Canadians spending less at electronic stores this holiday season

Canada’s largest payment processor, Moneris Solutions, today announced that 2010 holiday spending over the last five saw an overall increase of two per cent from 2009.

While sales were up overall, electronic store sales decreased a whopping 8.82 per cent during the past five weeks, which suggests that many Digital Home consumers have learned to wait for Boxing Day sales.

The Digital realm continues to have a negative impact on music sales with Music stores down 13.62 per cent in overall volume.

Winners in the shopping race this holiday season include apparel (sales up 5.08), fast food (up 18%), Entertainment (up 13%), airline tickets (up 12%), and Grocery and drug stores (up 2%).

Newfoundland saw the biggest growth in the East Coast, at 6.36 per cent, and Saskatchewan in the Prairies, with 4.91 per cent increase. Alberta has experienced consistent growth throughout 2010, with the holiday spending period showing a 3.8 per cent increase. Quebec and Ontario demonstrated a minimal growth of 1.4 and 2 per cent respectively, while British Columbia was flat.

Online shopping continues to grow in popularity with a 7.5 per cent increase in sales volume across the country compared to last year. While Quebecers have strongly adopted this channel with an overall increase of 20 per cent, those in Newfoundland are turning to more bricks and mortar, with a decline of 6.4 per cent in online sales.

Moneris predicts this year’s busiest shopping day, in terms of number of transactions processed, will be Thursday December 23, 2010. The busiest shopping day, in terms of transactions per second, will be December 24 when the number will exceed 400 between the hours of 1 and 2pm EST.

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Comments

One Response to “Canadians spending less at electronic stores this holiday season”
  1. Stephen says:

    I don’t believe in Santa Claus because he’s not real. I feel the same about Boxing Day Sales. Big box stores bring in product brands they normally don’t sell just so they reach a price point to draw you in. “I can get a 5.1 speaker system for $139! But who manufactures Protoscience Audio?” As well, I notice that prices have gone up in the two weeks leading up to Christmas making it easy to drop them back down on Boxing Day. I’ve witnessed clever pricing such as $479 getting bumped up to $497 on electronics this past week.

    Bah, humbug.