{"id":402,"date":"2025-04-17T05:00:00","date_gmt":"2025-04-17T05:00:00","guid":{"rendered":""},"modified":"2026-03-31T19:32:24","modified_gmt":"2026-03-31T19:32:24","slug":"covid-consumer-spending-tracker","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/rbc-consumer-spending-tracker\/covid-consumer-spending-tracker\/","title":{"rendered":"RBC Consumer spending tracker: Archive Jul, 2024\u2014Apr, 2025"},"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<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse12567f8d\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse12567f8d\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-12567f8d\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Mood swing: Canadians spending closer to home as trade war weighs on travel - April 17, 2025\"><div>Mood swing: Canadians spending closer to home as trade war weighs on travel &#8211; April 17, 2025<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse12567f8d\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Rachel Battaglia and Abbey Xu<\/em><\/p>\n\n\n\n<p><strong>March spending snapshot:<\/strong>&nbsp;We saw signs that Canadians are pulling back on purchasing discretionary goods, although broader spending trends remained resilient in March compared to the dramatic pullback in consumer confidence measures.<\/p>\n\n\n\n<p>Spending on services held up better than purchases of merchandise, remaining flat relative to the prior month. Overall cardholder spending (excluding autos) edged lower in March, but earlier data pointed to a surge in vehicle sales (not captured well in our card tracking data) as buyers bought ahead of expected U.S. auto tariffs in April.<\/p>\n\n\n\n<section class=\"wp-block-rbc-rbc-tabs-block alignfull section-tabs is-style-default\" aria-label=\"Section Tabs\"><div class=\"section-inner \"><ul class=\"tab-nav \" role=\"tablist\"><li role=\"presentation\"><a href=\"#section-content-075764f5\" id=\"section-tab-075764f5\" role=\"tab\" data-toggle=\"tab\" data-bs-toggle=\"tab\" data-bs-target=\"#section-content-075764f5\" aria-controls=\"section-content-075764f5\" aria-selected=\"false\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-075764f5\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"tab select\" data-dig-label=\"All Categories\">All Categories<\/a><\/li><li role=\"presentation\"><a href=\"#section-content-7e8b0f4e\" id=\"section-tab-7e8b0f4e\" role=\"tab\" data-toggle=\"tab\" data-bs-toggle=\"tab\" data-bs-target=\"#section-content-7e8b0f4e\" aria-controls=\"section-content-7e8b0f4e\" aria-selected=\"false\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-7e8b0f4e\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"tab select\" data-dig-label=\"Dining, groceries and travel\">Dining, groceries and travel<\/a><\/li><li role=\"presentation\"><a href=\"#section-content-f6cf8068\" id=\"section-tab-f6cf8068\" role=\"tab\" data-toggle=\"tab\" data-bs-toggle=\"tab\" data-bs-target=\"#section-content-f6cf8068\" aria-controls=\"section-content-f6cf8068\" aria-selected=\"false\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-f6cf8068\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"tab select\" data-dig-label=\"Entertainment, household and clothing\">Entertainment, household and clothing<\/a><\/li><\/ul><div class=\"tab-content\">\n<div class=\"wp-block-rbc-rbc-tab-content\"><div role=\"tabpanel\" class=\"tab-pane show active\" aria-labelledby=\"section-tab-075764f5\" id=\"section-content-075764f5\">\n\n<div id=\"everviz-PXkfjPCAT\" class=\"everviz-PXkfjPCAT\"><\/div>\n\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-tab-content\"><div role=\"tabpanel\" class=\"tab-pane\" aria-labelledby=\"section-tab-7e8b0f4e\" id=\"section-content-7e8b0f4e\" tabindex=\"0\">\n<div id=\"everviz-zKztCZRZu\" class=\"everviz-zKztCZRZu\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-tab-content\"><div role=\"tabpanel\" class=\"tab-pane\" aria-labelledby=\"section-tab-f6cf8068\" id=\"section-content-f6cf8068\" tabindex=\"0\">\n<div id=\"everviz-HhZtnqj-P\" class=\"everviz-HhZtnqj-P\"><\/div>\n<\/div><\/div>\n<\/div><\/div><\/section>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<p>Last month, we flagged the divergence between soft and hard data in consumer spending trends. Canadian consumer confidence plunged to a record low, but that crater wasn\u2019t mirrored in our cardholder spending data\u2014at least not by the same magnitude.<\/p>\n\n\n\n<p>March credit and debit card swipes by RBC cardholders didn\u2019t bridge the gap either. The Conference Board of Canada\u2019s Index of Consumer Confidence fell 16% month-over-month in March, while our estimate of total spending excluding autos was down just 0.1%.<\/p>\n\n\n\n<p>Most of the pullback in spending (excluding autos) is concentrated in discretionary goods\u2019 categories. Spending on discretionary services, on the other hand, remained relatively flat from the prior month (0.5%). This is consistent with restaurant reservation data from OpenTable, which was 18% above year-ago levels at the end of March into early April.