If you haven’t started your Christmas shopping yet, this could be a good time to start so long as you don’t mind long lines and crowds.
Businesses and shopping malls are expected to be very busy for Black Friday, with analysts predicting Canadians will spend more this year compared to last.
Many retailers opens early on Friday, including Masonville Mall and White Oaks Mall, and there were long line-ups to get into stories like Best Buy and Leon’s Furniture.
“My Mom brought me out here to get a couch, great deal, Black Friday, it’s the new hype instead of Boxing Day for Christmas shopping, and that’s why I’m out here, standing in line in the cold,” said Maz, who waited outside Leons for a couple hours Friday morning to take advantage of the deals.
According to credit and debit card payment processor Moneris, Canadians swiped their plastic 26 per cent more on Black Friday in 2015 compared to Boxing Day.
The company is predicting an 8 per cent increase this year.
“I was here to get the couch for the Black Friday sale, I’m hoping to save about $500,” said Christina, who also braved the chilly temperatures and long lines for the sales at Leons. “It’s my first time ever [shopping on Black Friday].”
According to a recent Shopbot survey, one in five Canadians plan to spend more than $350 this Black Friday.
Mike Moffatt expects most will do their shopping close to home. The economist and Assistant Professor of Business, Economics and Public Policy at the Ivey Business School said fewer people to travel stateside for Black Friday since the loonie is currently trading below 80 cents US.
“Retailers will make their pricing decisions 6, 9, 12 months earlier, and if they’re anticipating the dollar being at a certain place and it ends up being lower than that, that actually gives our consumers a little bit of savings, so I don’t expect to see as much traffic as we saw 5 or 6 years ago,” said Moffatt.