The Black Friday 2025 weekend once again solidified the leading role of e-commerce in Brazilian consumer spending and PIX as a payment method. Data from the Cielo Expanded Retail Index (ICVA) shows that total retail grew 0.8% compared to the same period in 2024, driven mainly by the digital channel, which registered an advance of 9.0%. Physical retail showed a contraction of 1.4%.
In total, 90.34 million transactions were made: 8.6% of them were made through Pix. The performance of the digital market was also reflected in the behavior by macro-sectors. Services advanced 3.7%, supported by segments linked to experience and mobility. Durable and Semi-durable Goods declined 1.2%. In e-commerce, all macro-sectors grew: Non-durable Goods (11.1%), Durable Goods (8.8%) and Services (8.8%), which consolidates the channel as an engine of retail performance.
Among the sectors, Tourism & Transportation led with an increase of 8.4%, followed by Drugstores (7.1%) and Cosmetics (6.3%), which confirms the consumer's prioritization of well-being, health, and experiences. From a regional perspective, only the South registered growth (0.8%). Santa Catarina stands out with an expansion of 2.8%. The Southeast showed the largest contraction (-2.3%).
“The Black Friday 2025 weekend reinforces the strength of e-commerce in Brazil, with increasingly connected and demanding consumers. Retailers need to invest in technology and channel integration to keep up with this transformation. The prominence of the Services, Tourism, and Wellness sectors shows that consumers value experiences and convenience, opening new opportunities for retailers to innovate and diversify their offerings,” stated the Vice President of Business, Carlos Alves.
E-commerce saw its peak sales during the early morning hours and late evenings of November 28th to 30th. Meanwhile, physical retail registered its highest activity around lunchtime during the same period, demonstrating distinct consumption dynamics between the channels.
The male audience had a greater share of sales and revenue, but the average ticket price for women was slightly higher. Installment credit maintained its relevance, with a ticket price well above other payment methods — especially in the digital realm, where it is dominant for higher-value purchases.
Lower and middle classes accounted for the majority of sales and revenue, while the ultra-high-income segment stood out for its higher average ticket price, especially in e-commerce. In e-commerce, the ultra-high-income accounted for almost half of the period's revenue , with the highest average ticket price observed ( R$ 504.92 ). Among consumer personas, the "Supermarket" profile led in sales and revenue, followed by "Fashion" and "Gastronomic".
ABOUT ICVA
The Cielo Expanded Retail Index (ICVA) tracks the monthly evolution of Brazilian retail, based on sales in 18 sectors mapped by Cielo, ranging from small shopkeepers to large retailers. The weight of each sector in the overall result of the indicator is defined by its performance in the month.
ICVA was developed by Cielo's Business Analytics area with the goal of providing a monthly snapshot of the country's retail trade based on real data.
HOW IS IT CALCULATED?
Cielo's Business Analytics unit developed mathematical and statistical models applied to the company's database with the goal of isolating the effects of the merchant acquiring market—such as market share variations, the replacement of checks and cash in consumption, as well as the emergence of Pix (Brazil's instant payment system). In this way, the indicator reflects not only the activity of commerce through card transactions, but also the real dynamics of consumption at the point of sale.
This index is by no means a preview of Cielo's results, which are impacted by a number of other drivers, both in terms of revenue and costs and expenses.
UNDERSTAND THE INDEX
ICVA Nominal – Indicates the growth in nominal sales revenue in the Expanded Retail sector for the period, compared to the same period of the previous year. It reflects what the retailer actually observes in their sales.
ICVA Deflated – Nominal ICVA discounted for inflation. This is done using a deflator calculated from the Broad Consumer Price Index (IPCA), compiled by IBGE, adjusted to the mix and weights of the sectors included in the ICVA. It reflects the real growth of the retail sector, without the contribution of price increases.
Nominal/Deflated ICVA with calendar adjustment – ICVA without the calendar effects that impact a given month/period, when compared to the same month/period of the previous year. It reflects the pace of growth, allowing observation of accelerations and decelerations in the index.
ICVA E-commerce – Indicator of nominal revenue growth in the online retail sales channel, in the period compared to the equivalent period of the previous year.
