Consumer spending in Canada saw the seventh consecutive positive increase in the last quarter.
Chief Product Officer Rob Cameron says Canada wide consumer spending rose 5.5% year over year.
He says all is not equal when it comes to provincial growth.
“We saw provinces like New Brunswick actually exceeded the country’s growth, so your growth was up 7.65%, which was very strong,” says Cameron. “And I think only a couple province, PEI, Ontario and BC was right around the same level, or higher.”
He says year over year, Canadians spent 13% more in furniture and home furnishings stores.
“I think it’s a safe haven investment, put some money into your house, real estate prices have generally been good in the country,” says Cameron. “Also you can see the return, so if you’re uncertain about the stock market, rather than saving, people are investing in their homes.”
He adds, a further business group to benefit were pet shops.
“Pet shops were up almost 20%, so Canadians continue to love their pets, so they spent a little bit more on their dogs and cats as well,” says Cameron.
Cameron says spending was up in all provinces except Alberta, where it dropped by almost 3%, in part because of the Fort Mac wildfires.
Charitable donations rose 21.1% year over year in Q2 2016. Get the full Cdn spending story: https://t.co/GXA1HPQGCk pic.twitter.com/Vro10CUPkt
— Moneris (@Moneris) July 19, 2016
