{"id":11965,"date":"2026-06-17T15:59:54","date_gmt":"2026-06-17T15:59:54","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=11965"},"modified":"2026-06-17T20:35:27","modified_gmt":"2026-06-17T20:35:27","slug":"canadian-cardholder-spending-holds-up-but-momentum-eases","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/rbc-consumer-spending-tracker\/canadian-cardholder-spending-holds-up-but-momentum-eases\/","title":{"rendered":"Canadian cardholder spending holds up but momentum eases"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel section-tabs full-width is-tabs-style-section-tabs-in-page\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p class=\"wp-block-paragraph\"><strong>May spending snapshot:<\/strong> The pace of&nbsp;RBC Canadian cardholder spending outside of purchases at the pumps and autos moderated in May from the previous month,&nbsp;but&nbsp;remained positive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our estimate of RBC\u2019s core retail sales (excluding purchases of gasoline and autos) eased to 0.7% from 1.2% in April on a three-month average.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Higher gasoline prices continued to absorb a larger share of household budgets. However, limited pullback in spending by consumers on other goods and services implies households continue, for now, to dip into savings (or increase borrowing) to keep spending.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Essentials\u2019 spending growth excluding gasoline moderated to 0.1%, but discretionary goods spending (ex-gasoline) continued to strengthen, suggesting consumers remain selective.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a34fca875e1a&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a34fca875e1a\" class=\"wp-block-image aligncenter size-full is-resized mar-b-dbl mob-mar-b mar-t mob-mar-t-hlf wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1886\" height=\"2761\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/CST-table-RBC.png\" alt=\"RBC Canadian consumer spending tracker\" class=\"wp-image-12035\" style=\"width:500px\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/CST-table-RBC.png 1886w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/CST-table-RBC.png?resize=205,300 205w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/CST-table-RBC.png?resize=768,1124 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/CST-table-RBC.png?resize=699,1024 699w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/CST-table-RBC.png?resize=1049,1536 1049w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/CST-table-RBC.png?resize=1399,2048 1399w\" sizes=\"auto, (max-width: 1886px) 100vw, 1886px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<h4 id=\"h-the-details\" class=\"wp-block-heading mob-mar-t-qtr mar-t-0 pad-t-0 has-rbc-bright-blue-color has-text-color has-link-color wp-elements-1d51fddcbee7d7b593b89777de6fd437\">The details:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list mar-l-qtr mob-mar-l-qtr\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Essentials\u2019 spending increased 1.1% in May and remained up 1.3% on a three-month average, but largely reflected price increases in spending on gasoline. Growth excluding gasoline purchases was essentially flat, suggesting elevated fuel costs may constraining household budgets for other everyday necessities.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Still, discretionary goods spending rose 1%, while the three-month average increased 0.7%, extending a steady improvement from near-flat readings earlier this year.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Clothing, shoes and related apparel remained a notable source of strength with spending rising 1.8%, and maintaining a 1% three-month average gain.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">A 0.6% three-month average increase in household and construction-related purchases aligns with some evidence of stabilization in housing activity. It supports our view that while activity remains largely flat, some <a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/monthly-housing-market-update\/delayed-start-to-spring-for-canadas-housing-market\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-11965-8cdcbd6f\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"link click\" data-dig-label=\"green shoots are beginning to appear\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">green shoots are beginning to appear<\/a> in housing markets.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Discretionary services spending rose 0.3%, and held at a 0.5% three-month average. Dining and entertainment spending softened in May, but both remained on a positive trend.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Travel spending continued to lag other spending categories with the three-month average remaining negative at &#8211; 2%, suggesting households remain selective with larger discretionary purchases.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-rbc-carousel-container is-layout-carousel-carousel is-mobile-per-page-1 is-desktop-per-page-1 default is-style-default\"><div class=\"carousel-wpr top-controls\" data-mobile-per-page=\"1\" aria-label=\"Carousel Container\" data-visible-slide=\"1\" data-infinite-loop=\"true\"><div class=\"carousel-ctrl\"><div class=\"carousel-indicators\"><\/div><button class=\"carousel-prev slick-arrow\" aria-label=\"previous slide\"><\/button><button class=\"carousel-next slick-arrow\" aria-label=\"next slide\"><\/button><\/div><div class=\"col-wpr eh-wpr carousel-inner\">\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<div class=\"wp-block-group has-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<div id=\"everviz-Sn1DaOznH\" class=\"everviz-Sn1DaOznH\" data-view=\"graph\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<div class=\"wp-block-group has-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<div id=\"everviz-FbJLvFvrK\" class=\"everviz-FbJLvFvrK\" data-view=\"graph\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<div class=\"wp-block-group has-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<div id=\"everviz-tkkV_sMOu\" class=\"everviz-tkkV_sMOu\" data-view=\"graph\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<div class=\"wp-block-group has-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<div id=\"everviz-eboWBW5bU\" class=\"everviz-eboWBW5bU\" data-view=\"graph\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<div class=\"wp-block-group has-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<div id=\"everviz-fa8sb1wlp\" class=\"everviz-fa8sb1wlp\" data-view=\"graph\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-carousel-inner carousel-item\" aria-label=\"Carousel slide\">\n<div class=\"wp-block-group has-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<div id=\"everviz-4yHOuyAJ4\" class=\"everviz-4yHOuyAJ4\" data-view=\"graph\"><\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Abbey Xu<\/strong>&nbsp;is an economist at RBC. She is a member of the macroeconomic analysis group, focusing on macroeconomic forecasting models and providing timely analysis and updates on economic trends.