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-59WkP66Qa\" class=\"everviz-59WkP66Qa\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-motor-vehicle-sales-likely-propped-up-total-spending-but-momentum-unlikely-to-persist\">Motor vehicle sales likely propped up total spending but momentum unlikely to persist<\/h3>\n\n\n\n<p>Our cardholder spending doesn\u2019t track autos, but our in-house seasonally adjusted estimate of motor vehicle sales (based on preliminary data from industry sources) shows a sharp contrast to broader spending trends in March. Auto sales appear to have surged as Canadian consumers rushed to purchase vehicles ahead of new tariffs.<\/p>\n\n\n\n<p>The strength in auto sales was likely enough to tip total spending (including autos) into positive territory in March. Front-loaded demand, however, is often borrowed from the future\u2014making it unlikely that such strength will persist going forward.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-spotlight-on-spending-what-the-subcomponents-are-telling-us\">Spotlight on spending: What the subcomponents are telling us<\/h3>\n\n\n\n<p>Canadians also reined in travel spending amid heightened economic turmoil. This aligns with the latest international arrivals data from StatCan, which shows Canadian residents made fewer trips to the U.S. compared to a year ago, falling 22% on average in March 2025. The overall decline was led by land trips to the U.S., but the weakness was broad based.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-IekLgSAIE\" class=\"everviz-IekLgSAIE\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<p>Lower international travel spending isn\u2019t all bad from a Canadian perspective. Historically, Canadians spend more on travel abroad than foreigners spend in Canada. So, more shoppers staying close to home could help boost sales in the domestic hospitality sector.<\/p>\n\n\n\n<p>Grocery spending cooled modestly in March as well, following the end of the GST\/HST tax holiday in mid-February. The temporary lift to food budgets has now faded, and households appear to be adjusting accordingly. Spending hasn\u2019t dropped sharply, but the momentum has softened.<\/p>\n\n\n\n<p>Spending on gas also dipped lower as pump prices cooled in March. We expect the end of the consumer carbon tax will yield another one-time drop in gas spending in April.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-spending-softens-across-most-jurisdictions\">Spending softens across most jurisdictions<\/h3>\n\n\n\n<p>The broader softening in consumer spending was seen across most Canadian provinces in March. British Columbia and Newfoundland and Labrador were among the few outliers, where monthly spending (excluding autos) increased by 1.3% making up for weaker spending in the previous month.<\/p>\n\n\n\n<p>Despite recent softening in consumer spending, most provinces are still posting gains from a year ago. Quebec led the increase in cardholder spending, up 6.3% compared to the first quarter of 2024. Some of this, however, is due to one particularly weak month at the beginning of last year due to especially soft spending on dining and travel.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-uM02hHkxc\" class=\"everviz-uM02hHkxc\"><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse7675631c\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse7675631c\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-7675631c\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Canadian consumer spending not as soft as confidence yet but risks remain - March 26, 2025\"><div>Canadian consumer spending not as soft as confidence yet but risks remain &#8211; March 26, 2025<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse7675631c\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Rachel Battaglia and Abbey Xu<\/em><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Trade disruptions sent Canadian consumer confidence to its lowest level in history in March, but retail data shows spending hasn\u2019t softened to the same degree with RBC cardholder data reflecting a smaller pullback.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The Conference Board of Canada\u2019s Index of Consumer Confidence fell 32% from January to March as the trade war with the U.S. intensified.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Card transactions in February showed a 0.2% (seasonally adjusted) drop in spending on retail goods excluding autos\u2014broadly consistent with Statistics Canada\u2019s advance estimate of retail sales falling 0.4% in February.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The pullback in purchases was also influenced by the end of the GST\/HST tax holiday on Feb. 15, and severe weather in Ontario.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Spending on discretionary goods declined in February, but spending on discretionary services and essentials were little changed from January. Sales at restaurants edged higher\u2014broadly consistent with data from OpenTable showing restaurant bookings still running 20% above year-ago levels into late March.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Daily (not seasonally adjusted) data showed less spending in mid-February than usual in Ontario, coinciding with severe winter weather that also weighed on home resales. Daily spending continued to broadly track last year\u2019s patterns into mid-March.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Spending fell most in the Prairies and Atlantic provinces so far this year where easing population growth is weighing on overall activity. Low sensitivity to interest rates in these regions means per capita spending hasn\u2019t seen much of a lift either from lower interest rates.