{"id":8281,"date":"2024-06-19T23:45:00","date_gmt":"2024-06-19T23:45:00","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=8281"},"modified":"2026-03-31T19:31:45","modified_gmt":"2026-03-31T19:31:45","slug":"rbc-consumer-spending-tracker-archive-apr-2020-jun-2024","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/rbc-consumer-spending-tracker\/rbc-consumer-spending-tracker-archive-apr-2020-jun-2024\/","title":{"rendered":"RBC Consumer spending tracker: Archive Apr, 2020\u2014Jun, 2024"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div id=\"accordionSet1\" class=\"accordion\">\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title240417\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion240417\" data-toggle=\"collapse\" data-parent=\"#accordionSet240417\" aria-expanded=\"false\" aria-controls=\"accordion240417\">Canadian consumer spending is still declining on a per-capita basis<span class=\"text-disclaimer\"> See update from June 19, 2024<\/span><\/button><\/p>\n<div id=\"accordion240417\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title240417\">\n<div class=\"collapse-inner\">\n<ul>\n<li>In Canada, growth in \u201ccore\u201d consumer spending (excluding spending on auto and gas stations) dropped lower in May after a surge in April, according to RBC\u2019s internal card spending data.<\/li>\n<li>Much of the increase in spending since 2023 has come from purchases of discretionary services \u2013 but momentum in those purchases also faded in May after a rise in April.<\/li>\n<li>Years of home cooking during the pandemic led to a build-up in pent-up demand for restaurant dining that was unleashed after restrictions were lifted. Canadians have broadly been prioritizing dining at restaurants over home cooking. But restaurant sales also edged slightly lower in May and were not significantly different from the end of 2023 (on a seasonally adjusted basis).<\/li>\n<li>Lack of a rebound in housing demand has suppressed home resale activities Canada and kept home prices in check. The softening is mirrored in home renovation activities \u2013 spending on housing construction among consumers has steadily trended lower since spring of 2022 when interest rates first started to rise.<\/li>\n<li>Travel demand among Canadian residents had started to flag in 2024. The latest data on travel spending and airport passenger volumes shows the rebound in spending since the pandemic stalling. Higher interest rates and rising debt servicing challenges may be to blame, squeezing households of funds that would have been allocated to leisure activities otherwise, including tourism.<\/li>\n<li>Overall, consumer spending after accounting for record levels of population growth (or on a per-capita basis) continues to weaken in Q2, alongside declines in per-capita GDP. Interest rates are still high even after the Bank of Canada kicked off an easing cycle earlier this month and average debt servicing costs as a share of household income are set to stay elevated for some time. We don\u2019t expect a turnaround in per-capita spending until Q4 this year.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-gmpEq5u6n\" class=\"everviz-gmpEq5u6n\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-V1NIqfFgf\" class=\"everviz-V1NIqfFgf\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-BoZRw6u29\" class=\"everviz-BoZRw6u29\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz--EdC6eR6o\" class=\"everviz--EdC6eR6o\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title240416\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion240416\" data-toggle=\"collapse\" data-parent=\"#accordionSet240416\" aria-expanded=\"false\" aria-controls=\"accordion240416\">Will Canada\u2019s spring fever spending spree withstand headwinds?<span class=\"text-disclaimer\"> See update from May 10, 2024<\/span><\/button><\/p>\n<div id=\"accordion240416\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title240416\">\n<div class=\"collapse-inner\">\n<ul>\n<li>Spring weather inspired Canadians to freshen up their homes and revamp their closets during the month of April. Core retail sales (total retail sales excluding motor vehicles) were much stronger in April, but most of the growth was driven by home-related purchases, sporting goods, and clothing ahead of warmer weather.<\/li>\n<li>Home-related spending on home furnishings, renovation materials, and garden supplies ticked materially higher for the first time in a year. Building materials accounted for one-third of the overall uptick in April spending.<\/li>\n<li>But strength in real spending (adjusted for inflation) was broad-based, with increases across almost all spending categories (with the exception of groceries, gasoline volumes, and miscellaneous goods). For the first time this year, spending on discretionary goods ramped up alongside both services and essentials.<\/li>\n<li>Spending on hotels rebounded for two-consecutive months after Canadians stayed put in the back-half of 2023 through the winter months. Restaurant spending ticked slightly higher ahead of summer patio season.<\/li>\n<li>April RBC consumer spending data marked a stronger start to Q2 than we expected. But one month does not make a trend. We are cautiously optimistic that consumer activity will improve this year- as adjustment to higher rates hits households less hard in 2024. The question is- will consumer optimism prevail into summer? Labour market headwinds have been building with the unemployment rate up one full percentage point from a year ago and layoffs rising in recent months. A ramp up of business insolvencies in Q1 alongside higher household credit delinquency rates add to these headwinds. We continue to expect consumer spending to pick up in the back half of the year once BoC cuts are underway, likely starting in June<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-CO-o1MxfD\" class=\"everviz-CO-o1MxfD\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-2ruHgijMs\" class=\"everviz-2ruHgijMs\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-eFz2qZHe1\" class=\"everviz-eFz2qZHe1\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-vteI4sDLj\" class=\"everviz-vteI4sDLj\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-ENzG_X5nx\" class=\"everviz-ENzG_X5nx\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title240415\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion240415\" data-toggle=\"collapse\" data-parent=\"#accordionSet240415\" aria-expanded=\"false\" aria-controls=\"accordion240415\">Cash-strapped consumers show signs of thawing out in Q1<span class=\"text-disclaimer\"> See update from April 15, 2024<\/span><\/button><\/p>\n<div id=\"accordion240415\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title240415\">\n<div class=\"collapse-inner\">\n<ul>\n<li>Card transactions are pointing to a second consecutive tick higher in per-person real retail spending (excluding autos) in the first quarter of 2024 after eight declines in a row.<\/li>\n<li>However, there were signs of softening in March. Spending on furniture, clothing, and other merchandise finished Q1 on a soft note\u2014as households pared back physical merchandise purchases, buying fewer physical goods in favour of experiences.<\/li>\n<li>March RBC consumer spending data suggests Canadian household spending is still running cold (on a per-person basis) but there are early signs of thawing. The <a href=\"https:\/\/thoughtleadership.rbc.com\/proof-point-consumer-spending-headwinds-should-ease-in-second-half-of-2024\/\">adjustment of households<\/a> to higher interest rates is still likely closer to its end than its beginning with slowing inflation numbers inching the Bank of Canada closer to interest rate cuts. Still, labour market headwinds appear to be growing with the unemployment rate rising in March. We look for Canadian consumer spending to remain soft in the first half of this year before ticking higher in the second half.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-YZKTydIH6\" class=\"everviz-YZKTydIH6\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-ksdLc4yy-\" class=\"everviz-ksdLc4yy-\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-UmLyyzA5c\" class=\"everviz-UmLyyzA5c\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-Vs1skPb4D\" class=\"everviz-Vs1skPb4D\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-_DXrFNE0G\" class=\"everviz-_DXrFNE0G\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title240314\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion240314\" data-toggle=\"collapse\" data-parent=\"#accordionSet240314\" aria-expanded=\"false\" aria-controls=\"accordion240314\">Sluggish Q1 retail spending suggests consumers still adjusting to higher rates and cost of living<span class=\"text-disclaimer\"> See update from March 14, 2024<\/span><\/button><\/p>\n<div id=\"accordion240314\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title240314\">\n<div class=\"collapse-inner\">\n<ul>\n<li>RBC cardholder data suggests softer consumption in Q1 so far after consumers spent freely during the holiday season. Our proxy for Canadian retail sales shows declines in nominal retail spending excluding motor vehicles. These declines have been partially offset by stronger services sector spending.<\/li>\n<li>Canadians are prioritizing some discretionary services and even started making hotel reservations in February\u2014marking the first positive uptick in travel accommodation spending (adjusted for inflation) in six months. But real restaurant spending is still weaker than Q4 as many Canadians opt to eat at home.<\/li>\n<li>Spending on essentials is holding steady amid grocery prices still growing faster than most other goods and services. Spending on discretionary goods (like clothing and footwear) has been weaker in recent months\u2014a sign that consumers are making tough choices.<\/li>\n<li>Spending on home improvement-related goods was essentially unchanged as prospective renovators possibly held off in anticipation of a pivot on interest rates from the Bank of Canada later this year.<\/li>\n<li>RBC consumer spending data largely supports our view that <a href=\"https:\/\/thoughtleadership.rbc.com\/the-canadian-economic-slowdown-is-not-over\/\">household adjustment to higher rates and a higher cost of living is not complete<\/a>. The ratio of household debt payments to disposable income is at record highs as delinquency rates have risen. Weaker housing affordability has cut into household purchasing power in a big way. Softness in Canada\u2019s job market adds to the pressure. Later this year, we expect stronger services sector consumption will drive the rebound in growth, but this is contingent on the BoC pivoting to cuts by mid-year.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-tF6H5KcnA\" class=\"everviz-tF6H5KcnA\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-d8HbjCnzf\" class=\"everviz-d8HbjCnzf\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-dYradGC4C\" class=\"everviz-dYradGC4C\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-a22kFwt36\" class=\"everviz-a22kFwt36\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title240112\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion240112\" data-toggle=\"collapse\" data-parent=\"#accordionSet240112\" aria-expanded=\"false\" aria-controls=\"accordion240112\">January retail sales suggest Canadians have a holiday hangover<span class=\"text-disclaimer\"> See update from February 13, 2024<\/span><\/button><\/p>\n<div id=\"accordion240112\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title240112\">\n<div class=\"collapse-inner\">\n<ul>\n<li>Retail sales spending (excluding autos) softened for a second consecutive month in January. Weakness in grocery spending and clothing sales more than offset gains in other categories like gasoline and furniture sales.<\/li>\n<li>Canadians continued to consume fewer discretionary goods and pared back on discretionary services. Discretionary services spending has softened each month since September, other than in November before the holidays. Inflation-adjusted hotel spending has been trending lower ever since the summer travel boom ended. Restaurant spending has also cooled off following the lead-up to the holiday season.<\/li>\n<li>Households pulled back from spending even more on discretionary goods\u2014typically the first budget line item to be cut when households feel the pinch of higher debt payment obligations.<\/li>\n<li>Aggregated consumer data understates how stretched Canadian households really are. Real per capita retail sales (excluding autos) have declined for six consecutive quarters as of Q4.<\/li>\n<li>While households posted a surprisingly strong Q4 (spending likely kept real output growth in positive territory in Q4 led by a temporary rebound in services activity), this is not expected to last. If December and January are any indication, Canadian households are clamping down on spending. Retail activity is expected to be dormant in Q1 2024 and largely flat as households cool off from hefty pre-holiday spending when shoppers contended with higher price tags.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-Ce1E5MQjc\" class=\"everviz-Ce1E5MQjc\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-q4lUHPWC2\" class=\"everviz-q4lUHPWC2\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-cEhulU3Eo\" class=\"everviz-cEhulU3Eo\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-z8vxHf4pj\" class=\"everviz-z8vxHf4pj\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title240111\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion240111\" data-toggle=\"collapse\" data-parent=\"#accordionSet240111\" aria-expanded=\"false\" aria-controls=\"accordion240111\">Canadian retail spending ticked higher for the holidays<span class=\"text-disclaimer\"> See update from January 11, 2024<\/span><\/button><\/p>\n<div id=\"accordion240111\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title240111\">\n<div class=\"collapse-inner\">\n<ul>\n<li>Purchases of physical merchandise (excluding motor vehicles) ticked lower in December, but were still up in a Q4 as a whole following gains in October and November.<\/li>\n<li>Holiday spending on gifts through November and December was up just over 4% this year, <a href=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/4\/2024\/11\/CA-CPI_Dec2023.pdf\">slightly above the rate of inflation for November<\/a> (prices were up just above 3% year-over-year)<\/li>\n<li>In-person spending made a comeback this holiday season. More Canadians opted to peruse bricks and mortar stores with online purchase volumes growing more slowly in Q4.<\/li>\n<li>Both discretionary goods and services sector spending ended the year on a softer note after ticking higher in October and November.<\/li>\n<li>Home-related spending on furniture, home d\u00e9cor, and renovation supplies continued to dwindle with home resales. <a href=\"https:\/\/thoughtleadership.rbc.com\/canadas-housing-market-downturn-is-spreading\/\">After home prices posted their largest month-over-month drop in nearly a year in November<\/a>, homeowners opted to sit tight and forgo investing in home improvements.<\/li>\n<li>Hotel spending was lower in Q4, but spending at restaurants ticked higher as Canadians prioritized dining out.<\/li>\n<li>Our own cardholder data suggests that household spending remained relatively firm over the holidays, and with weaker inflation data in October and November implying the amount purchased increased (rather than just the amount paid.) Canadians continue to feel the squeeze of higher interest rates, but softer broader economic growth data (per-person GDP is on track to decline for a 6th consecutive quarter in Q4 2023) is bringing the Bank of Canada closer to a potential pivot to interest rate cuts, <a href=\"https:\/\/thoughtleadership.rbc.com\/ordinary-pain\/\">likely in the middle of the year<\/a> in our own forecast.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-2oiPhsTcu\" class=\"everviz-2oiPhsTcu\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-MACDAbHY-\" class=\"everviz-MACDAbHY-\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-RhJXh0n8M\" class=\"everviz-RhJXh0n8M\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-VBnUJHlIq\" class=\"everviz-VBnUJHlIq\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-iqwkfsbeZ\" class=\"everviz-iqwkfsbeZ\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title231117\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion231117\" data-toggle=\"collapse\" data-parent=\"#accordionSet231117\" aria-expanded=\"false\" aria-controls=\"accordion231117\">Black Friday spending surprised to the upside despite a softening macro backdrop <span class=\"text-disclaimer\"> See update from December 11, 2023<\/span><\/button><\/p>\n<div id=\"accordion231117\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title231117\">\n<div class=\"collapse-inner\">\n<ul>\n<li>Retail sales ticked up in November in the midst of the holiday shopping period. Even after adjusting for inflation, real retail sales (excluding autos) were tracking an increase relative to October. Clothing stores and gasoline were responsible for the bulk of the increase.<\/li>\n<li>Canadians were out looking for deals on Black Friday- our own RBC cardholder data suggests holiday spending was up ~7% (from the eve of Black Friday through Cyber Monday) from year-ago levels.<\/li>\n<li>In recent years, shoppers have devoted less of their Black Friday spending to electronics. Prior to the pandemic, nearly 13% of Black Friday weekend purchases were electronic goods. Today, electronics make up just 8.5%.<\/li>\n<li>Canadians spent less on jewelry this year- swapping luxury gifts for necessities like clothing amidst higher household debt servicing costs.<\/li>\n<li>Ahead of the holidays, restaurant spending ticked higher. But overall, real accommodation and food services spending is looking flat so far (on an annualized basis) in Q4.<\/li>\n<li>And stronger travel spending in November signaled an uptick in travel bookings ahead of the holidays.