In this episode of The Voice of Retail, Sean McCormick, Vice President, Business Development, Moneris Data Services, returns with exclusive insights into Black Friday 2025. He explains the scale and reliability of Moneris’s payment data, explores what Canadian consumers said they would spend heading into the season, and compares those expectations with the real numbers. With intentions down and holiday cost pressures rising, McCormick breaks down what the year-over-year decline in Black Friday spending means for retailers navigating a shifting consumer landscape.
The Voice of Retail welcomes back Sean McCormick, Vice President, Business Development, Moneris Data Services, for a fast-moving, data-rich breakdown of the most closely watched retail moment of the year: Black Friday 2025. As the executive helping steer Moneris’s industry-leading data capabilities, McCormick offers a uniquely authoritative look at what Canadians actually did when the doors opened and the deals dropped.
McCormick begins by explaining how Moneris has evolved into one of Canada’s most trusted retail intelligence platforms. Processing debit and credit payments across all major card brands, from tap to insert, Moneris touches roughly one-third of all transaction volume in the country. This broad reach allows the team to spot real consumer behaviour in real time, without relying on sentiment models or estimates. Even more crucial, McCormick reveals that Moneris applies a same-store methodology to exclude merchant growth and terminal expansion—ensuring Black Friday results reflect genuine consumer activity, not changes in Moneris’s business footprint.
Heading into the season, Moneris surveyed Canadians about their holiday spending intentions. Only a small percentage planned to spend more this year, while a much larger share expected to spend less. Those expectations align with continued inflationary pressure, particularly around essentials like groceries, that increasingly crowd out discretionary spending opportunities.
So—did this sentiment show up in the numbers?
McCormick confirms that Black Friday still packs a punch, driving more than a 20% spike over the previous Friday as Canadians showed up ready to shop. However, total Black Friday spending declined compared to last year, revealing a measurable shift in consumer behaviour. Rather than abandoning the day, shoppers appear to be more careful, deliberate, and value-driven—engaging when it matters, but spending less overall.
The conversation also explores how the timing of Christmas on the calendar influences the competition between Black Friday and the last shopping weekend of December, and why certain retail categories remain far more dependent on the event than others. For independent retailers, national brands, and retail strategists alike, these insights offer tangible implications for everything from promotional timing to inventory planning.
This episode is essential listening for retail leaders seeking clarity in a changing marketplace. McCormick not only brings the numbers—he explains what they mean, why they matter, and how retailers can use them to navigate the weeks and quarters ahead.