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Ontario has shown stronger numbers so far this year, supported by the distribution of $200 stimulus cheques and the tax holiday. But, spending quickly eased mid-February after the end of the tax holiday coincided with Family Day and a severe two-day snowstorm. Most of the tax rebate cheques had already been mailed out by this point as well.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consumers had less incentive to spend after the tax holiday ended. Categories covered by the tax break saw sharper declines after Feb. 15th compared to the same period in 2023 and 2024\u2014even after controlling for the Family Day long weekend (and week-long February school breaks in Alberta and Saskatchewan).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consumer spending appears to have remained relatively resilient compared to the plunge in confidence measures over February and March, but escalating international trade uncertainty, including the potential for another round of significant tariff hikes in April, could add downward pressure on spending in the months ahead.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz--TWbGL635\" class=\"everviz--TWbGL635\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-APocSon4n\" class=\"everviz-APocSon4n\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-jSNQVATF0\" class=\"everviz-jSNQVATF0\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-DoycHVXb3\" class=\"everviz-DoycHVXb3\"><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsec527f438\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsec527f438\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-c527f438\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Canadian consumer spending hit a January lull after strong holiday spending - February 14  \"><div>Canadian consumer spending hit a January lull after strong holiday spending &#8211; February 14  <\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapsec527f438\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Carrie Freestone<\/em><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>January marked a sluggish start to consumer spending in 2025, but it was largely expected after spending surged at end of the 2024 holiday shopping season. Retail (goods) sector sales excluding autos pulled back in January both before and after adjusting for inflation.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>After an impressive December, spending on goods included in the tax holiday (still in effect until Feb. 15th) were weaker. Canadians spent significantly less on clothing and electronics last month, and even grocery baskets were a little lighter.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Discretionary services spending has had an impressive run, but posted weak growth in January despite softness in accommodation and food services spending. Canadians have enjoyed fewer hotel stays for three consecutive months when adjusted for inflation, and dined out less frequently in the winter months. Spending on entertainment services, however, which includes amusement and recreation services, movie theatres and bowling alleys were stronger in January.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>One key bright spot in the data was home-related spending on furniture and household electronics, along with building materials. We tend to see home-related spending coincide with a lift in housing market activity, specifically home resales.&nbsp;<a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/canadian-housing\/special-housing-reports\/sellers-set-the-tone-in-canadas-housing-markets-as-2025-rolls-in\/\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-fda48526\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"link click\" data-dig-label=\"This is aligned with early reports from local real estate markets\" class=\"rbc-link-format\">This is aligned with early reports from local real estate markets<\/a>, where preliminary resales looked stronger in Toronto and Montreal. New listings also ramped up in January\u2014a sign there\u2019s renewed focus on selling and as a natural extension, home improvements.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The discrepancy between total and per capita consumption is now less pronounced as exceptionally strong population growth fades. Per capita consumer spending trended higher in Q3 and Q4, but slowed alongside total consumption in January. We are still assuming softer growth in Q1 with stronger consumer momentum (driven by demand for services) to pick up in the back half of the year.&nbsp;<a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/featured-insights\/five-things-we-learned-this-week-about-u-s-canada-trade\/\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-fda48526\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"link click\" data-dig-label=\"Of course, tariffs remain a major wildcard and could derail growth\" class=\"rbc-link-format\">Of course, tariffs remain a major wildcard and could derail growth<\/a>&nbsp;should they materialize to the full extent for a prolonged period of time. Softer spending (in areas like autos) in January indicates that consumers are not front-loading goods purchases just yet in the face of widespread uncertainty.