<\/li>\n<li>Q3 retail sales excluding autos came in softer than the prior quarter, down ~1.8% (annualized) after adjusting for inflation. So far, Q4 is looking slightly stronger.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-8IwH4aMBa\" class=\"everviz-8IwH4aMBa\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-kwP_MSbr0\" class=\"everviz-kwP_MSbr0\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-g2mLKWz0D\" class=\"everviz-g2mLKWz0D\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-CpSX0018s\" class=\"everviz-CpSX0018s\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-qGDqH2wa3\" class=\"everviz-qGDqH2wa3\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title231116\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion231116\" data-toggle=\"collapse\" data-parent=\"#accordionSet231116\" aria-expanded=\"false\" aria-controls=\"accordion231116\">Fall bringing a chill to Canadian household spending<span class=\"text-disclaimer\"> See update from November 16, 2023<\/span><\/button><\/p>\n<div id=\"accordion231116\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title231116\">\n<div class=\"collapse-inner\">\n<ul>\n<li>Canadians swapped vacations and dinners out for gasoline and clothing purchases in October.<\/li>\n<li>Spending on physical merchandise continues to show signs of slowing. Our tracking of retail sales excluding motor vehicles (and controlling for price changes) is down an annualized ~1.0% in Q3. October sales were slightly stronger as Canadians bought more gas and clothes. But most other spending categories were either weakly positive or outright declined.<\/li>\n<li>Consumers are skipping weekend hotel reservations and date nights out, paring back spending on discretionary services. October marked the largest monthly decline in discretionary services sector spending in six months. Restaurant purchase volumes continued to fall alongside spending on hotels.<\/li>\n<li><a href=\"https:\/\/thoughtleadership.rbc.com\/ontario-leads-canadas-housing-market-cooldown\/\">With continued cooling in Canada\u2019s housing markets<\/a>, home-related spending remains very weak as Canadians opt to stay put while the market thaws- avoiding renovations and hiring realtors.<\/li>\n<li>Heading into Q4, we expect consumer activity to continue to soften. On a per capita basis, demand has declined since the second half of 2022. As cumulative mortgage servicing costs continue to mount and renewals rise, we expect Canadians will tighten their belts this holiday season.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-3AFmaTzb2\" class=\"everviz-3AFmaTzb2\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-b2O-d6ns7\" class=\"everviz-b2O-d6ns7\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-HVYAV56E4\" class=\"everviz-HVYAV56E4\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-k-xmaKA7n\" class=\"everviz-k-xmaKA7n\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-X3p-fA512\" class=\"everviz-X3p-fA512\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title230812\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230812\" data-toggle=\"collapse\" data-parent=\"#accordionSet230812\" aria-expanded=\"false\" aria-controls=\"accordion230812\">A Fall Moderation- Canadian consumers pare back spending<span class=\"text-disclaimer\"> See update from October 12, 2023<\/span><\/button><\/p>\n<div id=\"accordion230812\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230812\">\n<div class=\"collapse-inner\">\n<ul>\n<li>September spending data suggests Canadians have begun to tighten their belts. Both nominal retail sales and inflation-adjusted retail spending (excluding auto sales) outright declined.<\/li>\n<li>To-date, (nominal) September spending is trending positive in a few categories, including gasoline consumption, motor vehicle sales, and grocery spending, reflective of higher prices for essential goods.<\/li>\n<li>Canadians are spending nearly 10% more on essential items than they were just one year ago. At the same time, the surge in discretionary spending has dissipated.<\/li>\n<li>Restaurant spending fell for two consecutive months, as higher debt servicing costs means squeezed Canadians are eating at home more often.<\/li>\n<li>Spending on travel pulled back in both August and September as foot traffic at airports plateaus after an early summer travel boom.<\/li>\n<li>As the sun sets on the summer 2023 spending spree, Canadians have started to pare back. Consumer momentum has dissipated (as expected) as high rates hit home.<\/li>\n<\/ul>\n<div id=\"everviz-fe13Lytlk\" class=\"everviz-fe13Lytlk\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-vmLHALU_R\" class=\"everviz-vmLHALU_R\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-1E-HCG-Dl\" class=\"everviz-1E-HCG-Dl\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-ZEmiBKK3f\" class=\"everviz-ZEmiBKK3f\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-b3F98yB1W\" class=\"everviz-b3F98yB1W\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\">\n<p><button id=\"accordion-title230811\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230811\" data-toggle=\"collapse\" data-parent=\"#accordionSet230811\" aria-expanded=\"false\" aria-controls=\"accordion230811\">Canadian consumers lose momentum moving into Q3<span class=\"text-disclaimer\"> See update from September 14, 2023<\/span><\/button><\/p>\n<div id=\"accordion230811\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230811\">\n<div class=\"collapse-inner\">\n<ul>\n<li>After posting an outright decline in Q2, retail sales growth (excluding autos) has been relatively flat in the first two months of Q3, according to our own tracking.<\/li>\n<li>Real spending on groceries and gas was lower in August than in July. But there was an uptick in spending on clothing as back-to-school shopping ramped up and for many, return-to-office.<\/li>\n<li>A softening in restaurant spending in Q2 is continuing into Q3. Nominal restaurant spending fell in August as Canadian restaurants seated fewer diners.<\/li>\n<li>Canadians are spending less on hotels and restaurants in Q3 than Q2, signaling that Canadians are beginning to tighten their (travel) belts.<\/li>\n<li>The consumer momentum witnessed earlier in the year has calmed down. We expect activity to moderate further in the months ahead as the impact of higher interest rates ripples through with a lag and labour markets show signs of softening.<\/li>\n<\/ul>\n<div id=\"everviz-LoyaFePYs\" class=\"everviz-LoyaFePYs\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz--fePscuEq\" class=\"everviz--fePscuEq\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-FA52_0RxR\" class=\"everviz-FA52_0RxR\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title230810\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230810\" data-toggle=\"collapse\" data-parent=\"#accordionSet230810\" aria-expanded=\"false\" aria-controls=\"accordion230810\">Canadian spending growth cools in July<br \/><span class=\"text-disclaimer\"> See update from August 10, 2023<\/span><\/button><\/p>\n<div id=\"accordion230810\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230810\">\n<div class=\"collapse-inner\">\n<ul>\n<li>Canadian spending showed signs of slowing in July. While retail sales excluding autos continued to rise, the pace was slower than in June.<\/li>\n<li>Spending on discretionary services slipped a bit in July. The early summer travel boom is losing momentum with both real and nominal spending slightly below March peak levels.<\/li>\n<li>Though restaurant spending has increased, this largely reflects higher prices rather than additional restaurant visits.<\/li>\n<li>Spending remains firm, but early signs of softening are consistent with a drift higher in the unemployment rate. As we progress into the second half of the year, real consumption is expected to retreat as household debt servicing ratios climb to record highs.<\/li>\n<\/ul>\n<div id=\"everviz-heAa7gNU-\" class=\"everviz-heAa7gNU-\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-T4kqkMKJy\" class=\"everviz-T4kqkMKJy\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-JQ2SsgrMp\" class=\"everviz-JQ2SsgrMp\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-31zhEhExt\" class=\"everviz-31zhEhExt\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title230622\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230622\" data-toggle=\"collapse\" data-parent=\"#accordionSet230622\" aria-expanded=\"false\" aria-controls=\"accordion230622\">Canadian consumer spending growth slower but still resilient in Q2<br \/><span class=\"text-disclaimer\"> See update from June 22, 2023<\/span><\/button><\/p>\n<div id=\"accordion230622\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230622\">\n<div class=\"collapse-inner\">\n<ul>\n<li>Canadian consumer spending on discretionary services tracking higher so far in Q2, supported by strong travel spending. Though the rate of increase is strong, it is still running about half the pace of growth over April and May compared to Q1.<\/li>\n<li>Purchases of discretionary goods also increased over April and May though they were still running below levels observed late last year. Sales from retailers (ex autos) have been little changed so far in Q2\u2014declining in March but lifting in April and May, according to both early Statistics Canada reports and our own tracking.<\/li>\n<li>Spending at bars and restaurants is little changed in Q2, but our own tracking is edging marginally higher over April and May (seasonally adjusted).<\/li>\n<li>Travel spending continues to run strong in Q2\u2014consistent with rising reported airport passenger traffic. Prices for travel remain high, but as of April, airfares were below year-ago levels for the first time since summer 2021.<\/li>\n<li>Consumer spending still looks resilient even as higher debt payments and inflation cut into household purchasing power. Still, the pace of spending appears likely to slow from the 5.7% (annualized) surge in Q1. We continue to expect rising household debt servicing ratios. And consumer delinquency rates are flagging softer spending to follow over the second half of this year.<\/li>\n<\/ul>\n<div id=\"everviz-zU1ORttc1\" class=\"everviz-zU1ORttc1\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-06RVXAIty\" class=\"everviz-06RVXAIty\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-uKG_UAYZN\" class=\"everviz-uKG_UAYZN\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-59__fZUff\" class=\"everviz-59__fZUff\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title230428\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230428\" data-toggle=\"collapse\" data-parent=\"#accordionSet230428\" aria-expanded=\"false\" aria-controls=\"accordion230428\">Canadian consumer spending growth resilient but still slowing to-date in Q2<br \/><span class=\"text-disclaimer\"> See update from May 11, 2023<\/span><\/button><\/p>\n<div id=\"accordion230428\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230428\">\n<div class=\"collapse-inner\">\n<ul>\n<li>Canadian consumer spending on discretionary services tracking higher so far in Q2, supported by strong travel spending. Though the rate of increase is strong, it is still running about half the pace of growth over April and May compared to Q1.<\/li>\n<li>Purchases of discretionary goods also increased over April and May though they were still running below levels observed late last year. Sales from retailers have been little changed so far in Q2\u2014declining in March but lifting in April and May, according to both early Statistics Canada reports our own tracking.<\/li>\n<li>Spending at bars and restaurants is little changed in Q2, but our own tracking is edging marginally higher over April and May (seasonally adjusted).<\/li>\n<li>Travel spending continues to run strong in Q2\u2014consistent with rising reported airport passenger traffic. Prices for travel remain high, but as of April, airfares were below year-ago levels for the first time since summer 2021.<\/li>\n<li>Consumer spending still looks resilient even as higher debt payments and inflation cut into household purchasing power. Still, the pace of spending appears likely to slow from the 5.7% (annualized) surge in Q1. We continue to expect rising household debt servicing ratios. And consumer delinquency rates are flagging softer spending to follow over the second half of this year.<\/li>\n<\/ul>\n<div id=\"everviz-zU1ORttc1\" class=\"everviz-zU1ORttc1\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-06RVXAIty\" class=\"everviz-06RVXAIty\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-uKG_UAYZN\" class=\"everviz-uKG_UAYZN\">\u00a0<\/div>\n<div id=\"everviz-59__fZUff\" class=\"everviz-59__fZUff\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title230427\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230427\" data-toggle=\"collapse\" data-parent=\"#accordionSet230427\" aria-expanded=\"false\" aria-controls=\"accordion230427\">Waiting for the other shoe to drop: spending on services has yet to weaken<br \/><span class=\"text-disclaimer\"> See update from April 27, 2023<\/span><\/button><\/p>\n<div id=\"accordion230427\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230427\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Discretionary goods spending edged lower through Q1. Our own data aligns with Statistics Canada\u2019s seasonally adjusted retail sales figures, which showed declines in February and March.<\/li>\n<li>But discretionary services spending is still trending higher on a month-over-month basis.<\/li>\n<li>This is still a pent-up demand story\u2014and service-sector activity will likely soften as higher interest rates cut further into household purchasing power with a lag.<\/li>\n<li>Travel spending has also persisted, with Canadians continuing to shrug off a 15% year-over-year jump in traveller accommodation prices.<\/li>\n<li>However, real (excluding price impacts) restaurant spending softened in recent months and was flat by our count in March.<\/li>\n<\/ul>\n<div id=\"everviz-pYN1Ci0uz\" class=\"everviz-pYN1Ci0uz\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-ZLu1Bi-zU\" class=\"everviz-ZLu1Bi-zU\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-tOrRMlnLR\" class=\"everviz-tOrRMlnLR\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-Ll5ghS_FT\" class=\"everviz-Ll5ghS_FT\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title230406\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230406\" data-toggle=\"collapse\" data-parent=\"#accordionSet230406\" aria-expanded=\"false\" aria-controls=\"accordion230406\">Goods spending edges down in March<br \/><span class=\"text-disclaimer\"> See update from April 6, 2023<\/span><\/button><\/p>\n<div id=\"accordion230406\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230406\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Overall spending remains steady as consumers continue to purchase non-essential services.<\/li>\n<li>Canadians continue to indulge in holidays despite higher flight prices and hotel costs.<\/li>\n<li>But they continue to cut back on restaurant spending. Meantime, the number of grocery transactions are flat.<\/li>\n<li>And some signs of weakness in goods spending have emerged, mirroring a pullback in auto sales.<\/li>\n<\/ul>\n<div id=\"everviz-oOdzWBZq5\" class=\"everviz-oOdzWBZq5\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-Zc0B5IQWa\" class=\"everviz-Zc0B5IQWa\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-S_w6t1ea-\" class=\"everviz-S_w6t1ea-\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-n2gca475X\" class=\"everviz-n2gca475X\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title230302\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230302\" data-toggle=\"collapse\" data-parent=\"#accordionSet230302\" aria-expanded=\"false\" aria-controls=\"accordion230302\">Searching for a turning point as pent-up demand persists<br \/><span class=\"text-disclaimer\"> See update from March 2, 2023<\/span><\/button><\/p>\n<div id=\"accordion230302\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230302\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Canadian discretionary spending held up through February, even as higher interest rates and rising grocery inflation sapped spending power.<\/li>\n<li>There were some signs of restaurant spending edging lower (excluding inflation). But consumers continue to favour dining out.<\/li>\n<li>Canadians are making fewer grocery purchases on average, but transaction values are holding steady as food prices continue to rise.<\/li>\n<li>Air transportation costs rose 28% from pre-pandemic levels but Canadians are still prioritizing travel. Spending growth on trips abroad continues to outpace domestic travel.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-I9uoqUo4f\" class=\"everviz-I9uoqUo4f\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-qhpk4HiTn\" class=\"everviz-qhpk4HiTn\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-Y9OzqdP59\" class=\"everviz-Y9OzqdP59\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-3pXzII4bx\" class=\"everviz-3pXzII4bx\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title230216\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230216\" data-toggle=\"collapse\" data-parent=\"#accordionSet230216\" aria-expanded=\"false\" aria-controls=\"accordion230216\">BoC hikes haven\u2019t derailed spending yet<br \/><span class=\"text-disclaimer\"> See update from February 16, 2023<\/span><\/button><\/p>\n<div id=\"accordion230216\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230216\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Spending is holding up into February, despite the Bank of Canada\u2019s 425 basis points of hikes.<\/li>\n<li>The average daily number of restaurant transactions trended slightly higher in January as Canadians ate out in bigger numbers. Grocery purchases fell.<\/li>\n<li>And Canadians are still booking trips, as travel spending held flat alongside airport traffic.