Some may have you believe “Black Friday” is the busiest shopping day of the year. According to payment company Interact, it’s likely to be today (December 23rd).
Canadian shoppers are on course to spending a Billion dollars on gifts for this Christmas by the end of day, with an expected 19 million purchases. Last year, about $990 million was spent on debit cards equating to about 19 and half million transactions.
Meanwhile Moneris is reporting that a recent study showed Canadians spending was up 4.5% in the first two weeks of December compared to 2014 and up 13% internationally.
Retail sales pick up after the U.S. Thanksgiving traditionally, driven by the holiday season.
According to interact, money spent on groceries accounts for about one-third of money spent.
On the 23rd, sales typically come in the form of spikes in food, alcohol and discount store sales as consumers pick up last minute items for feasts and stocking stuffers.
In 2014, debit purchases on the 23rd eclipsed those on Boxing Day, with about a billion dollars spent, while purchases on the 26th totaled just over half a billion.