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-jJq83Rj1w\" class=\"everviz-jJq83Rj1w\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-atDyigsel\" class=\"everviz-atDyigsel\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-1h3pt_lmN\" class=\"everviz-1h3pt_lmN\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-9ju1fUwSz\" class=\"everviz-9ju1fUwSz\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-l43oBNlcU\" class=\"everviz-l43oBNlcU\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsead21a42e\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsead21a42e\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-ad21a42e\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\" Canadians ramped up holiday spending in December\u2014right after federal tax holiday - January 16, 2025\"><div> Canadians ramped up holiday spending in December\u2014right after federal tax holiday &#8211; January 16, 2025<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapsead21a42e\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Carrie Freestone<\/em><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>December marked a sharp reversal to November\u2019s<\/strong>&nbsp;soft start to the holiday shopping season, when its peak typically starts and continues until Boxing Day. While Black Friday shopping was softer this year than last, total spending over the holidays was slightly above year-ago levels.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Canada\u2019s federal tax holiday may have nudged<\/strong>&nbsp;spending to later in the season. There was a noticeable pullback in spending immediately after the tax holiday was announced on Nov. 21<sup>st<\/sup>. Spending at brick and mortar stores picked up materially after the tax holiday came into effect. However, the two weeks leading up to Christmas are typically the busiest spending days of the season.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>But even after the tax holiday came into effect<\/strong>, spending on books, music, journals, photography, hobbies, toys, and games was well below year-ago levels. Instead, Canadians spent more on gifts of entertainment, art, clothing, and jewellery this year.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Nominal retail sales excluding autos likely<\/strong>&nbsp;ticked meaningfully higher in Q4. Our cardholder spending activity was very weak in November, but a rebound in December more than made up for the pullback with spending returning to trend. Canadians prioritized spending on clothing, shoes, furniture, electronics, gas and building materials.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>The higher spending in December<\/strong>&nbsp;comes as population growth shows signs of slowing, leaving per-capita spending tracking a second consecutive increase in Q4. Overall, economic growth has still been soft\u2014we are tracking a 1.5% increase in Q4 gross domestic product, up slightly from Q3\u2019s 1% increase. Still, protectionist U.S. trade policy from the incoming Trump administration remains a risk. However, we continue to expect lower interest rates will help support stronger real per-capita consumer spending in the year ahead.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-A5zXI3Guu\" class=\"everviz-A5zXI3Guu\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-kFSwmbBQE\" class=\"everviz-kFSwmbBQE\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-w7M5yvJov\" class=\"everviz-w7M5yvJov\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-XHOBr42Lz\" class=\"everviz-XHOBr42Lz\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-CPFAB4Ddp\" class=\"everviz-CPFAB4Ddp\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-c9dTGgGJO\" class=\"everviz-c9dTGgGJO\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsef9127166\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsef9127166\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-f9127166\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"November retail spending marked soft start to Canada\u2019s holiday shopping season - December 19, 2024\"><div>November retail spending marked soft start to Canada\u2019s holiday shopping season &#8211; December 19, 2024<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapsef9127166\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Carrie Freestone<\/em><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Canadian retail sales (excluding autos) looked weaker in November<\/strong>&nbsp;after consumers went on fall spending sprees in September and October. Our RBC credit cardholder data suggests Canadians pared back on discretionary goods (including home-related goods and electronics) and discretionary services (like health and fitness and home services) after a stronger month of spending in October. Restaurant sales were the outlier\u2014holding up through November.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Even with November\u2019s decline, Canada is likely on track for a slight uptick in per-person retail spending in Q4<\/strong>&nbsp;for the first time since mid-2022.