<\/li>\n<li>The Bank of Canada didn\u2019t stand in the way of Valentine\u2019s jewellery purchases either, which were tracking year-ago levels.<\/li>\n<li>Higher debt servicing costs and lower real wages have yet to induce a pullback in discretionary spending\u2014though we still expect these factors to eat into household purchasing power.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-cYvnZIWc8\" class=\"everviz-cYvnZIWc8\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-G8obdZOUD\" class=\"everviz-G8obdZOUD\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-y-eu52KW0\" class=\"everviz-y-eu52KW0\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-9rIOg_lp4\" class=\"everviz-9rIOg_lp4\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-of6e1IaAv\" class=\"everviz-of6e1IaAv\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title230202\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230202\" data-toggle=\"collapse\" data-parent=\"#accordionSet230202\" aria-expanded=\"false\" aria-controls=\"accordion230202\">Canadians keep spending in January<br \/><span class=\"text-disclaimer\"> See update from February 2, 2023<\/span><\/button><\/p>\n<div id=\"accordion230202\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230202\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Cardholder spending held steady at the start of 2023, with spending on services outpacing spending on goods.<\/li>\n<li>Cardholders continued to spend on non-essentials, though sales at restaurants have been edging lower in recent months.<\/li>\n<li>Travel spending remains firm after the holidays.<\/li>\n<li>We continue to expect consumer purchasing power to flag following 425 basis points of hikes to the Bank of Canada\u2019s overnight rate.<\/li>\n<\/ul>\n<div id=\"everviz-Hz-300Gup\" class=\"everviz-Hz-300Gup\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-2xj0LqQkU\" class=\"everviz-2xj0LqQkU\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-iOQ8QjKOz\" class=\"everviz-iOQ8QjKOz\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-gFPmANo_4\" class=\"everviz-gFPmANo_4\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-uUd7eMUZU\" class=\"everviz-uUd7eMUZU\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title230123\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion230123\" data-toggle=\"collapse\" data-parent=\"#accordionSet230123\" aria-expanded=\"false\" aria-controls=\"accordion230123\">Early signs of softening discretionary spending<br \/><span class=\"text-disclaimer\"> See update from January 23, 2023<\/span><\/button><\/p>\n<div id=\"accordion230123\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title230123\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Total cardholder spending held steady in December, but year-over-year growth in Q4 (+8.9%) was the weakest since the recovery began in early 2021.<\/li>\n<li>Holiday spending was largely in line with year-ago levels (+1.5%), implying weaker real spending in the face of higher prices.<\/li>\n<li>The moderation in accommodation spending was interrupted by holiday travel, with traveler spending rebounding briefly at the end of December.<\/li>\n<li>But real restaurant spending pulled back in the fourth quarter\u2014an early sign that higher interest rates and decades-high inflation are weighing on consumer discretionary spending.<\/li>\n<li>With prices trending higher, growth in Canadian purchase volumes (the number of transactions) weakened drastically in December across both essential and discretionary purchases.<\/li>\n<\/ul>\n<div id=\"everviz-BE4CEimGe\" class=\"everviz-BE4CEimGe\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-9CL5yGQH5\" class=\"everviz-9CL5yGQH5\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-dH9i6GTT8\" class=\"everviz-dH9i6GTT8\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-sue-T0TEr\" class=\"everviz-sue-T0TEr\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-bzfYCezz2\" class=\"everviz-bzfYCezz2\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title221215\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion221215\" data-toggle=\"collapse\" data-parent=\"#accordionSet221215\" aria-expanded=\"false\" aria-controls=\"accordion221215\">Consumer demand likely to hold up through the holidays<br \/><span class=\"text-disclaimer\"> See update from December 15, 2022<\/span><\/button><\/p>\n<div id=\"accordion221215\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title221215\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Black Friday marked a strong start to the holiday shopping season in Canada as sales surged higher. Spending on electronics is running below prior holiday shopping periods, but spending on apparel, gifts, books, music, and entertainment is strong.<\/li>\n<li>So far, holiday jewellery spending is 6% below 2021 levels, but previous trends suggest a boost in purchases from last minute shoppers may yet arrive.<\/li>\n<li>Early signs suggest a moderation in accommodation spending is continuing though restaurant spending is still running strong.<\/li>\n<li>Spending is expected to soften in 2023 as interest rate hikes and inflation cut further into household purchasing power.<\/li>\n<\/ul>\n<p><em>* Holiday goods spending categories have been revised from the previous iteration and include purchases classified by granular sub-categories within the following NOMI categories: Books, Journals, Music, &amp; Photography, Record Shops, Apparel, Shoes, &amp; Accessories, Clothing, Department Stores, Electronics. Gift, Hobby, Toy, &amp; Game Shops, Jewellery, Shoes, and Specialty Retail. <\/em><\/p>\n<div id=\"everviz-5fz23ioXA\" class=\"everviz-5fz23ioXA\">\u00a0<\/div>\n<div id=\"everviz-1qTNRHpPX\" class=\"everviz-1qTNRHpPX\">\u00a0<\/div>\n<div id=\"everviz-l4bNSSesN\" class=\"everviz-l4bNSSesN\">\u00a0<\/div>\n<div id=\"everviz-9kQNRdMee\" class=\"everviz-9kQNRdMee\">\u00a0<\/div>\n<div id=\"everviz-q5ya9x2U0\" class=\"everviz-q5ya9x2U0\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title221222\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion221222\" data-toggle=\"collapse\" data-parent=\"#accordionSet221222\" aria-expanded=\"false\" aria-controls=\"accordion221222\">Early birds, panic gifters and the busiest shopping days of the year<br \/><span class=\"text-disclaimer\"> See update from November 24, 2022<\/span><\/button><\/p>\n<div id=\"accordion221222\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title221222\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Canadian cardholder spending plateaued in recent months\u2014but nevertheless remains above year-ago levels as we head into the crucial holiday shopping period.<\/li>\n<li>Data over the next few weeks will provide a critical indicator of just how much inflation and higher interest rates have eaten into Canadians\u2019 purchasing plans.<\/li>\n<li>Nearly 20% of holiday shopping purchases are typically made over the next week, coinciding with U.S. Black Friday and Cyber Monday promotions that have increasingly spilled over the border to Canada.<\/li>\n<li>We expect spending to remain strong through the holiday period\u2014but continue to look for a slowdown in early 2023 as higher interest rates and inflation cut into household purchasing power.<\/li>\n<\/ul>\n<div id=\"everviz-dxcmAndU0\" class=\"everviz-dxcmAndU0\">\u00a0<\/div>\n<hr \/>\n<h4>The early bird catches the deals<\/h4>\n<p>There are two peak holiday shopping periods. The first takes place around U.S. Black Friday and Cyber Monday promotions. The second comes in the weeks leading up to December 24th. After Black Friday, December 23rd is the second-busiest shopping day of the year.<\/p>\n<ul class=\"disc pad-l\">\n<li>In pre-pandemic years, the first peak shopping period (late November) accounted for over 40% of total holiday shopping volumes. Late shoppers accounted for a slightly smaller share of total purchases.<\/li>\n<li>The highest volumes of electronic goods purchases were typically reported on Black Friday and Boxing Day. And the biggest day for jewellery sales was December 24th (jewellery sales are already ticking up this year.)<\/li>\n<\/ul>\n<div id=\"everviz-mTUlhMvk0\" class=\"everviz-mTUlhMvk0\">\u00a0<\/div>\n<div id=\"everviz-OyAgYrCkt\" class=\"everviz-OyAgYrCkt\">\u00a0<\/div>\n<hr \/>\n<h4>Hate crowds? Shop in early December<\/h4>\n<ul class=\"disc pad-l\">\n<li>The first weekend in December is typically one of the quieter holiday shopping weeks. At this point, the early birds have secured their Cyber Monday deals and the last-minute shoppers still have a few weeks before panic buying ensues.<\/li>\n<li>And don\u2019t wait to buy your turkey! Grocery shopping volumes are highest in the two days leading up to December 25th.<\/li>\n<\/ul>\n<div id=\"everviz-H67i4zo6a\" class=\"everviz-H67i4zo6a\">\u00a0<\/div>\n<hr \/>\n<h4>Or shop from home<\/h4>\n<ul class=\"disc pad-l\">\n<li>During the pandemic, roughly half of holiday gift purchases were made online. That compares to just 25% in 2018.<\/li>\n<\/ul>\n<div id=\"everviz-eKej_rtcM\" class=\"everviz-eKej_rtcM\">\u00a0<\/div>\n<hr \/>\n<h4>Home for the holidays?<\/h4>\n<ul class=\"disc pad-l\">\n<li>More Canadians are packing their bags this year following pandemic disruptions in both 2020 and 2021. Travel spending is tracking much stronger ahead of the holiday period.<\/li>\n<\/ul>\n<div id=\"everviz-KVcp2uY70\" class=\"everviz-KVcp2uY70\">\u00a0<\/div>\n<p><em><b>*<\/b>Holiday goods spending includes purchases classified by the following NOMI categories: Art &amp; Galleries, Books, Journals, Music, &amp; Photography, Music, Record Shops, Apparel, Shoes, &amp; Accessories, Clothing, Computer Software, Department Stores, Electronics. Gift, Hobby, Toy, &amp; Game Shops, Jewelry, Shoes, Specialty Retail, Data Services.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title221103\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion221103\" data-toggle=\"collapse\" data-parent=\"#accordionSet221103\" aria-expanded=\"false\" aria-controls=\"accordion221103\">The slowdown continues: flat spending reflects eroding demand<br \/><span class=\"text-disclaimer\"> See update from November 3, 2022<\/span><\/button><\/p>\n<div id=\"accordion221103\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title221021\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Any growth in spending is now largely a function of price growth rather than bolstered consumer demand.<\/li>\n<li>Real grocery spending is only slightly above pre-pandemic levels, while nominal spending is up 20% due to decades-high inflation. Indeed, prices of food at grocery stores were up 11.4% in September.<\/li>\n<li>Average nominal spending on gas is trending slightly higher, as prices rebound from September lows. Real spending is holding steady.<\/li>\n<li>Home-related spending continues to plateau as the housing market correction unfolds. Consumers put renovations and home improvements on pause.<\/li>\n<li>Travel spending continues to flatten out after the summer boom and hotel accommodation is levelling off.<\/li>\n<\/ul>\n<div id=\"everviz-8WIsqt7yc\" class=\"everviz-8WIsqt7yc\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-rDW_QcMNt\" class=\"everviz-rDW_QcMNt\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-FxuT4iVk1\" class=\"everviz-FxuT4iVk1\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-2V32qOplw\" class=\"everviz-2V32qOplw\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-wD0BXSeyk\" class=\"everviz-wD0BXSeyk\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title221021\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion221021\" data-toggle=\"collapse\" data-parent=\"#accordionSet221021\" aria-expanded=\"false\" aria-controls=\"accordion221021\">Spending continues to level off after summer spike<br \/><span class=\"text-disclaimer\"> See update from October 21, 2022<\/span><\/button><\/p>\n<div id=\"accordion221021\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title221021\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Card spending on discretionary goods and services continues to plateau following a spring surge.<\/li>\n<li>Restaurant spending is holding up well despite persistent inflationary pressures.<\/li>\n<li>But hotel spending (and broader traveller accommodation) is moderating from a summer spending boom.<\/li>\n<li>And total travel spending is leveling off alongside airport traffic into September and October.<\/li>\n<li>Both real and nominal gas spending moved higher at the beginning of October alongside prices that jumped 11.6% month-over-month. Real spending on gas is now above pre-pandemic levels for the first time this year.<\/li>\n<\/ul>\n<div id=\"everviz-mMzFo8Y4W\" class=\"everviz-mMzFo8Y4W\">\u00a0<\/div>\n<div id=\"everviz-5NELWrJ2Y\" class=\"everviz-5NELWrJ2Y\">\u00a0<\/div>\n<div id=\"everviz-E6xEOmv7V\" class=\"everviz-E6xEOmv7V\">\u00a0<\/div>\n<div id=\"everviz-LxrF1AAJJ\" class=\"everviz-LxrF1AAJJ\">\u00a0<\/div>\n<div id=\"everviz-BbGfBAhVe\" class=\"everviz-BbGfBAhVe\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title221006\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion221006\" data-toggle=\"collapse\" data-parent=\"#accordionSet221006\" aria-expanded=\"false\" aria-controls=\"accordion221006\">Hurricane Fiona battered spending in Atlantic Canada<br \/><span class=\"text-disclaimer\"> See update from October 6, 2022<\/span><\/button><\/p>\n<div id=\"accordion221006\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title221006\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Hurricane Fiona weighed heavily on cardholder spending in Atlantic Canada at the end of September.<\/li>\n<li>However, overall cardholder spending held steady at 30% above pre-pandemic levels.<\/li>\n<li>Travel spending is cooling off as the summer travel season comes to a close.<\/li>\n<li>Nominal spending on gas fell (-6.7% in September) alongside gas prices (down 8%).<\/li>\n<li>Canadians completed more grocery and restaurant transactions in September, though total restaurant spending held flat.<\/li>\n<\/ul>\n<div id=\"everviz-S7wdDRW56\" class=\"everviz-S7wdDRW56\">\u00a0<\/div>\n<div id=\"everviz-KumI9zkfj\" class=\"everviz-KumI9zkfj\">\u00a0<\/div>\n<div id=\"everviz-zaN0cPzAn\" class=\"everviz-zaN0cPzAn\">\u00a0<\/div>\n<div id=\"everviz-Os15p80D7\" class=\"everviz-Os15p80D7\">\u00a0<\/div>\n<div id=\"everviz-iWz1nzJe_\" class=\"everviz-iWz1nzJe_\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220922\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220922\" data-toggle=\"collapse\" data-parent=\"#accordionSet220922\" aria-expanded=\"false\" aria-controls=\"accordion220922\">Home-related and discretionary spending on the downswing<br \/><span class=\"text-disclaimer\"> See update from September 22, 2022<\/span><\/button><\/p>\n<div id=\"accordion220922\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220922\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Cardholder spending remains 30% above pre-pandemic levels in September, with persistent strength in the restaurant and travel sector.<\/li>\n<li>Home-related spending remains above pre-pandemic levels, but is trending lower as the housing market cools.<\/li>\n<li>Purchases of essentials and discretionary items levelled off into the fall with discretionary spending settling below post-lockdown highs.<\/li>\n<li>Restaurant spending continues to flat-line though it remains well above pre-pandemic levels.<\/li>\n<li>Average spending per transaction at gas stations is falling alongside prices.<\/li>\n<\/ul>\n<div id=\"everviz-I0xOd0z-p\" class=\"everviz-I0xOd0z-p\">\u00a0<\/div>\n<div id=\"everviz-FhyooLnWJ\" class=\"everviz-FhyooLnWJ\">\u00a0<\/div>\n<div id=\"everviz-O3yVGZwDd\" class=\"everviz-O3yVGZwDd\">\u00a0<\/div>\n<div id=\"everviz-euIyGR-gR\" class=\"everviz-euIyGR-gR\">\u00a0<\/div>\n<div id=\"everviz-eq581-ayM\" class=\"everviz-eq581-ayM\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220908\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220908\" data-toggle=\"collapse\" data-parent=\"#accordionSet220908\" aria-expanded=\"false\" aria-controls=\"accordion220908\">Spending plateaus as high inflation bites<br \/><span class=\"text-disclaimer\"> See update from September 8, 2022<\/span><\/button><\/p>\n<div id=\"accordion220908\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220908\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Total cardholder spending continued to level off through August\u2014though it remains 30% above pre-pandemic levels.<\/li>\n<li>Travel spending flattened into late summer, hovering above pre-pandemic levels as airport traffic continues to recover.<\/li>\n<li>Real spending on traveller accommodation trended lower; with higher nominal spending stemming entirely from elevated prices.<\/li>\n<li>Average gasoline transaction values are now down 11% from their peak due to lower prices.<\/li>\n<li>The number of transactions at grocery stores declined into August, while the volume of restaurant purchases held steady.<\/li>\n<\/ul>\n<div id=\"everviz-NzRt1Ct_z\" class=\"everviz-NzRt1Ct_z\">\u00a0<\/div>\n<div id=\"everviz-ELg0r-sOM\" class=\"everviz-ELg0r-sOM\">\u00a0<\/div>\n<div id=\"everviz-NnrPPIIvT\" class=\"everviz-NnrPPIIvT\">\u00a0<\/div>\n<div id=\"everviz-m0rojudkz\" class=\"everviz-m0rojudkz\">\u00a0<\/div>\n<div id=\"everviz-oKZtPZk9m\" class=\"everviz-oKZtPZk9m\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220826\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220826\" data-toggle=\"collapse\" data-parent=\"#accordionSet220826\" aria-expanded=\"false\" aria-controls=\"accordion220826\">Is the post-lockdown travel boom over?<br \/><span class=\"text-disclaimer\"> See update from August 26, 2022<\/span><\/button><\/p>\n<div id=\"accordion220826\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220826\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Though it remains 30% above pre-pandemic levels, total cardholder spending continued to level off into August.