New research by Ipsos reveals many shoppers continue to favour Black Friday over Cyber Monday holiday sales as a result of better perceived savings.

The study was conducted by Ipsos between Nov. 8 and 13 for Best Buy Canada, and includes online responses from 1,000 Canadians. Overall, it found that a slight majority of Canadians (54%) expect to shop either on Black Friday (starting today, Nov. 23) or on Cyber Monday. While the latter has grown in popularity over the years, nearly twice as many consumers (36% versus 19%) said they are likely to shop during Black Friday.

The reason may have to do with consumers’ wallets. Saving money remains with the biggest motivating factor for shopping across both holiday savings events: 53% of respondents picked that as their reason for shopping those days, with fewer people naming convenience (20%), the ability to interact with products (12%), the shopping experience (8%) or time savings (5%) as their motivations for doing so.

And Black Friday appears to have an edge on the perceived savings front, with roughly six in ten respondents saying it’s the reason they prefer that date over Cyber Monday (the number was nearly four in ten for those who preferred Cyber Monday). However, Cyber Monday remains the king of convenience, with 41% of shoppers naming it as their reason for choosing the online-sales event – or 32% more than Black Friday shoppers.

“Given this result, it appears more Canadians think the best deals are to be had on Black Friday rather than Cyber Monday,” notes Ipsos in a blog post explaining the findings.

The effect appears to be more prominent in the province of Quebec, where 72% of respondents cite saving money as the biggest factor influencing their choice of shopping occasion (compared to 59% in B.C., 54% in Saskatchewan and Manitoba, 47% in Ontario, 46% in Atlantic Canada and 39% in Alberta).

Finally, millennials are more likely to pick Black Friday (49%) over Cyber Monday (28%) as their preferred shopping day. That’s more than the 36% of Gen Xers and 26% of Baby Boomers who said the same. According to the report, millennials (14%) are also more likely than the other cohorts (5% of Gen Xers and 4% of Boomers) to be motivated by the Black Friday shopping experience.