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Holiday spending was slightly below (-1.1%) 2023 levels over the Black Friday weekend<\/strong>&nbsp;(from the eve of Black Friday through Cyber Monday). Overall, holiday spending was 2% below a year ago in November. Canadians prioritized experience spending on entertainment, art, and movies at the expense of apparel, gifts, and jewellery.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Even Santa avoids taxes when he can\u2026&nbsp;<\/strong>Spending on hobbies, toys, and games scaled back notably after Nov. 21 (down 25% from a year ago through to the end of the month) after the Federal government announced the \u201ctax holiday\u201d\u2014an impending GST\/HST exemption for these items from Dec. 14 to Feb. 15, 2025. Typically, spending on popular children\u2019s gifts builds as the holiday season approaches.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Canadians spent 5% more on dining out in November this year nationwide.<\/strong>&nbsp;However, after seasonally adjusting data and accounting for inflation, Canadian restaurant spending was only slightly higher in the three months ending in November. Canadians who stayed at hotels spent significantly more- but this was entirely reflective of higher prices for high-profile concerts. Real accommodation spending has fallen overall in the past three months.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Both online and in-store spending was weaker<\/strong>, but online shopping posted a more pronounced decline\u2014suggesting people who typically shop online may have been hesitant in the wake of the Canada Post strike.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>The Bottom Line:&nbsp;<\/strong>Canadians started the holiday shopping season on a softer note with weakness across most spending categories. Still, October marked a strong start to Q4 and without further softening, Canada is on track for a slight uptick in per-person spending at the end of the year. The Bank of Canada\u2019s holiday gift was a final 50 basis point cut to end 2024. We expect additional 25 bps cuts in the New Year will begin to appease cash-strapped consumers, but not right away.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-9dHkOcUzL\" class=\"everviz-9dHkOcUzL\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-Zjq44LiaV\" class=\"everviz-Zjq44LiaV\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-TA4sE2YKi\" class=\"everviz-TA4sE2YKi\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-qeP7qhM66\" class=\"everviz-qeP7qhM66\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-R0uGQtSOa\" class=\"everviz-R0uGQtSOa\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-mLAFoSF9h\" class=\"everviz-mLAFoSF9h\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsea83c97b8\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsea83c97b8\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-a83c97b8\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Canadians are tapped out\u2014Q3 services sector spending likely declined - October 16, 2024\"><div>Canadians are tapped out\u2014Q3 services sector spending likely declined &#8211; October 16, 2024<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapsea83c97b8\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Carrie Freestone<\/em><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Our RBC credit cardholder data suggests Canadians are spending less, and retail sales likely declined in September before and after adjusting for inflation. Moderating inflation has meant less divergence between real and nominal spending levels.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The lagging impact of interest rate cuts from the Bank of Canada means many consumers will have to wait to see a rebound in their household purchasing power.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>There was a significant pullback in buying clothing and footwear after a back-to-school shopping surge in August. Car sales were much higher in the summer months and have since moderated. But even spending on essentials (like groceries and gas) was weaker as Canadians stuck to budgets and tightened their belts. Spending on general merchandise, sporting goods, health and personal care, and building materials slightly offset weakness in other categories.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Q3 retail sales activity came in weakly positive based on our cardholder data as overall consumer activity chugs along at a tepid pace. Per capita retail spending remains a better measure of how households are feeling, because overall measures do not account for strong population growth. Per capita retail spending remains abysmal\u2014sales have declined for seven of the past nine quarters with the remaining two reporting stagnant growth.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Q3 marks the first quarter since early 2021\u2014when lockdowns were still imposed in many regions\u2014that services sector spending has weakened. Canadians dined out less frequently in both August and September. Total travel spending offset a portion of the services sector pullback (thanks to spending on travel agencies and airlines), but spending at hotels was below year-ago levels for the summer.