<\/li>\n<li>Restaurant spending (excluding price changes) have edged lower as inflation takes a bite out of consumer purchasing power.<\/li>\n<li>The post lockdown travel booking frenzy has also plateaued as spending on hotels flattens out and the price of accommodation rises.<\/li>\n<li>Canadians are still filling up their tanks despite fuel price fluctuations. Real spending on gasoline has held steady.<\/li>\n<\/ul>\n<div id=\"everviz-KlP9hgXF3\" class=\"everviz-KlP9hgXF3\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-ZZmjlOJO9\" class=\"everviz-ZZmjlOJO9\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-g5qkuJNb5\" class=\"everviz-g5qkuJNb5\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-RD7_kXHSe\" class=\"everviz-RD7_kXHSe\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-lN3EjVIsn\" class=\"everviz-lN3EjVIsn\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220811\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220811\" data-toggle=\"collapse\" data-parent=\"#accordionSet220811\" aria-expanded=\"false\" aria-controls=\"accordion220811\">Total spending will be on the downswing once inflation pressures ease<br \/><span class=\"text-disclaimer\"> See update from August 11, 2022<\/span><\/button><\/p>\n<div id=\"accordion220811\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220811\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Total cardholder spending remained 30% above pre-pandemic levels in July but has edged lower so far in August.<\/li>\n<li>Average spending (per visit) at gasoline stations dipped on lower prices \u2013 total spending on gasoline still below pre-pandemic levels controlling for price increases.<\/li>\n<li>Total restaurant sales flattened in July, with the number of transactions down 3.5% this past month.<\/li>\n<li>Canadians are making more grocery store purchases. Compared to 2019, grocery transaction volumes trended higher in July (now 9.5% higher than 2019).<\/li>\n<li>But our cardholder data has yet to show that Canadians facing soaring inflation are spending a greater share of their income on essentials. In fact, consistent with pre-pandemic levels, roughly one-third of total cardholder spending can be accounted for by spending on groceries, utilities, and communications.<\/li>\n<\/ul>\n<div id=\"everviz-jARnNjcdG\" class=\"everviz-jARnNjcdG\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-vlK8pxYJG\" class=\"everviz-vlK8pxYJG\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-9C2mliwlS\" class=\"everviz-9C2mliwlS\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-rYerR9Xgy\" class=\"everviz-rYerR9Xgy\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-S_ECoGLhP\" class=\"everviz-S_ECoGLhP\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220728\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220728\" data-toggle=\"collapse\" data-parent=\"#accordionSet220728\" aria-expanded=\"false\" aria-controls=\"accordion220728\">Has the post-pandemic spending boom peaked?<br \/><span class=\"text-disclaimer\"> See update from July 28, 2022<\/span><\/button><\/p>\n<div id=\"accordion220728\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220728\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Cardholder spending still running ~30% above pre-pandemic levels, but easing modestly in July<\/li>\n<li>Both goods and services spending growth levelled off into July<\/li>\n<li>Average transaction values at the pump have fallen 3.5% alongside a 9% drop in gasoline prices.<\/li>\n<li>Both real (excluding price changes) and nominal restaurant spending has plateaued with higher prices accounting for roughly one-third of the increase in restaurant spending from pre-pandemic levels<\/li>\n<li>Pent up travel demand persists as airports struggle with labour shortages<\/li>\n<\/ul>\n<div id=\"everviz-SuP9PoYPa\" class=\"everviz-SuP9PoYPa\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-3xrfEIfZ9\" class=\"everviz-3xrfEIfZ9\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-wS5r8NH_5\" class=\"everviz-wS5r8NH_5\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-liuvLeQlM\" class=\"everviz-liuvLeQlM\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-gQyLptywI\" class=\"everviz-gQyLptywI\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220714\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220714\" data-toggle=\"collapse\" data-parent=\"#accordionSet220714\" aria-expanded=\"false\" aria-controls=\"accordion220714\">Canadian spending still strong despite inflation<br \/><span class=\"text-disclaimer\"> See update from July 14, 2022<\/span><\/button><\/p>\n<div id=\"accordion220714\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220714\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Total spending was flat in June, holding steady at 30% above pre-shock levels.<\/li>\n<li>Canadians continue to spend more at the pump \u2014 on average $60 in June per transaction, up from $57 in May. All of this increase is due to rising prices.<\/li>\n<li>Inflation is also responsible for one third of the growth in restaurant spending.<\/li>\n<li>But Canadians continue to dine out more frequently\u2014spending 30% above pre-pandemic levels\u2014as growth in grocery store spending slows.<\/li>\n<li>A surge in travel and hospitality purchases has yet to subside, even as goods spending flattens out.<\/li>\n<\/ul>\n<div id=\"everviz--JPCf_uzr\" class=\"everviz--JPCf_uzr\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-wb7XQ3FBj\" class=\"everviz-wb7XQ3FBj\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-IPn1iKnef\" class=\"everviz-IPn1iKnef\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-YqVXqnePT\" class=\"everviz-YqVXqnePT\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-CnCGhrLII\" class=\"everviz-CnCGhrLII\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220616\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220616\" data-toggle=\"collapse\" data-parent=\"#accordionSet220616\" aria-expanded=\"false\" aria-controls=\"accordion220616\">Is Canada\u2019s post-pandemic spending surge easing?<br \/><span class=\"text-disclaimer\"> See update from June 16, 2022<\/span><\/button><\/p>\n<div id=\"accordion220616\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220616\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Canadians are still buying more than they did before the pandemic\u2014but early data suggests spending is plateauing.<\/li>\n<li>After a steady climb, total cardholder spending remains 30% above pre-pandemic levels in June\u2014the fourth consecutive month at this level.<\/li>\n<li>Canadians continue to make more purchases at restaurants, despite higher prices.<\/li>\n<li>But the recent surge in domestic travel spending shows signs of moderating.<\/li>\n<\/ul>\n<div id=\"everviz-cZqDJb_mh\" class=\"everviz-cZqDJb_mh\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-b_Mfi_sxb\" class=\"everviz-b_Mfi_sxb\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-A9JI_wr0-\" class=\"everviz-A9JI_wr0-\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-6roUrdDzp\" class=\"everviz-6roUrdDzp\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-k5KeSPAG3\" class=\"everviz-k5KeSPAG3\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220602\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220602\" data-toggle=\"collapse\" data-parent=\"#accordionSet220602\" aria-expanded=\"false\" aria-controls=\"accordion220602\">Rising inflation hasn\u2019t stopped Canadians from spending<br \/><span class=\"text-disclaimer\"> See update from June 2, 2022<\/span><\/button><\/p>\n<div id=\"accordion220602\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220602\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Total card spending surged 32% above 2019 (pre-pandemic) levels in May.<\/li>\n<li>Spending on goods has plateaued at high levels but demand for travel and hospitality services continues to soar.<\/li>\n<li>Rising purchases at restaurants are not just a result of higher prices. The number of transactions is increasing too.<\/li>\n<li>Spending on international travel rose 36% from pre-pandemic levels this month.<\/li>\n<li>Average spending at the pump continued to trend higher through May.<\/li>\n<\/ul>\n<div id=\"everviz-f3UJxOlMx\" class=\"everviz-f3UJxOlMx\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-X8r39njhs\" class=\"everviz-X8r39njhs\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-mn8cNOicU\" class=\"everviz-mn8cNOicU\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-bIBnwq6Cn\" class=\"everviz-bIBnwq6Cn\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-0Hrr_J7td\" class=\"everviz-0Hrr_J7td\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220519\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220519\" data-toggle=\"collapse\" data-parent=\"#accordionSet220519\" aria-expanded=\"false\" aria-controls=\"accordion220519\">Spending holds steady as Canadians embrace travel opportunities<br \/><span class=\"text-disclaimer\"> See update from May 19, 2022<\/span><\/button><\/p>\n<div id=\"accordion220519\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220519\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Total card spending continues to run roughly 30% above 2019 (pre-pandemic) levels.<\/li>\n<li>Advance bookings for travel are surging.<\/li>\n<li>For the first time since the pandemic, spending on travel and hospitality is overtaking purchases of merchandise.<\/li>\n<li>Average spending at the pump keeps climbing with surging gas prices.<\/li>\n<li>Even as some pandemic habits fade, Canadians continue to buy more groceries online.<\/li>\n<\/ul>\n<div id=\"everviz-_uGWtXMS2\" class=\"everviz-_uGWtXMS2\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-MmdPI5h-0\" class=\"everviz-MmdPI5h-0\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-5A4ExqQaZ\" class=\"everviz-5A4ExqQaZ\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-bGAehxASA\" class=\"everviz-bGAehxASA\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-qtU0O9W6W\" class=\"everviz-qtU0O9W6W\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220505\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220505\" data-toggle=\"collapse\" data-parent=\"#accordionSet220505\" aria-expanded=\"false\" aria-controls=\"accordion220505\">Household spending stays strong into May<br \/><span class=\"text-disclaimer\"> See update from May 5, 2022<\/span><\/button><\/p>\n<div id=\"accordion220505\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220505\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Card transactions held firm at 30% above pre-COVID (2019) levels in April\u2014with strong momentum carrying into May.<\/li>\n<li>High contact services spending is closing the gap with already strong goods purchases as shoppers opt for more visits to restaurants and hotels.<\/li>\n<li>Little evidence exists to suggest higher inflation is undermining spending momentum on essential items like groceries.<\/li>\n<li>But higher gas prices are exacting a hefty toll at the pump, particularly as Canadians travel more, and show a greater interest in cross-border travel.<\/li>\n<\/ul>\n<div id=\"everviz-LHLGtUSuC\" class=\"everviz-LHLGtUSuC\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-9VEepPpXH\" class=\"everviz-9VEepPpXH\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-jf8mPaM12\" class=\"everviz-jf8mPaM12\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-uKfGRop56\" class=\"everviz-uKfGRop56\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-TMPIbVVYT\" class=\"everviz-TMPIbVVYT\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220421\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220421\" data-toggle=\"collapse\" data-parent=\"#accordionSet220421\" aria-expanded=\"false\" aria-controls=\"accordion220421\">Pent up demand pushes spending higher in April<br \/><span class=\"text-disclaimer\"> See update from April 21, 2022<\/span><\/button><\/p>\n<div id=\"accordion220421\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220421\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Canadian household spending remains elevated in April, climbing 30% above pre-COVID levels.<\/li>\n<li>Goods sales remained strong, driven by increases in clothing, furniture and grocery purchases.<\/li>\n<li>On the services side, spending on travel and hospitality continues to surge back as the economic impact of the pandemic subsides.<\/li>\n<li>Higher food prices have yet to curb consumer appetites for dining out. Both the number of transactions and amount spent on restaurants is up.<\/li>\n<\/ul>\n<div id=\"everviz-SXb1_8drn\" class=\"everviz-SXb1_8drn\">\u00a0<\/div>\n<div id=\"everviz-bEnYqhagT\" class=\"everviz-bEnYqhagT\">\u00a0<\/div>\n<div id=\"everviz-TXmJG58nf\" class=\"everviz-TXmJG58nf\">\u00a0<\/div>\n<div id=\"everviz-d0h2-DmQk\" class=\"everviz-d0h2-DmQk\">\u00a0<\/div>\n<div id=\"everviz-k9_EhsSii\" class=\"everviz-k9_EhsSii\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220331\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220331\" data-toggle=\"collapse\" data-parent=\"#accordionSet220331\" aria-expanded=\"false\" aria-controls=\"accordion220331\">Household spending heating up as winter fades<br \/><span class=\"text-disclaimer\"> See update from March 31, 2022<\/span><\/button><\/p>\n<div id=\"accordion220331\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220331\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Aggregate spending is powering into spring, holding ~ 30% above pre-shock (2019) levels\u2014and more than 10 percentage points above January when Omicron restrictions weighed on activity.<\/li>\n<li>A global increase in oil prices pushed up the average sales amount at gas stations, but the broader lift in spending is not just a result of inflation. The number of transactions has also increased.<\/li>\n<li>Higher prices have pushed up \u2018non-discretionary\u2019 costs (food, shelter, gasoline, etc.), but discretionary travel and hospitality spending continues to strengthen.<\/li>\n<li>Travel spending surged back above pre-pandemic levels as more families invested in March Break holidays.<\/li>\n<\/ul>\n<div id=\"everviz-SBBw_U4bS\" class=\"everviz-SBBw_U4bS\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-7iX6vFGgD\" class=\"everviz-7iX6vFGgD\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-PllIXoKC-\" class=\"everviz-PllIXoKC-\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-WP90qA0GH\" class=\"everviz-WP90qA0GH\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-dcEUzlrac\" class=\"everviz-dcEUzlrac\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220314\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220314\" data-toggle=\"collapse\" data-parent=\"#accordionSet220314\" aria-expanded=\"false\" aria-controls=\"accordion220314\">Travel spending recovery picked up steam in February<br \/><span class=\"text-disclaimer\"> See update from March 14, 2022<\/span><\/button><\/p>\n<div id=\"accordion220314\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220314\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Travel spending touched pre-COVID levels for the first time as pandemic restrictions eased.<\/li>\n<li>The domestic tourism recovery continues to outpace international travel but Canadian spending on restaurants and hotels abroad has also been rising.<\/li>\n<li>Spending on services overall continued to recover alongside another increase in purchases of physical merchandise.<\/li>\n<li>Surging prices and geopolitical uncertainty from the Russian invasion of Ukraine are headwinds for the economy. But firmer job markets, easing COVID-19 restrictions, and pent-up demand for travel\/hospitality services are supporting strong near-term spending.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-6vtpAckts\" class=\"everviz-6vtpAckts\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-gC47p8Mrk\" class=\"everviz-gC47p8Mrk\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-7maNLODsF\" class=\"everviz-7maNLODsF\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-FxgjBAoWg\" class=\"everviz-FxgjBAoWg\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title220229\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion220229\" data-toggle=\"collapse\" data-parent=\"#accordionSet220229\" aria-expanded=\"false\" aria-controls=\"accordion220229\">Canadians spending more on services as virus threat eases<br \/><span class=\"text-disclaimer\"> See update from February 28, 2022<\/span><\/button><\/p>\n<div id=\"accordion220229\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title220229\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Consumer spending remained elevated in early July, running 13% above pre-shock (July 2019) levels as virus containment measures eased.<\/li>\n<li>Early signs are emerging of a long-awaited shift in purchases from consumer goods to services.<\/li>\n<li>Retail sales rebounded sharply in June, while spending on hospitality and entertainment took over as drivers of growth in July as Canadians ventured further away from home.<\/li>\n<li>Spending on hard hit travel and hospitality sectors posted the largest gains to-date in July\u2014though travel spending remains more than 40% below pre-covid (2019) levels.<\/li>\n<li>Spending was strongest in regions that eased containment measures earlier.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-9IalHEWxN\" class=\"everviz-9IalHEWxN\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz--ZdjOLOa3\" class=\"everviz--ZdjOLOa3\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-vei5LzlQB\" class=\"everviz-vei5LzlQB\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-WWmOlXTiI\" class=\"everviz-WWmOlXTiI\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-S2mnN0LmO\" class=\"everviz-S2mnN0LmO\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title211125\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion211125\" data-toggle=\"collapse\" data-parent=\"#accordionSet211125\" aria-expanded=\"false\" aria-controls=\"accordion211112\">Spending surged back from Omicron slump <br \/><span class=\"text-disclaimer\"> See update from February 28, 2022<\/span><\/button><\/p>\n<div id=\"accordion211125\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title211125\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li style=\"list-style-type: none\">\n<ul class=\"disc pad-l\">\n<li>Overall household spending quickly shook off the impact of the new COVID-19 variant and is now nearing pre-Omicron peak growth rates.