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November 25, 2021

Cyber Monday starting to make waves in Canada

The retail sector really is smart, isn’t it?

538310_no_copyright_issues_ Sure, business isn’t so great now, but that’s in large part because of the recession. The ad men behind the industry are so smart, we mean, because of the two-word spending frenzies they consistently drum up for North America’s shoppers: Black Friday; Valentine’s Day; Father’s Day; Mother’s Day; Boxing Day, etc.

Really, what were these dates before retail marketers decided to promote the hell out of them and make the days – seasons, really – appointment shopping destinations? The reality: they weren’t much, yet don’t think retailers will stop now. Another contrived, two-word shopping day is fast growing among us, Cyber Monday.

Many of you know about Cyber Monday (34 per cent of 18- to 34-year-old Canadians, in fact, are aware of the occasion, according to a PayPal/Ipsos Reid survey), the Monday immediately following Black Friday that celebrates online shopping.

Yet the date, which is big in the U.S. already for its wild discounts, may just be growing north of the border, as well.

By that same PayPal/Ipsos Reid poll, about 15 per cent of Canadians will aim to take advantage of Cyber Monday sales after this weekend, a starting point retailers must like going forward.

"Cyber Monday is still a relatively new phenomena in Canada and this is the first year we're seeing it gain traction here," Nicky Mezo, PayPayl Canada's head of marketing, told MSN. "Given Canadians' preference to shop online, we expect to see Cyber Monday become a bigger part of the holiday shopping season in the years to come."

More to the point, the loonie’s strength for Cyber Monday, 2010, makes shopping on U.S. websites a sweet deal this year for Canadians, too.

And while the majority of bargains you’ll find this Cyber Monday will be from American retailers, plenty of them – TigerDirect.ca, Drugstore.com and eBay.ca, to name a few – all have deals Canadians can easily take advantage of.

Will you capitalize on Cyber Monday, 2010? Or, do we have enough shopping holidays on the calendar already?

By Jason Buckland, MSN Monday



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...