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Interest rates have been adjusted lower, but debt-servicing ratios are still high with households playing catch-up from previous rate hikes over the past two years. Interest rates are at high levels, and it will take some time before Canadian consumers feel a significant incentive to ramp up discretionary spending. Still, as rates move lower, we expect the persistent softening in labour markets to be closer to its end and look for consumers to start tapping credit cards more liberally in the second half of 2025.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-eJR_QYcKh\" class=\"everviz-eJR_QYcKh\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-miVckSXw7\" class=\"everviz-miVckSXw7\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-5lGErBDL9\" class=\"everviz-5lGErBDL9\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-Hzw9yhCmZ\" class=\"everviz-Hzw9yhCmZ\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-rVruh2oYC\" class=\"everviz-rVruh2oYC\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse47317830\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse47317830\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-47317830\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Canadians\u2019 spending plateaued over the summer - September 19, 2024\"><div>Canadians\u2019 spending plateaued over the summer &#8211; September 19, 2024<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse47317830\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Carrie Freestone<\/em><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Canadian consumer momentum showed further signs of slowing in August.<\/strong>&nbsp;Real retail sales, excluding autos, likely declined on a month-over-month basis both before and after adjusting for inflation. Home and renovation-related spending remained weak (as the housing market has yet to stage a rebound), alongside general merchandise, gasoline and health and personal care spending. Spending at clothing stores and on sporting goods trended higher ahead of the busy back-to-school season.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Services sector spending declined, alongside spending on goods and essentials.<\/strong>&nbsp;Still, Canadians continued to prioritize entertainment services like movie theatres and amusement parks in August over toys and other entertainment goods.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Households appear to be staying closer to home as travel and hospitality demand fades.<\/strong>&nbsp;Travel spending slowed with average spend per transaction falling. Spending on hotels was largely flat as restaurant spending ticked lower.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Overall, Canadian consumers lived a more frugal summer<\/strong>&nbsp;with many households refraining from lavish trips, instead opting to spend on domestic entertainment services. Households dined at home over restaurant patios and bought fewer consumer goods. Stretched mortgage holders continued to await lower rates, though it wouldn\u2019t have an immediate impact. Many locked into ultra-low fixed-rate mortgages in 2024 and 2025 will still see higher debt payments at renewal even with the Bank of Canada\u2019s interest rate cuts. Consumption will likely remain soft in the near term, relative to population growth.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-Fff6h4yu_\" class=\"everviz-Fff6h4yu_\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-RXwLX4tTR\" class=\"everviz-RXwLX4tTR\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-2Hj1VRoIP\" class=\"everviz-2Hj1VRoIP\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-U8M-hWJ9p\" class=\"everviz-U8M-hWJ9p\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-ROJCBelUD\" class=\"everviz-ROJCBelUD\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsed63c00a8\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsed63c00a8\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-d63c00a8\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Canadian consumers cool down this summer - August 8, 2024\"><div>Canadian consumers cool down this summer &#8211; August 8, 2024<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapsed63c00a8\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Carrie Freestone<\/em><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Canadian consumers are pulling back this summer after years of pandemic revenge spending.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Retail sales likely continued to decline again in July after adjusting for inflation, implying real retail sales fell in six of the first seven months of the year. Appetite for discretionary goods remained limited, though July\u2019s decline was broad-based. A decrease in spending on clothing, groceries and gasoline accounted for the fall.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consumers are likely hosting fewer extravagant dinner parties and spending less time on patios this summer. Cardholders have spent less on groceries for three consecutive months, but real spending at restaurants was also significantly weaker in July.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Many are also embarking on fewer road trips so far. Real gasoline spending fell in both June and July, but spending on hotels held steady over the last three months.