<\/li>\n<li>Travel spending rebounded after plunging in December and January.<\/li>\n<li>Shopping at retail outlets built on late January momentum, and is tracking a gain in February.<\/li>\n<li>The reopening of indoor dining rooms in Quebec and Ontario (in time for Valentine\u2019s Day) allowed a rapid bounce back in restaurant sales.<\/li>\n<li>The post-Omicron spending surge aligns with views that the macroeconomic impact of Omicron will be smaller and shorter-lived than previous waves, leaving the Bank of Canada free to begin hiking interest rates on March 2.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-tSAqLcp1C\" class=\"everviz-tSAqLcp1C\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-76-Sncuq-\" class=\"everviz-76-Sncuq-\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-N-tCc8L3S\" class=\"everviz-N-tCc8L3S\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-qpPxFEFsf\" class=\"everviz-qpPxFEFsf\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title211125\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion211125\" data-toggle=\"collapse\" data-parent=\"#accordionSet211125\" aria-expanded=\"false\" aria-controls=\"accordion211112\">Household spending thaws from COVID frost <br \/><span class=\"text-disclaimer\"> See update from February 9, 2022<\/span><\/button><\/p>\n<div id=\"accordion211125\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title211125\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Overall spending drifted higher in late January and early February as COVID restrictions eased.<\/li>\n<li>Spending on physical merchandise recovered after a soft start in January with retail sales tracking a 1% decline (after controlling for seasonal changes) for the month as a whole.<\/li>\n<li>Services spending also looks decidedly better as Omicron concerns subside.<\/li>\n<li>A lifting of pandemic restrictions, particularly in Ontario and Quebec, boosted indoor dining as restaurants reopened.<\/li>\n<li>Travel spending bounced back after plunging during holidays, but remained 40% below pre-COVID levels.<\/li>\n<li>Early signs of a spending rebound support expectations that the Omicron wave will have a shorter-lived impact on the macroeconomic backdrop.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-3HdWXRH4X\" class=\"everviz-3HdWXRH4X\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-0qST1NuXD\" class=\"everviz-0qST1NuXD\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-rsR2D52V1\" class=\"everviz-rsR2D52V1\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-JeXgA3K9w\" class=\"everviz-JeXgA3K9w\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/cst-feb-9\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211125\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 211125 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title211125\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion211125\" data-toggle=\"collapse\" data-parent=\"#accordionSet211125\" aria-expanded=\"false\" aria-controls=\"accordion211112\">COVID-19 restrictions weigh on January spending <br \/><span class=\"text-disclaimer\"> See update from January 27, 2022<\/span><\/button><\/p>\n<div id=\"accordion211125\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title211125\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Household spending slipped lower in January as renewed pandemic restrictions kept consumers closer to home in some regions. But unlike during the winter 2021 lockdowns, spending remained 10% above pre-COVID (2019) levels.<\/li>\n<li>Spending on groceries drifted higher as options for dining out dwindled in large parts of the country.<\/li>\n<li>Quebec and Ontario saw large declines in restaurant spending. However, we expect a partial recovery in the near-term given plans to lift some restrictions at the end of January. .<\/li>\n<li>Retail stores largely stayed open in this latest virus wave, but the Omicron threat (and subsequent increase in self-isolations) pushed the share of purchases made online higher again.<\/li>\n<li>Travel spending began the year on weak footing after falling due to the initial blow of Omicron.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-oONBrQd74\" class=\"everviz-oONBrQd74\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-QmDWZJnAL\" class=\"everviz-QmDWZJnAL\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-rloA1Zy4G\" class=\"everviz-rloA1Zy4G\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-V01O8uiMt\" class=\"everviz-V01O8uiMt\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-HErTZKAQF\" class=\"everviz-HErTZKAQF\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumption-tracker-43pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211125\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 211125 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title211125\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion211125\" data-toggle=\"collapse\" data-parent=\"#accordionSet211125\" aria-expanded=\"false\" aria-controls=\"accordion211112\">Omicron fears dramatically reduced travel spending over the holidays <br \/><span class=\"text-disclaimer\"> See update from January 11, 2022<\/span><\/button><\/p>\n<div id=\"accordion211125\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title211125\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Travel spending fell sharply in December; dropping 60% below pre-pandemic (2019) levels.<\/li>\n<li>Spending on other high-contact services like restaurants and gyms also edged lower and will fall further in January as containment measures are re-imposed across several regions.<\/li>\n<li>Overall spending remained resilient, but after rising 20% above pre-COVID levels in the autumn months, it slipped back to just 14% above that benchmark.<\/li>\n<li>By our count, goods spending at retail stores likely moved 2% lower in December after controlling for seasonal wiggles due to lower clothing and electronics sales.<\/li>\n<li>Online shopping remained well below pandemic highs\u2014contrasting with the 2021 winter virus wave when vaccines were not widely available and in-store retail shopping options were limited.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-bCVI-ICeo\" class=\"everviz-bCVI-ICeo\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-CHBOLZrmD\" class=\"everviz-CHBOLZrmD\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-wZqIxFyky\" class=\"everviz-wZqIxFyky\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-VeuXTyHva\" class=\"everviz-VeuXTyHva\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-LzyKZrS2E\" class=\"everviz-LzyKZrS2E\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211125\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 211125 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title211209\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion211209\" data-toggle=\"collapse\" data-parent=\"#accordionSet211209\" aria-expanded=\"false\" aria-controls=\"accordion211209\">Omicron worries slow the travel spending recovery <br \/><span class=\"text-disclaimer\"> See update from December 9, 2021<\/span><\/button><\/p>\n<div id=\"accordion211209\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title211209\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Overall spending remained solid as the holiday shopping season picked up\u2014but the recovery in services spending lost some momentum amid virus concerns.<\/li>\n<li>Excluding motor vehicles, retail sales tracking was little changed in November from October, controlling for normal seasonal changes.<\/li>\n<li>Online sales at big box and electronics stores are rising.<\/li>\n<li>Early signs suggest the omicron variant is stalling the travel spending recovery, though spending on hospitality services is holding up so far.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-0IG2dcKSh\" class=\"everviz-0IG2dcKSh\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-YKX0togkx\" class=\"everviz-YKX0togkx\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-vjG2Ql8Hj\" class=\"everviz-vjG2Ql8Hj\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-S_kfTr8aq\" class=\"everviz-S_kfTr8aq\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/consumption-tracker-42pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211209\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 211209 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title211125\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion211125\" data-toggle=\"collapse\" data-parent=\"#accordionSet211125\" aria-expanded=\"false\" aria-controls=\"accordion211112\">Spending lifts ahead of the holidays <br \/><span class=\"text-disclaimer\"> See update from November 25, 2021<\/span><\/button><\/p>\n<div id=\"accordion211125\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title211125\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Household spending in November remains elevated at more than 20% above pre-shock levels.<\/li>\n<li>Spending on retail goods picked up early in the month\u2014fueled by stronger purchases of electronics and at building material stores. We\u2019re tracking a 1% month to date gain in retail sales, accounting for seasonal swings.<\/li>\n<li>The share of purchases made online is rising as holiday spending picks up.<\/li>\n<li>Travel bookings continued to recover in November, but are still below pre-pandemic levels (~-25%).<\/li>\n<li>Spending on restaurants and accommodation is holding around pre-pandemic levels while overall spending is still rotating back to the hard-hit services sector.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-nnEwwo_B3\" class=\"everviz-nnEwwo_B3\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-Nkx81u7m3\" class=\"everviz-Nkx81u7m3\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-Q8r1RguD3\" class=\"everviz-Q8r1RguD3\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-N0v6beDm5\" class=\"everviz-N0v6beDm5\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-tz_SYjYCN\" class=\"everviz-tz_SYjYCN\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/rbc-consumer-spending-tracker-pdf-november-25-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211125\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 211125 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title211112\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion211112\" data-toggle=\"collapse\" data-parent=\"#accordionSet211112\" aria-expanded=\"false\" aria-controls=\"accordion211112\">Household spending glides into November on a strong footing <br \/><span class=\"text-disclaimer\"> See update from November 12, 2021<\/span><\/button><\/p>\n<div id=\"accordion211112\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title211112\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Overall spending remained elevated, tracking ~20% above 2019 levels as virus concerns eased.<\/li>\n<li>Canadians continued to visit restaurants and diners even as patio season began winding down.<\/li>\n<li>Recovery in travel spending gained traction as the holiday season approaches, but spending in the sector is still ~ 30% below 2019 levels.<\/li>\n<li>Spending on hotels and other accommodation slowed and Canadians spent more on entertainment.<\/li>\n<li>Some online shopping habits have become entrenched\u2014including for grocery purchases\u2014despite the removal of many restrictions on bricks and mortar retail.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-BVjrJye3G\" class=\"everviz-BVjrJye3G\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-dSvAwWprd\" class=\"everviz-dSvAwWprd\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-8dxvh1I17\" class=\"everviz-8dxvh1I17\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-3dtrrybIf\" class=\"everviz-3dtrrybIf\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-XKjZUOXwj\" class=\"everviz-XKjZUOXwj\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-ezNXhRNAz\" class=\"everviz-ezNXhRNAz\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/rbc-consumer-spending-tracker-pdf-november-12-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211112\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 211112 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title211028\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion211028\" data-toggle=\"collapse\" data-parent=\"#accordionSet211028\" aria-expanded=\"false\" aria-controls=\"accordion211028\">Spending in October held firm as virus spread eased <br \/><span class=\"text-disclaimer\"> See update from October 28, 2021<\/span><\/button><\/p>\n<div id=\"accordion211028\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title211028\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Consumer spending remained strong in October with card transactions tracking almost 20% above pre-COVID (2019) levels.<\/li>\n<li>Travel spending picked up, but remained below pre-pandemic levels. Quebec led all other regions in the travel spending recovery.<\/li>\n<li>Purchases continue to rotate back toward services, with restaurant spending still elevated in October. Meantime, spending on goods is holding steady.<\/li>\n<li>Though some apprehension about large gatherings remain, high levels of vaccinations have enabled many to prioritize self-care and entertainment\u2014 reinforcing the shift in spending to services<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz--lQnnNy5F\" class=\"everviz--lQnnNy5F\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-azkK-zVqM\" class=\"everviz-azkK-zVqM\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-imr-Od45Y\" class=\"everviz-imr-Od45Y\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-tzEEBOJLi\" class=\"everviz-tzEEBOJLi\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-L26ex0vH1\" class=\"everviz-L26ex0vH1\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/rbc-consumer-spending-tracker-pdf-october-28-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211012\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 211012 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title211012\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion211012\" data-toggle=\"collapse\" data-parent=\"#accordionSet211012\" aria-expanded=\"false\" aria-controls=\"accordion211012\">Canadian spending holds up against Delta wave, though services slip<br \/><span class=\"text-disclaimer\"> See update from October 12, 2021<\/span><\/button><\/p>\n<div id=\"accordion211012\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title211012\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li style=\"list-style-type: none\">\n<ul class=\"disc pad-l\">\n<li style=\"list-style-type: none\">\n<ul class=\"disc pad-l\">\n<li>The latest swell of virus infections weighed on the recovery in high-contact service sectors, even as overall spending remained resilient.<\/li>\n<li>Merchandise purchases through August and September were little changed as a whole, though sales on \u201chome comforts\u201d like furniture and gardening rose while clothing sales declined.<\/li>\n<li>Travel spending remains sluggish as Canadians stay closer to home.<\/li>\n<li>Spending that involves social interactions, like restaurant and art gallery visits faded in September\u2014though it remained well above pre-shock levels.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-_C7h_qWKs\" class=\"highcharts-_C7h_qWKs\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-2_YDxO-tR\" class=\"highcharts-2_YDxO-tR\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-KNSED2DNj\" class=\"everviz-KNSED2DNj\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-yC6KsK8M9\" class=\"everviz-yC6KsK8M9\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-y5_Dy-CBh\" class=\"everviz-y5_Dy-CBh\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/rbc-consumer-spending-tracker-pdf-october-12-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211012\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 211012 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title210923\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion210923\" data-toggle=\"collapse\" data-parent=\"#accordionSet210923\" aria-expanded=\"false\" aria-controls=\"accordion210923\">Delta disrupts budding recovery in services spending<br \/><span class=\"text-disclaimer\"> See update from September 23, 2021<\/span><\/button><\/p>\n<div id=\"accordion210923\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title210923\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Overall spending stayed afloat in September but the spread of the Delta variant has paused a rotation in consumer spending from goods to services.<\/li>\n<li>The initial shift to services spending kicked off when provincial economies re-opened over the summer\u2014with food services sales spiking 11% in July as retail sales fell, according to Statscan.<\/li>\n<li>Though services held onto earlier gains in September, there are now early signs of a slowdown in the hospitality sector and travel spending remains very soft.<\/li>\n<li>We expect the virus to keep a lid on the recovery in high-contact services spending in the near term.