Visa reported a 29% increase in Black Friday sales in Trinidad and Tobago, with a 27% rise in total transactions compared to 2023, mainly fueled by a 35% increase in contactless payments. Online transactions saw a 29% growth, indicating a strong consumer shift towards e-commerce, underscoring growing confidence in innovative payment technologies and the local digital ecosystem.
Trinidad and Tobago experienced a significant 29% increase in credit card transactions during the Black Friday shopping season, as reported by Visa. The Visa Consulting & Analytics team observed a robust growth trend, indicating that consumers in the region displayed remarkable confidence in their purchasing habits. Analysis revealed a 27% rise in total transactions—both online and in-store—comparative to the previous year’s figures.
This impressive surge in sales was primarily driven by a notable 35% increase in contactless payments, underscoring the growing consumer preference for this efficient payment method in today’s digital landscape. Jorge Salum, Visa’s Country Manager for Trinidad and Tobago, remarked on the evident shift in consumer behavior towards innovative payment technologies.
Furthermore, Visa’s analysis indicated that online transactions alone saw a substantial 29% rise from 2023 to 2024. This trend indicates a marked consumer inclination towards e-commerce, facilitated by improvements in digital connectivity and the accessibility of mobile commerce options. The data was derived from transactions processed on November 24, 2023, compared to November 29, 2024, ensuring a comprehensive view of the evolving shopping landscape.
Visa’s report highlights the adaptability of Trinidad and Tobago’s consumers to changing economic conditions, their commitment to modern shopping standards, and reflects the burgeoning digital marketplace within the country.
The increase in transactions during Black Friday in Trinidad and Tobago signifies a broader trend in consumer confidence amidst evolving economic conditions. With many consumers turning to credit card transactions for their holiday shopping, Visa’s data points to a significant shift in payment preferences, especially among younger, tech-savvy demographics. The rise of contactless payments is notable, as it showcases a shift towards convenience and security in financial transactions, particularly during high-demand shopping periods. This trend aligns with global shifts in retail, where online shopping continues to gain traction, reflecting changes in consumer behavior driven by technological advancements and increasing connectivity.
In conclusion, the recorded 29% increase in Black Friday sales in Trinidad and Tobago illustrates a dynamic shift in consumer behavior characterized by a growing preference for online and contactless transactions. The data underscores the resilience of consumers and their willingness to embrace innovative payment solutions. With the evolving landscape of digital commerce, Trinidad and Tobago is solidifying its position within a competitive global market, driven by advancements in technology and consumer preferences.
Original Source: tt.loopnews.com