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Rachel Battaglia<\/strong>&nbsp;is an economist at RBC, providing forecasts for the Canadian provincial economies and analyzing key trends in housing and consumer spending.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse441563b8\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse441563b8\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-11965-441563b8\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Methodology\"><div>Methodology<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse441563b8\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"wp-block-paragraph\"><em>By Carrie Freestone<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RBC\u2019s consumer spending tracking report uses RBC Data &amp; Analytics\u2019 proprietary database of anonymized card transactions by Canadian clients. The data are an accounting of merchant transactions that are divided into various spending categories covering tens of millions of weekly card transactions worth billions of dollars each week. Transactions, both in person and online, are classified into 11 broad spending groups: Dining, Education, Finances, Groceries, Health, Household, Shopping, Transport, Travel, Utilities, and Other. Within each group, the data are further classified: for example, shopping covers merchants classified as clothing stores, hobby shops, electronics stores, and jewelers, among others. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We examined changes in the value of all transactions in these areas using a 7 day rolling sample starting January 1st of each year that is indexed to pre-covid levels which are calculated as the average spending for the month of February 2020. To examine the impact of seasonal factors, we also show each\u2019s year spending profile which depicts monthly trends in spending. Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Protecting your privacy and safeguarding your personal information is a cornerstone of our organizational ethics and values and will always be one of our highest priorities. The underlying data for this analysis was aggregated based on transaction date, region and merchant category, and cannot be used to identify any individual client or merchant. For additional information please visit&nbsp;<a href=\"https:\/\/www.rbc.com\/privacysecurity\/ca\/index.html\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":3183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[83,106],"tags":[115,107,11],"rbc_econ_content_type":[],"class_list":["post-11965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-rbc-consumer-spending-tracker","tag-canada","tag-consumer-spending","tag-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Canadian cardholder spending holds up but momentum eases - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/rbc-consumer-spending-tracker\/canadian-cardholder-spending-holds-up-but-momentum-eases\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian cardholder spending holds up but momentum eases\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/rbc-consumer-spending-tracker\/canadian-cardholder-spending-holds-up-but-momentum-eases\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Economics\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-17T15:59:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-17T20:35:27+00:00\" \/>\n<meta name=\"author\" content=\"viktoriyapanahova\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/07\/Cons-sp.png?quality=80\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"viktoriyapanahova\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/canadian-analysis\\\/rbc-consumer-spending-tracker\\\/canadian-cardholder-spending-holds-up-but-momentum-eases\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/canadian-analysis\\\/rbc-consumer-spending-tracker\\\/canadian-cardholder-spending-holds-up-but-momentum-eases\\\/\"},\"author\":{\"name\":\"viktoriyapanahova\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/109dd1bd3c90e818f8159356d46905ea\"},\"headline\":\"Canadian cardholder spending holds up but momentum eases\",\"datePublished\":\"2026-06-17T15:59:54+00:00\",\"dateModified\":\"2026-06-17T20:35:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/canadian-analysis\\\/rbc-consumer-spending-tracker\\\/canadian-cardholder-spending-holds-up-but-momentum-eases\\\/\"},\"wordCount\":606,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/canadian-analysis\\\/rbc-consumer-spending-tracker\\\/canadian-cardholder-spending-holds-up-but-momentum-eases\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/\\\/2025\\\/07\\\/Cons-sp.png?quality=80\",\"keywords\":[\"Canada\",\"Consumer spending\",\"Economy\"],\"articleSection\":[\"Canadian Analysis\",\"RBC Consumer Spending Tracker\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/canadian-analysis\\\/rbc-consumer-spending-tracker\\\/canadian-cardholder-spending-holds-up-but-momentum-eases\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/canadian-analysis\\\/rbc-consumer-spending-tracker\\\/canadian-cardholder-spending-holds-up-but-momentum-eases\\\/\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/canadian-analysis\\\/rbc-consumer-spending-tracker\\\/canadian-cardholder-spending-holds-up-but-momentum-eases\\\/\",\"name\":\"Canadian cardholder spending holds up but momentum eases - 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