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-tH_lCKLoD\" class=\"everviz-tH_lCKLoD\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-NJLznD_Gl\" class=\"everviz-NJLznD_Gl\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-5BwXkkGb7\" class=\"everviz-5BwXkkGb7\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-8sk2LE4h7\" class=\"everviz-8sk2LE4h7\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/rbc-consumer-spending-tracker-pdf-september-23-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_210923\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 210923 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title0909\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion0909\" data-toggle=\"collapse\" data-parent=\"#accordionSet0909\" aria-expanded=\"false\" aria-controls=\"accordion0909\">Delta drags on travel even as overall spending recovery holds<br \/><span class=\"text-disclaimer\"> See update from September 9, 2021<\/span><\/button><\/p>\n<div id=\"accordion0909\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title0909\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>The recovery in spending plateaued in August after growing at a hot pace through the summer. Still, overall spending remained well-above pre-COVID levels.<\/li>\n<li>Spending at restaurants and hotels eased somewhat, after jumping 16.5% above pre-shock (2019) levels in August.<\/li>\n<li>Rising Delta infections appear to be disrupting holiday plans, causing spending on travel to slide lower again.<\/li>\n<li>Canadians continue to shift their spending toward services and away from hard goods. Retail sales (of merchandise) are tracking down in August, even after controlling for \u2018normal\u2019 seasonal movements.<\/li>\n<li>The extent to which rising infections will derail the recovery in spending remains uncertain. But for now, spending on the hardest-hit hospitality sectors appears to have held up through August.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-CkYZfiizA\" class=\"everviz-CkYZfiizA\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-CuCAC0wV4\" class=\"everviz-CuCAC0wV4\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-x0jVPe1X5\" class=\"everviz-x0jVPe1X5\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-ZuVdZtvW-\" class=\"everviz-ZuVdZtvW-\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/rbc-consumer-spending-tracker-pdf-september-9-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_210826\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 09092021 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title0826\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion0826\" data-toggle=\"collapse\" data-parent=\"#accordionSet0826\" aria-expanded=\"false\" aria-controls=\"accordion0826\">Household spending remained elevated in August<br \/><span class=\"text-disclaimer\"> See update from August 26, 2021<\/span><\/button><\/p>\n<div id=\"accordion0826\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title0826\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Consumer spending held up in early August following big gains in June and July.<\/li>\n<li>Purchases of retail merchandise easing slightly in August as spending rotates back towards high-contact services.<\/li>\n<li>Spending on restaurants and accommodation continued to rise albeit at a slower pace than the rapid rebound earlier in the summer.<\/li>\n<li>Canadian travel spending is still higher than in the spring, but remains well below pre-shock levels.<\/li>\n<li>Domestic tourism continues to support the recovery; central Canada lagging other regions.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-LpazHL_XD\" class=\"everviz-LpazHL_XD\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-y5xSYnjda\" class=\"everviz-y5xSYnjda\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-VIIMmP4WK\" class=\"everviz-VIIMmP4WK\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/rbc-consumer-spending-tracker-august-26-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_210826\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 34 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title0812\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion0812\" data-toggle=\"collapse\" data-parent=\"#accordionSet0812\" aria-expanded=\"false\" aria-controls=\"accordion0812\">Great spending reshuffle continues in early August as more Canadians embrace restaurants and travel<br \/><span class=\"text-disclaimer\"> See update from August 12, 2021<\/span><\/button><\/p>\n<div id=\"accordion0812\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title0812\">\n<div class=\"collapse-inner\">\n<ul class=\"disc pad-l\">\n<li>Overall spending started on a strong note in August, cementing gains made over the last few months.<\/li>\n<li>Hospitality spending showed no sign of slowing as restaurant traffic hit a post-pandemic high.<\/li>\n<li>For the first time this year, hospitality spending edged back above pre-COVID (2019) levels in Ontario, after trailing other larger provinces that eased restrictions earlier.<\/li>\n<li>Travel spending held steady at 40% below pre-COVID (2019) levels after jumping in recent months.<\/li>\n<li>Rising virus case counts suggest the pandemic is far from over. Nevertheless, vaccine distribution has gone relatively well in Canada so far, likely limiting the need for strict\/extensive future containment measures.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-2aBBW298d\" class=\"everviz-2aBBW298d\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-eGP8gXc69\" class=\"everviz-eGP8gXc69\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-mMu21WkUD\" class=\"everviz-mMu21WkUD\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-_4egfi388\" class=\"everviz-_4egfi388\">\u00a0<\/div>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/rbc-consumer-spending-tracker-pdf-august-12-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_210715\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 33 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title0621\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion0621\" data-toggle=\"collapse\" data-parent=\"#accordionSet0621\" aria-expanded=\"false\" aria-controls=\"accordion0621\">Household spending continues an uphill climb in July<br \/><span class=\"text-disclaimer\"> See update from July 29, 2021<\/span><\/button><\/p>\n<div id=\"accordion0621\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title0621\">\n<div class=\"collapse-inner\">\n<p>July 29, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Canadian household spending remained well-above pre-shock 2019 levels in July building on June&#8217;s gains.<\/li>\n<li>Spending continues to rotate to the hard-hit hospitality and travel sectors, although spending on physical merchandise also edged higher.<\/li>\n<li>Spending on dining and lodging jumped from 29% below pre-shock (2019) levels June to 1.5% above in July.<\/li>\n<li>RBC data shows retail sales (excluding services) increased by 2% to date in July on a seasonally adjusted basis &#8211; reversing much of the remaining softness seen in over the third virus wave.<\/li>\n<li>Western provinces are leading the recovery in travel spending; central Canada lagging.<\/li>\n<li>Against an increasingly more optimistic backdrop, Canadians are finding more ways to socialize outside their homes with recreational goods and clothing sales drifting higher.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz--ZdjOLOa3\" class=\"everviz--ZdjOLOa3\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-2jm3NODNo\" class=\"everviz-2jm3NODNo\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-aodxgiO0a\" class=\"everviz-aodxgiO0a\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-TRSsX6IBB\" class=\"everviz-TRSsX6IBB\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-wfz479Pp-\" class=\"everviz-wfz479Pp-\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title210630\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion210630\" data-toggle=\"collapse\" data-parent=\"#accordionSet210617\" aria-expanded=\"false\" aria-controls=\"accordion210630\">Spending picked up as many regions began to loosen restrictions<br \/><span class=\"text-disclaimer\"> See report from June 30, 2021<\/span><\/button><\/p>\n<div id=\"accordion210630\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title210630\">\n<div class=\"collapse-inner\">\n<p>June 30, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Canadian household spending rebounded as virus containment measures eased \u2013 running 14% above year-ago levels, and 11 % ahead of (pre-shock) levels in June 2019.<\/li>\n<li>Retail spending is tracking about 6% above May in June (controlling for typical seasonal changes), partially retracing the almost 9% combined decline over May and April.<\/li>\n<li>Strongest growth came from products\/services hit hardest by spring restrictions. Spending on clothing rebounded sharply, as did spending on food &amp; accommodations as provinces started to re-open.<\/li>\n<li>Spending in the hospitality sector jumped as provinces began to reopen \u2013 regions slower to loosen restrictions, like Ontario, lagged but picked up steam in the second half of the month.<\/li>\n<li>Early green-shoots in travel spending continued to emerge, although spending is still far below pre-shock levels.<\/li>\n<li>With vaccine distribution ramping up and restrictions easing, spending is expected to continue to strengthen in July.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"everviz-IhT_RHzDs\" class=\"everviz-IhT_RHzDs\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-0-TKyGGTJ\" class=\"everviz-0-TKyGGTJ\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-4fb5rBM8y\" class=\"everviz-4fb5rBM8y\">\u00a0<\/div>\n<hr \/>\n<div id=\"everviz-RTGLke0rN\" class=\"everviz-RTGLke0rN\">\u00a0<\/div>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-june-30-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0111\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 29 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\n<p>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<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 www.rbc.com\/privacy.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title210617\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion210617\" data-toggle=\"collapse\" data-parent=\"#accordionSet210617\" aria-expanded=\"false\" aria-controls=\"accordion210617\">Spending picked up as many regions began to loosen restrictions<br \/><span class=\"text-disclaimer\"> See report from June 17, 2021<\/span><\/button><\/p>\n<div id=\"accordion210617\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title210617\">\n<div class=\"collapse-inner\">\n<p>June 17, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Spending picked up as many regions began to loosen restrictions.<\/li>\n<li>After cooling off in April and May, retail sales are tracking ~5% higher to-date in early June (controlling for normal seasonal fluctuations) &#8211; and that\u2019s before non-essential retailers re-opened in Ontario.<\/li>\n<li>Even travel spending is showing a pulse for the first time in more than a year.<\/li>\n<li>Green shoots are emerging within the hard hit hospitality sector, as spending at restaurants and on lodging both are tracking substantially higher in June.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-AWVkxKUlt\" class=\"highcharts-AWVkxKUlt\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-zusMpAMx8\" class=\"highcharts-zusMpAMx8\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-MtmikRqQ-\" class=\"highcharts-MtmikRqQ-\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-ZT7VF-TA3\" class=\"highcharts-ZT7VF-TA3\">\u00a0<\/div>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-30186\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-june-17-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0110\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 29 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\n<p>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<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 www.rbc.com\/privacy.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title210606\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion210606\" data-toggle=\"collapse\" data-parent=\"#accordionSet210606\" aria-expanded=\"false\" aria-controls=\"accordion1\">Consumer spending slowed in May ahead of eased restrictions<br \/><span class=\"text-disclaimer\"> See report from June 6, 2021<\/span><\/button><\/p>\n<div id=\"accordion210606\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title210606\">\n<div class=\"collapse-inner\">\n<p>June 6, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Spending edged lower again in May with virus containment measures largely still in place for the month.<\/li>\n<li>Retail spending is tracking 3% lower in May compared to April, controlling for normal seasonal changes.<\/li>\n<li>Clothing sales have once again been hit by shopping restrictions.<\/li>\n<li>Hard hit hospitality &amp; travel sectors remain deflated, but the light at the end of the pandemic tunnel is getting brighter as vaccination rates continue to rise and provinces prepare to re-open.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-hGP5tJU_P\" class=\"highcharts-hGP5tJU_P\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-rfnbJNL5t\" class=\"highcharts-rfnbJNL5t\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-akeRWybt4\" class=\"highcharts-akeRWybt4\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-8xDBUuUvB\" class=\"highcharts-8xDBUuUvB\">\u00a0<\/div>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-june-3-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0110\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 28 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\n<p>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<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 www.rbc.com\/privacy.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title0520\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion0520\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion0520\">Spending softened in May, but no repeat of 2020 collapse<br \/><span class=\"text-disclaimer\">See report from May 20, 2021<\/span><\/button><\/p>\n<div id=\"accordion0520\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title0520\">\n<div class=\"collapse-inner\">\n<p>May 20, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Overall retail spending edged lower again in May &#8211; controlling for &#8216;normal&#8217; seasonal movements &#8211; but held above pre-pandemic levels. Spending on retail merchandise is tracking lower (4% in May to-date) but still resilient compared to last year&#8217;s collapse.<\/li>\n<li>COVID sensitive spending remained anemic amid continued restrictions.<\/li>\n<li>Spending in travel and hospitality sectors still exceptionally weak.<\/li>\n<li>Household spending still expected to surge as virus containment measures ease.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-QbDANHQQD\" class=\"highcharts-QbDANHQQD\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-WUWOG5uri\" class=\"highcharts-WUWOG5uri\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-pYB_uu33W\" class=\"highcharts-pYB_uu33W\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-P9xPpfj76\" class=\"highcharts-P9xPpfj76\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-q8ItqZJQp\" class=\"highcharts-q8ItqZJQp\">\u00a0<\/div>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-pdf-2021-05-20\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0110\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 27 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\n<p>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<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 www.rbc.com\/privacy.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title0505\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion0505\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion0505\">Containment measures halt spending growth in April <br \/><span class=\"text-disclaimer\">See report from May 5, 2021<\/span><\/button><\/p>\n<div id=\"accordion0505\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title0505\">\n<div class=\"collapse-inner\">\n<p>May 5, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Re-imposed virus containment measures across several regions slowed spending in April, but purchases remained relatively resilient. After increasing 7% over February and March, retail spending likely declined by about 4% in April as regions restricted in-store foot traffic and Ontario retailers were closed to all but curb-side and online purchases.<\/li>\n<li>Still, this decline pales in comparison to what we saw last spring where retail activity dropped by more than 30% over two months. Canadian shoppers have altered the way they purchase goods with increasing numbers embracing online shopping. Even with the pullback, spending in April was almost 50% above the exceptionally low levels of April 2020.<\/li>\n<li>Spending on clothing as well as high-contact services like dining and accommodation slid under the weight of new restrictions.<\/li>\n<li>While it is true that <a href=\"https:\/\/thoughtleadership.rbc.com\/canadian-retailers-better-placed-to-weather-covid-third-wave\/\">many businesses <\/a> have adjusted well, hard-hit (hospitality) industries \u2014operating under the heaviest restrictions \u2014 will continue to be anemic until the broader economy reopens. Vaccine-induced immunity remains an integral component in supporting a sustained reopening. We expect most of the adult population will receive one dose by June, up from 41% today.<\/li>\n<li>Until vaccines get broadly distributed, we look for this soft patch to extend into May (with many restrictions still in place). But, similar to the winter lockdowns, spending will quickly rebound as virus spread and containment measures ease.<\/li>\n<\/ul>\n<div id=\"highcharts-XPcfNdGex\" class=\"highcharts-XPcfNdGex\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-uTfmrKHX1\" class=\"highcharts-uTfmrKHX1\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-mfOqTVimr\" class=\"highcharts-mfOqTVimr\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-jfohU3oHG\" class=\"highcharts-jfohU3oHG\">\u00a0<\/div>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-may-5-2021\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0110\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 26 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\n<p>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<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 www.rbc.com\/privacy.