As the Canadian dollar dives, so does interest in hitting U.S. malls for Black Friday.
It's traditionally an American shopping bonanza full of deep discounts that begins Friday and often runs for days after. But with the loonie stagnant at around at 74 cents U.S., many Canadians now find U.S. bargains are no longer enticing.
According to Statistics Canada, road trips to the U.S. for November 2015 declined by a whopping 28% compared to the same month in 2013. Same day trips saw a slightly worse decline to 30%.
The numbers coincide with a sharp drop in the loonie. In November 2013, it hovered around 95 cents U.S. By November 2015, it had plummeted to about 75 cents U.S.
Black Friday spending in Canada has steadily increased over the past five years, according to debit and credit card payment processor Moneris.
The company predicts that domestic Black Friday shopping will rise by a further 8% this year, and that Cyber Monday spending using Canadian retailers will jump by 15%.
Canadian stores, meanwhile, have started offering Black Friday deals to try to stop the flood of shoppers crossing the border.
Many domestic stores now fully embrace the event, expanding their shopping hours and slashing prices.
