencing a 10.61 per cent increase in debit and credit card purchases over December 2008.
"Discount stores did brisk business spending, yet consumers still demonstrated their willingness to spend by continuing to purchase big ticket items such as jewelry and household appliances," said Mr. Ades.
Moneris' 2009 holiday spending data compared national retail sales during the month of December 2009 as well as seven weekends in November and December 2009 with the same periods the previous year. The data covers all merchant categories (excluding gas merchants since gas volumes fluctuate according to gas prices) and tallies the dollar value as well as the number of transactions made on Moneris debit and credit card terminals across the country.
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.
