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Record Spending Registered on Cyber Monday in Canada

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Evidently, Canadian shoppers found plenty of bargains online this Cyber Monday, which fell on December 2.

Canadians spent 29.33 percent more online this year than last and also exceeded 2012 spending on Black Friday by a healthy 19.19 percent, according to figures released by Moneris, a leader in credit and debit card processing.

The Moneris Spending Report indicates that specialty retail shops benefited most with online spending jumping 39.23 percent from last year. Specifically, sporting good stores enjoyed a 105 percent sales boost, while shoe store sales also jumped by 36.58 percent.

On Black Friday, falling on Nov. 29 this year, Moneris found that department stores were the big winners taking in 26.21 percent more in sales than last year. Apparel stores fared well also with a 20.22 percent gain. Men's clothing stores were popular with bargain hunters and showed a substantial 53.24 year-over-year increase in sales.

It's interesting to note that sales of consumer electronics, such as TVs and stereos, were down 35 percent this year on Black Friday but up nearly 46 percent on Cyber Monday. Perhaps Canadians were reluctant to face the big crowds that day and waited for online deals on Monday.

Jeff Guthrie, Chief Sales and Marketing Officer at Moneris, says merchants should remain encouraged for the rest of the holiday season.

"This year's Black Friday and Cyber Monday were a real win-win for Canadian shoppers and merchants, alike. While shoppers took advantage of pre-holiday bargains, merchants boosted their end-of-year revenues, with nearly all retailers seeing their sales increase significantly compared to 2012. This spending spike might be an early sign of a busier holiday shopping season this year," noted Guthrie.

Sales south of the border were also robust on Cyber Monday. Data from comScore shows that Americans spent $1.735 billion USD, a gain of 18 percent from 2012.