Square and Afterpay Report Record-Breaking Black Friday Transactions
Following Black Friday and Cyber Monday weekend, Square and Afterpay report that sellers across the world set a new world record with 70 million transactions. The latest figure rose a whopping 14 percent from 2022.
According to Square and Afterpay, the Canadian cities that had the fastest growth in sales throughout Black Friday weekend include Toronto, Vancouver, Calgary, Edmonton Winnipeg, Ottawa and Montreal.
Square’s data shows that restaurants in Canada experienced a 24 percent increase in transactions throughout the weekend. 74 percent more restaurants reportedly sent Black Friday/Cyber Monday promotions to help promote their business.
In Canada, the peak minute in shopping occurred on November 24th, 2023. During Black Friday, shopping hit an all-time high at 2:28 PM ET.
Square claims that 185 percent more beauty and wellness sellers leaned into Black Friday and Cyber Monday promotions. The company reflects that last year, the most popular time for holiday appointments occurred between December 20th and December 23rd. Square surmises that beauty sellers took advantage of Black Friday to promote their services early.
The company notes that in 2022, cart sizes across food, retail, and beauty grew by 12 percent globally during the first week of December, leading into the week before Christmas.
Square Online orders in Canada rose 1.34 times higher than the average. Over 14,500 gift cards were sold.
Finally, Afterpay’s Buy Now, Pay Later (BNPL) transactions increased by 29 percent in Canada. Square reveals that sellers saw their Afterpay transactions grow 10 percent with home and department stores growing as item categories outside of fashion and beauty.
For more info and all year-over-year data, check out The 2023 Square Holiday Report.