Cash registers continue to ring. For the fourth consecutive quarter, consumer spending is up in Canada.
The MonerisMetrics Quarterly report found spending was up by 6.68% in the third quarter of 2015.
Growth during the quarter was on par with the first (5.78%) and second (6.08%) quarters.
Where was all that money spent?
Canadians spent more on restaurants, home electronics, clothing, and on their pets, but spending on gas and convenience was down over 5%.
“We saw healthy increases in Canadian consumer spending last quarter, consistent with Statistics Canada’s finding that retail sales climbed in July and August, with sales rising more than expected in August. This trend suggests Canadian consumers are feeling confident, and is a positive sign for retailers as we enter the busy holiday shopping season.” – Angela Brown, President and CEO of Moneris.
The strongest increases was recorded in British Columbia (10.24%) followed by Ontario (8.99%). Alberta posted the smallest increase (0.30%) followed by Saskatchewan (1.95%).
Breaking down the numbers further, credit card spending increased by 8.56% over the same quarter last year, making up 63% of purchases made. Debit sales rose by 5.70%, representing 37% of total card spending.