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Home-related spending was slightly higher in July after home resales picked up in June, following the first interest rate cut from the Bank of Canada in four years. However, home-related spending (on renovations and landscaping) has declined since April based on a three-month moving average. It remained 9% below pre-pandemic levels in June even though resale activity has improved since April.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consumer spending continues to show signs of stress as many wait for the impact of the BoC rate cuts to filter through to mortgage interest costs. Interest rates are still high. Canadians renewing fixed-rate mortgages in 2024 still face significantly higher rates, which will cut into broader purchasing power. However, as the BoC continues its path to lower rates, mortgage holders will feel some relief and at least partially restored purchasing power upon renewal. We expect consumption will remain soft (relative to still-strong population growth) over the second half of the year before picking up in 2025 as the BoC continues to ease monetary policy.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-XDA4cK8bA\" class=\"everviz-XDA4cK8bA\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-pKM7pldiS\" class=\"everviz-pKM7pldiS\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-6sNnhfIff\" class=\"everviz-6sNnhfIff\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-ChFyCrLz0\" class=\"everviz-ChFyCrLz0\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-NWkKN_LvQ\" class=\"everviz-NWkKN_LvQ\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsedd06f3a9\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsedd06f3a9\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-402-dd06f3a9\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Warmer temperatures failed to ignite Canadian consumer spending in Q2 - July 11, 2024\"><div>Warmer temperatures failed to ignite Canadian consumer spending in Q2 &#8211; July 11, 2024<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapsedd06f3a9\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Carrie Freestone<\/em><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Warm weather did not entice Canadian consumers to spend earlier in the summer. A jump in spending on discretionary goods and services in April reversed in May and June as price-sensitive consumers tightened their belts.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Auto sales were softer in the back half of the quarter, and are not expected to improve in the near term as software outages likely weighed on sales. Overall, retail sales were negative in the second quarter after a strong start to the year.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Spending on essentials (gas and groceries) was weaker in June. Spending on home goods and building materials also weighed on consumption in both May and June. Fewer Canadians renovated their homes this year, largely reflective of a sluggish housing sector as the typically hot spring housing market remained stagnant.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Food services spending posted weak growth on a three-month moving average basis. Hotel spending softened as higher prices staved off wanderlust. Tourism demand is still sitting below pre-pandemic levels.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>On a per capita basis, real spending on consumer goods declined for the first time since Q3 last year, and we don\u2019t expect a turnaround in the near term. While the Bank of Canada\u2019s cutting cycle is underway after an initial 25 basis point cut in June, interest rates are still very restrictive as homeowners grapple with the impact of mortgage renewals. It will take time for the impact of BoC cuts to ease consumer pain.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-f9Nu9JxvM\" class=\"everviz-f9Nu9JxvM\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-BOHkgszbc\" class=\"everviz-BOHkgszbc\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-ythco0-E2\" class=\"everviz-ythco0-E2\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-vf_25MQMp\" class=\"everviz-vf_25MQMp\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-qQHPYEcO8\" class=\"everviz-qQHPYEcO8\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-eezxoY-vX\" class=\"everviz-eezxoY-vX\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n<\/div>\n<\/div><\/div>\n\n\n\n<h6 class=\"wp-block-heading\"><strong>\u2021 Methodology<\/strong><\/h6>\n\n\n\n<p>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 jewellers, among others.<\/p>\n\n\n\n<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the amount recorded over the same seven days in 2019. We excluded purely financial items (e.g., cash advances, insurance premiums, currency exchanges, fines). To examine the impact of important events, we looked at how spending changed on specific days, both on a daily basis and on an annualized basis relative to that same weekday a year ago.<\/p>\n\n\n\n<p>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 <a href=\"http:\/\/www.rbc.com\/privacy\" target=\"_blank\" rel=\"noreferrer noopener\">www.rbc.com\/privacy<\/a>.<\/p>\n\n\n\n<p><em><sup>1<\/sup>Reflects fully anonymized credit and debit card spending.<\/em><\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>RBC Economics provides a snapshot of how the COVID-19 pandemic has altered Canadian consumer 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