Above: Photo by erik3804/DepositPhotos
Consumers in Trinidad and Tobago demonstrated strong confidence and resilience during this holiday shopping kickoff. According to data from Visa Consulting & Analytics (VCA), transactions made with Visa credentials during Black Friday 2024 in Trinidad and Tobago recorded a sustained growth in both online and in-store purchases, registering a 27% increase in total transactions compared to the same period in 2023.
This growth was fueled by a 35% rise in contactless payments, highlighting this technology’s increasing popularity and effectiveness among consumers and businesses for fast, convenient and secure purchases in this digital age.
“The surge in contactless transactions during this year’s Black Friday in Trinidad and Tobago underscores a compelling shift in consumers and businesses’ behaviours, showcasing a clear preference for this innovative payment technology,” said Jorge Salum, Country Manager at Visa Trinidad & Tobago. “These results, coupled with the continued growth of Visa’s transactions during this critical shopping day, demonstrate Trinidad and Tobago consumers’ adaptability to evolving macroeconomic conditions and their willingness to embrace the new standards of digital commerce.”
VCA’s analysis also found that online transactions during this year’s Black Friday in Trinidad and Tobago registered a 29% increase compared to 2023. This surge in e-commerce spending reflects Trinidad and Tobago consumers’ growing preference for online shopping, driven by enhanced connectivity and mobile commerce options. It also highlights the promising digital ecosystem that is consolidating locally.
VCA’s consulting team analysed data related to consumer transactions that took place through VisaNet on Black Friday (November 24) in 2023 vs. Black Friday (November 29) in 2024, excluding Visa Direct-related transactions and spending. These growth percentages are related to transactions in US dollars and local currency.
The countries analysed included Brazil, Chile, Argentina, Peru, Mexico, Colombia, Guatemala, Costa Rica, Dominican Republic, Uruguay, Puerto Rico, Panama, Honduras, El Salvador, Ecuador, Paraguay, Jamaica, Bolivia, Nicaragua, Trinidad and Tobago, Bahamas and Barbados.