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title0422\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion0422\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion0422\">Spending slowed in early April, foreshadows softness ahead<br \/><span class=\"text-disclaimer\">See report from April 22, 2021<\/span><\/button><\/p>\n<div id=\"accordion0422\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title0422\">\n<div class=\"collapse-inner\">\n<p>April 22, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Resurgent virus spread and re-imposed containment measures are once again having an impact, although spending remained resilient compared to a year ago.<\/li>\n<li>Overall spending remained slightly above pre-pandemic 2019 levels over the first half of April (controlling for an earlier Easter spending bump in 2021 than in 2019) \u2013 and a whopping 58% above sharply depressed spending levels a year ago during the first wave of virus spread and containment measures.<\/li>\n<li>Apparel spending declined sharply in early April as re-imposed containment measures restricted in-store shopping in parts of the country and led many to shelve shopping plans. While this decline retraced gains seen over February and March, the pull back in spending to-date remains far smaller than in the first wave of restrictions.<\/li>\n<li>Spending will very likely soften further in coming weeks as containment measures in the third wave of virus spread ramp up. We expect to see retail sales decline in April as several regions restrict instore retail activity.<\/li>\n<li>However, even in regions where in-store shopping has been shuttered, curb-side pickup remains an option. And the limited impact of the second wave of lockdowns over the winter on retail purchases reinforced that both households and businesses have become more comfortable with contactless transactions.<\/li>\n<li>Restrictions continue to have a much larger impact on spending in the already hard-hit \u2018high-contact\u2019 travel and leisure service-sectors that were already sharply depressed.<\/li>\n<li>Better days are approaching, including for the hardest-hit industries. Government support programs continue to provide households with purchasing power as vaccine distribution ramps up. Spending on retail merchandise has recovered quickly following earlier virus waves, and likely will again this time.<\/li>\n<li>A more significant recovery in hard-hit, high-contact services industries like accommodation &amp; food services is not expected until vaccines are widely distributed \u2013 but the timeline for when that will happen continues to inch forward with Canada now expecting ~50 million doses delivered by the end of June.<\/li>\n<\/ul>\n<div id=\"highcharts-L3jsEI8nF\" class=\"highcharts-L3jsEI8nF\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-1Z_e2ifPB\" class=\"highcharts-1Z_e2ifPB\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-tBfS9xq12\" class=\"highcharts-tBfS9xq12\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-0lwcRgbL_\" class=\"highcharts-0lwcRgbL_\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-k9El2XG_3\" class=\"highcharts-k9El2XG_3\">\u00a0<\/div>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-25\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0110\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 25 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\n<p>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<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 www.rbc.com\/privacy.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title0407\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion0407\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion0407\">Robust spending in March with early signs of recovery in hospitality sector<br \/><span class=\"text-disclaimer\">See report from April 7, 2021<\/span><\/button><\/p>\n<div id=\"accordion0407\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title0407\">\n<div class=\"collapse-inner\">\n<p>April 7, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Overall spending continued to improve in March. Year-over-year comparisons are now being heavily influenced by exceptionally weak spending a year ago, but overall spending is still tracking ~2% above February levels on a seasonally adjusted basis by our count.<\/li>\n<li>Spending on retail products continued to edge higher \u2013 the data is consistent with another economy-wide increase in retail spending in March, albeit likely smaller than the 4% bounce-back in retail spending Statistics Canada already reported for February.<\/li>\n<li>Early indicators pointed to some recovery in the hard hit food and accommodation sectors as containment measures eased. Notwithstanding, there is still a huge spending shortfall in these sectors and we continue to expect that this deficit will not be eliminated until vaccines are distributed to the broader Canadian population.<\/li>\n<li>Growing optimism among consumers led to broad based increase in spending. Notably entertainment spending and clothing continues to show upward trends.<\/li>\n<li>Virus resurgence has prompted some regions to re-impose containment measures that will once again weigh particularly on spending in the hospitality sector in April. But vaccine distribution is also ramping up, and that is expected to pave the way for less restrictions and more household spending in those hardest-hit sectors over the summer.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-7sWA_d-eC\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-1MphQzX87\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-o7HU2ByBB\">\u00a0<\/div>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-24\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0110\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 22 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\n<p>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<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 www.rbc.com\/privacy.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title0322\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion0322\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion0322\">Retail spending shifting back into high gear<br \/><span class=\"text-disclaimer\">See report from March 22, 2021<\/span><\/button><\/p>\n<div id=\"accordion0322\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title0322\">\n<div class=\"collapse-inner\">\n<p>March 22, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li style=\"list-style-type: none\">\n<ul class=\"disc pad-l\">\n<li>Easing restrictions across most parts of the country cleared a path for Canadians to increase spending in early March. <b>Overall sales jumped 6.6% from a year ago. <\/b> That year-over-year growth comparison is beginning to be pushed higher by weaker year-ago spending levels in the first wave of virus spread \u2013 travel spending in particular was already softening in early March 2020.<\/li>\n<li><b>Spending on the hospitality sector remains weak<\/b> and will continue to be weighed down by health and safety restrictions.<\/li>\n<li>The race between vaccine distribution and rising Covid-19 case counts, including new variants, continues to intensify. The travel and hospitality sectors will remain under pressure until the threat of the virus has eased.<\/li>\n<li>It\u2019s been a year since the World Health Organization declared a global pandemic and much has changed since then, including the way Canadians shop. <b>Here are three trends that emerged: <\/b>\n<ul class=\"disc pad-l\">\n<li><b>Without containment measures, consumers will spend. <\/b>Consumers spending on merchandise bounced back quickly after winter lockdowns as retail store-fronts reopened. That also happened after the first wave last spring, and the latest downturn was much smaller with households and businesses having adapted to contactless purchase options. Of course, government income supports for those out of work helped prop up household purchasing power.<\/li>\n<li><b>Nesting matters in an increasingly physically distant world: <\/b>Household spending accounted for 17% of total spending before COVID. One year later, 21% is being spent on home goods. As the service sector reopens, some of that cash will likely be re-directed to spending outside of the home.<\/li>\n<li><b>Retail digitalization is here to stay: <\/b> The virus threat has kept many businesses operating under restrictions of one type or another. Stores have responded by increasing e-commerce infrastructure and sales, helping to accelerate a trend that was already in place pre-COVID. In one notable development, online grocery shopping has become more entrenched, even though stores in this space were allowed to open their doors.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>Spending shifts and highlights<\/h4>\n<hr \/>\n<div id=\"highcharts-a-1ehomo4\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-2YxuCE0eV\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-gLFL_04vP\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-inKriASAS\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-rQe87L_xD\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-9t_sE-Vr4\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-23\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0110\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 22 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\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 same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title2\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion2\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion2\">Retailers quickly shook off the second wave slump<br \/><span class=\"text-disclaimer\">See report from March 9, 2021<\/span><\/button><\/p>\n<div id=\"accordion2\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title2\">\n<div class=\"collapse-inner\">\n<p>March 9, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li><b>Canadian household spending bounced back in February<\/b> as virus-containment measures eased in much of the country. After dipping in December and January, overall card transactions were 2.7% above year-ago levels.<\/li>\n<li><b>Data suggest &#8216;core&#8217; retail sales (excluding motor vehicle and gasoline sales) rebounded,<\/b> rising as much as 7% above year-ago levels in February \u2013 reversing much of the slowing over December and January and confirming the relative resilience of sales compared to the spring 2020 lockdowns. The recovery happened despite restrictions on in-store shopping in much of Ontario, suggesting sales could strengthen further in March.<\/li>\n<li><b>Household purchasing power continues to be propped up by significantly larger-than-usual government income supports.<\/b> With incomes holding up well, households are positioned to spend after virus-containment measures are lifted.<\/li>\n<li><b>Spending on clothing<\/b> appears to have bounced higher after slowing sharply over the holidays.<\/li>\n<li><b>High-contact services remain very weak.<\/b> Spending on food &amp; accommodation was still running 40% below year-ago levels in February.<\/li>\n<li><b>Accelerating vaccine distribution represents the light at the end of the tunnel<\/b> for service-sector industries. Households have ample purchasing power to ramp up spending quickly. And that light is getting closer with Canada set to receive enough doses of the Pfizer and Moderna vaccines to provide at least a first dose to most of the population over the age of 60 (who accounted for 70% of hospitalizations and over 95% of deaths from COVID to-date) by mid-April.<\/li>\n<\/ul>\n<h4>Spending shifts and highlights<\/h4>\n<hr \/>\n<div id=\"highcharts-172AkI80I\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-TCMES_AXJ\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-JPrbi7dkI\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-g3kfTrGVq\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-DHJfAcgta\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-5O2pQMgt6\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-NCk2BCjt3\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/retailers-quickly-shook-off-the-second-wave-slump-pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0110\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 22 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\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 same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title3\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion3\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion3\">Consumer spending patterns were more resilient in the second wave<br \/><span class=\"text-disclaimer\">See report from February 24, 2021<\/span><\/button><\/p>\n<div id=\"accordion3\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title3\">\n<div class=\"collapse-inner\">\n<p>February 24, 2021<\/p>\n<h4>Big picture and the key takeaway:<\/h4>\n<ul class=\"disc pad-l\">\n<li>Retail spending picked up pace in February as lockdowns eased in some regions, although spending in \u2018high-contact\u2019 service sector industries remained exceptionally weak.<\/li>\n<li>By the week of Feb 11th RBC\u2019s consumer spending data showed overall purchases were about 1% shy of year ago levels compared to -5.2% in January and -2.3% in December.<\/li>\n<li>Consumer spending patterns were more resilient in the second wave of lockdowns than in spring of 2020, with less evidence of panic buying.<\/li>\n<li>COVID has forced many organizations to alter the way they sell. The expansion of online sales infrastructure and greater comfort with contactless transactions by both businesses and consumers have lessened the economic impact of the second virus wave.<\/li>\n<li>Statistics Canada reported that retail sales declined 3.3% in Jan, following a 3.4% drop in December. Still this was a more muted impact relative to spring lockdowns. Early signs of a spending recovery in February add to the list of evidence that the economy will avoid a contraction through the second virus wave with upside risk growing to our forecast for a flat GDP print in Q1.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-nm5IRwYYr\">\u00a0<\/div>\n<hr \/>\n<h4>Spending shifts &amp; highlights<\/h4>\n<ul class=\"disc pad-l\">\n<li>Clothing sales showed a modest recovery although spending remains well below year ago levels.<\/li>\n<li>Entertainment goods spending remained weak due to the inability to participate in outdoor activities.<\/li>\n<li>Spending on travel and hospitality sector services remains sharply depressed, and won\u2019t recover until vaccines have been widely distributed and virus containment measures lightened.<\/li>\n<li>Restrictions on dining left many Canadians with little choice but to shop at grocery stores.<\/li>\n<li>Online sales volume remains robust.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-IRU4P5_FA\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-WnFUjumhf\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-XXaF_bpUA\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-f5Rn_w5Sk\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-iU3R0TSD0\">\u00a0<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\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 same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title4\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion4\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion4\">Continued restrictions hurt spending in late January<br \/><span class=\"text-disclaimer\">See report from February 9, 2021<\/span><\/button><\/p>\n<div id=\"accordion4\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title4\">\n<div class=\"collapse-inner\">\n<p>February 9, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Continued public health restrictions reduced spending about 4% in the last two weeks of January<\/li>\n<li>In-person spending at restaurants, entertainment venues, and on travel remained slow albeit above first wave levels<\/li>\n<li>Spending on household and specialty goods stayed strong while apparel held steady at lower levels<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-JDkjPmuYq\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-j-9py41Wp\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-w6GPkDeDM\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-QcBHYlF73\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-3qXlLkNmf\">\u00a0<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\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 same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title5\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion5\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion5\">Spending started 2021 on a weaker note<br \/><span class=\"text-disclaimer\">See report from January 25, 2021<\/span><\/button><\/p>\n<div id=\"accordion5\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title5\">\n<div class=\"collapse-inner\">\n<p>January 25, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Spending at the start of the New Year was weaker as lockdowns imposed at the end of 2020 continued.<\/li>\n<li>Canadians spent 5% less in the second week of January than over the same period last year, after trimming spending 9% the week prior.<\/li>\n<li>Retail categories saw declines across the board but some, including department and electronics stores, saw smaller declines than might have been expected after the holiday season.