Trinidad and Tobago experienced a 27% increase in Black Friday credit card transactions in 2024. Key highlights include a 35% rise in contactless payments and a 29% increase in online transactions. The data suggests a growing consumer confidence and preference for digital payment technologies, indicating a shift towards e-commerce in the region.
In Trinidad and Tobago, a remarkable 27% increase in Visa credit card transactions was recorded for Black Friday 2024 when compared to the previous year. This data, released by Visa Consulting & Analytics (VCA), indicates robust consumer confidence and reflects a growing preference for digital transactions. A noteworthy feature of this year’s performance was the significant 35% rise in contactless payments, showcasing the evolving behaviours among consumers favoring quick and secure shopping methods in an increasingly digital marketplace.
Jorge Salum, the Country Manager for Visa Trinidad and Tobago, highlighted the transformative nature of this growth, stating that it underscores a substantial shift in consumer adoption of innovative payment technologies. Furthermore, online transactions surged by 29%, marking a sharp increase in e-commerce activity driven by enhanced connectivity and mobile shopping options. The shift towards online commerce indicates a matured digital ecosystem in Trinidad and Tobago, which is adapting to modern shopping preferences.
VCA’s research examined transaction data specifically from December 2023 to November 2024 during the Black Friday sales period, excluding Visa Direct transactions. The findings are particularly significant as they involve various Latin American and Caribbean nations, including Trinidad and Tobago, demonstrating broader regional trends in consumer behavior surrounding economic activity on pivotal shopping days.
The analysis presented focuses on the changing landscape of consumer spending in Trinidad and Tobago, particularly during high-impact shopping events like Black Friday. The rise in credit card transactions mirrors trends in technological adoption among shoppers, notably in contactless payment methods. These trends provide insights into how economic conditions influence payment preferences, while also indicating shifts towards online shopping as consumers capitalize on improved digital infrastructure. Understanding these dynamics is critical for businesses aiming to align with customer preferences and enhance their service offerings.
The Black Friday sales data from Trinidad and Tobago reveals a 27% increase in credit card transactions, with a remarkable shift towards digital payment technologies, particularly contactless methods. The growth in online shopping by 29% further underscores a significant change in consumer behaviour, driven by technological advancements and increasing reliance on e-commerce. Overall, these trends highlight the resilience and adaptability of consumers in the face of evolving market conditions.
Original Source: tt.loopnews.com