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-JUy0kc1MO\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-METkmLJJp\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-lakiU-sV0\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-l4BfIWjBH\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-LQ-_bQKIC\">\u00a0<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\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 same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title6\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion6\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion6\">Spending fell slightly through December<br \/><span class=\"text-disclaimer\">See report from January 11, 2021<\/span><\/button><\/p>\n<div id=\"accordion6\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title6\">\n<div class=\"collapse-inner\">\n<p>January 11, 2021<\/p>\n<ul class=\"disc pad-l\">\n<li>Spending fell slightly through December: slowly at first as more limited lockdowns were in place, and more rapidly around the holidays as tightening rules slowed Boxing Day spending.<\/li>\n<li>Discretionary categories, like entertainment and electronics, fell more than already-ailing areas like travels and dining out.<\/li>\n<li>Preliminary estimates suggest spending was down 1.4% from December 2019. Volumes fell over 6% in the week ending December 22, the worst weekly change since mid-May.<\/li>\n<li>With relatively few post-lockdown days included in our sample thus far, spending could be lower as 2021 data start to roll in.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-V1SwwHUJH\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts--4bwD9_o3\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-UvNWXLjX1\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-BLcq0aZPJ\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-dq4MaWOB8\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-fDJnsTxb2\">\u00a0<\/div>\n<p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsetranscript1\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsetranscript1\">Methodology<\/button><\/p>\n<div id=\"collapsetranscript1\" class=\"collapse-content collapse\">\n<div class=\"collapse-inner\">\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\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 same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title7\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion7\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion7\">Late November lockdown led to a spending dip<br \/><span class=\"text-disclaimer\">See report from December 14, 2020<\/span><\/button><\/p>\n<div id=\"accordion7\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title7\">\n<div class=\"collapse-inner\">\n<p>December 14, 2020<\/p>\n<ul class=\"disc pad-l\">\n<li>Lockdowns began to impact consumer spending after weeks of rising case counts.<\/li>\n<li>Overall spending fell, down 2.5% from a year earlier in the last week of November.<\/li>\n<li>At the same time, online spending rose, nearing levels not seen since the spring.<\/li>\n<li>Spending on travel and restaurants continued a weeks-long decline, while categories like home goods and apparel saw lockdown-related drops.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-tVleIdI93\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-nLXeXRYBm\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-5N0NeWeXU\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-ZnP6FSwM6\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-325Q4cdUg\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-tzOgw4iNr\">\u00a0<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\n<hr \/>\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\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 same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title8\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion8\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion8\">Most consumer categories saw online growth<br \/><span class=\"text-disclaimer\">See report from November 30, 2020<\/span><\/button><\/p>\n<div id=\"accordion8\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title8\">\n<div class=\"collapse-inner\">\n<p>November 30, 2020<\/p>\n<ul class=\"disc pad-l\">\n<li>Card spending volumes continued to defy case counts through mid-November.<\/li>\n<li>Overall spending was up slightly, about 2%, from year ago levels.<\/li>\n<li>Rising case counts did seem to encourage online sales: consumer categories broadly saw increases in remote transactions.<\/li>\n<li>Rising retail sales were driven by a boost in electronics, and entertainment spending rebounded, as Canadians found ways to entertain themselves during a colder second wave.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-jTWrxtbKj\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-2Gc3wX7Lf\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-blQIWNJFT\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-RbCJGL2ov\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-nOBL0hY2D\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-EqdKiG1NJ\">\u00a0<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\n<hr \/>\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\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 same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title9\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion9\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion9\">Total spending steady despite climbing case counts<br \/><span class=\"text-disclaimer\">See report from November 16, 2020<\/span><\/button><\/p>\n<div id=\"accordion8\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title9\">\n<div class=\"collapse-inner\">\n<p>November 16, 2020<\/p>\n<ul class=\"disc pad-l\">\n<li>Canadians continued to spend despite an accelerating second wave of virus cases across much of the country in October.<\/li>\n<li>Spending was just above year ago levels, up 2% in early November.<\/li>\n<li>Household related spending started to slip, as the end of DIY and construction season neared.<\/li>\n<li>Lockdown-sensitive categories kept suffering: travel and restaurant spending continued to slow.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-ERwQBJ8v7\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-F5H97VFby\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-1Y5-zrXUg\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-gzSeqbzPL\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-GnM9_8ydM\">\u00a0<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\n<hr \/>\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. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\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 same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title10\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion10\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion10\">Second wave worries shifted spending online<br \/><span class=\"text-disclaimer\">See report from November 2, 2020<\/span><\/button><\/p>\n<div id=\"accordion10\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title10\">\n<div class=\"collapse-inner\">\n<p>November 2, 2020<\/p>\n<ul class=\"disc pad-l\">\n<li>Canadian consumers continued shopping, despite rising case counts in much of the country.<\/li>\n<li>Overall spending was up just shy of 3% in late October, with most categories stabilizing.<\/li>\n<li>Online spending continued to capture a larger share of spending, with 51% of transactions occurring remotely versus about 46% in mid-summer.<\/li>\n<li>Amazon\u2019s Prime Day on October 13 and 14 likely contributed to some of the mid-October rise in online transactions.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-fuS-TuUXA\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-eZqUAp4X0\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-OvOL04Se_\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-qmlTMWbDZ\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-ybORmSlck\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-XYoMAJsH4\">\u00a0<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\n<hr \/>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title11\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion11\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion11\">Colder weather cools seasonal spending<br \/><span class=\"text-disclaimer\">See report from October 21, 2020<\/span><\/button><\/p>\n<div id=\"accordion11\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title11\">\n<div class=\"collapse-inner\">\n<p>October 21, 2020<\/p>\n<ul class=\"disc pad-l\">\n<li>Consumer spending was volatile across categories at the end of September, but held on to recent gains and started October up 4%.<\/li>\n<li>Restaurants and other entertainment that relied on warm weather to buoy purchases through the summer saw slower spending into October.<\/li>\n<li>Travel spending continued declining, down 71% relative to last year.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-z1k1OE8MT\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-RDlWLJPi0\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-Ad3r-IApZ\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-9U6v_eoa1\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-YSHVzSY14\">\u00a0<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\n<hr \/>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title12\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion12\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion12\">Spending insulated from second wave worries\u2026 for now<br \/><span class=\"text-disclaimer\">See report from October 5, 2020<\/span><\/button><\/p>\n<div id=\"accordion12\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title12\">\n<div class=\"collapse-inner\">\n<p>October 5, 2020<\/p>\n<ul class=\"disc pad-l\">\n<li>Canadian spending trends continued on solid footing with few signs of second wave worries impacting consumer confidence \u2014 yet.<\/li>\n<li>Overall consumer spending stayed solid, up about 5% in mid-September.<\/li>\n<li>Though late summer travel spending retrenched, other pandemic-responsive categories like clothing remained strong.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-NiJGE6Hkw\">\u00a0<\/div>\n<hr \/>\n<h4>Fall fashion buoyed spending<\/h4>\n<ul class=\"disc pad-l\">\n<li>Among retail categories, clothing spending continued to climb, returning to year ago levels.<\/li>\n<li>Spending on apparel, gifts, and jewelry was up 1.5% relative to last year.<\/li>\n<li>Other retail categories held on to gains from the past few months.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-z8ylDQrHZ\">\u00a0<\/div>\n<hr \/>\n<h4>Good weather for outdoor entertainment<\/h4>\n<ul class=\"disc pad-l\">\n<li>Despite plateauing in dollar terms, entertainment spending ticked up relative to last year.<\/li>\n<li>High golf spending during the summer likely continued into early fall\u2014 rather than slowing down as it would have in a normal year.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-Zk80AySHM\">\u00a0<\/div>\n<hr \/>\n<h4>But late summer travel declined<\/h4>\n<ul class=\"disc pad-l\">\n<li>Slower spending on accommodation and car rentals accelerated a downward trend in travel-related purchases that has dominated in the last several weeks.<\/li>\n<li>Travel spending had recovered partially from pandemic lows, it was still down about 60% in peak summer. It worsened again as the weather cooled.<\/li>\n<li>At the same time, automotive spending fell slightly, in line with seasonal trends as the summer road trip season came to an end.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-5_rT5Biui\">\u00a0<\/div>\n<hr \/>\n<h4>Respite for restaurants was brief<\/h4>\n<ul class=\"disc pad-l\">\n<li>Labour Day saw the strongest restaurant spending since before the pandemic, but the uptick was fleeting.<\/li>\n<li>Spending on dining out quickly fell back to -6% relative to a year ago, a level it\u2019s hovered around since July.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-bUgQy9SIk\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-13\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_0110\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 13 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title13\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion13\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion13\">Back-to-school spending still happened<br \/><span class=\"text-disclaimer\">See report from September 21, 2020<\/span><\/button><\/p>\n<div id=\"accordion13\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title13\">\n<div class=\"collapse-inner\">\n<p>September 21, 2020<\/p>\n<p><i>The usual tracker charts, unadjusted for Labour Day impacts, are included below.<\/i><\/p>\n<p>The timing of Labour Day distorted our year-over-year analysis in early September, but some trends were still clear. Many Canadians continued to do routine shopping online, perhaps because of headlines about rising case counts. Back-to-school shopping seemed to exert a less powerful force than in previous years.<\/p>\n<hr \/>\n<div id=\"highcharts-JnHD6ERPQ\">\u00a0<\/div>\n<hr \/>\n<h4>Back-to-school spending still happened<\/h4>\n<ul class=\"disc pad-l\">\n<li>Monthly data through August suggest Canadians still prepared themselves and their children for the return to school, even as the debate over online versus in-person instruction raged.<\/li>\n<li>Spending at clothing stores continued to recover.<\/li>\n<li>Electronics spending also increased month over month, albeit at a more modest pace after being remarkably strong most of the year.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-Jmssc-Ce8\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-tDFEG-3om\">\u00a0<\/div>\n<hr \/>\n<h4>But was less robust than last year<\/h4>\n<ul class=\"disc pad-l\">\n<li>Altogether, back-to-school spending was weaker than normal, with year-over-year changes in school-related categories slowing relative to gains earlier this year.<\/li>\n<li>Despite historically strong spending, there was little evidence of a back to school bump in software and electronics, suggesting many of the purchases that may have otherwise occurred at this time of year were done earlier in the pandemic. Higher online spending could be here to stay.<\/li>\n<li>Some categories continue to see persistent shifts towards online spending, though remote spending was lower than at the height of lockdown in many areas.<\/li>\n<li>However, online grocery spending has continued to grow through the pandemic, accounting for more than a third of grocery transactions by value in early September, up from about 25% in May.<\/li>\n<li>Consumers may be shifting away from routine shopping trips in favour of delivery.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-Eq5EKHybQ\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-1zm2z9hjP\">\u00a0<\/div>\n<div id=\"accordionSet1\" class=\"accordion\">\n<div class=\"accordion-panel\"><button id=\"accordion-title30\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion30\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion30\">Additional Charts<br \/><span class=\"text-disclaimer\">See updated charts from previous releases, unadjusted for Labour Day impacts.<\/span><\/button><\/p>\n<div id=\"accordion30\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title30\">\n<div class=\"collapse-inner\">\n<div id=\"highcharts-1zgOj_cb7\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-nHPdQh2YG\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-KA5kkqjU6\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-lmVim1gsw\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><!--Ending accordion tag--><\/p>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-12\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_099\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 12 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title14\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion14\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion14\">Retail spending slipped slightly<br \/><span class=\"text-disclaimer\">See report from September 9, 2020<\/span><\/button><\/p>\n<div id=\"accordion14\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title14\">\n<div class=\"collapse-inner\">\n<p>September 9, 2020<\/p>\n<p>Canadian consumer spending appeared to be in a holding pattern at the end of August, with overall spending 2% higher than a year earlier but slightly slower than in early August.<\/p>\n<hr \/>\n<div id=\"highcharts-tf_RB3Mk6\">\u00a0<\/div>\n<hr \/>\n<h4>Retail spending slipped slightly<\/h4>\n<ul class=\"disc pad-l\">\n<li>After staging a swift recovery in late May, spending on apparel, gifts, and jewelry ended August down about 8% relative to last year.<\/li>\n<li>Weaker back-to-school shopping likely contributed, as electronics spending also weakened.<\/li>\n<li>Total card spending was up about 5% relative to the same time last year.<\/li>\n<li>Spending on household goods and services, at department stores, and on specialty goods fell slightly towards the end of the month.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-xal96GqD2\">\u00a0<\/div>\n<hr \/>\n<h4>Travel spending maintained its slight recovery<\/h4>\n<ul class=\"disc pad-l\">\n<li>Canadians continued to drive and spend on local travel, with auto and gas spending near last year\u2019s levels.<\/li>\n<li>Spending on accommodations and car rentals held near their post-pandemic peak, as Canadians fit in a final vacation before the end of the summer.<\/li>\n<li>Entertainment spending was mixed. Spending at movie theatres increased following mid-August reopenings, but remained down sharply from last year, while spending on sporting goods fell as the end of summer loomed.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-VGG6uMBc7\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-6nXhsep7t\">\u00a0<\/div>\n<hr \/>\n<h4>Dining out stayed in style<\/h4>\n<ul class=\"disc pad-l\">\n<li>Canadians continued to show interest in patios, with restaurant spending near year-ago levels.<\/li>\n<li>Spending on health and self-care stuck near year-ago levels, as Canadians got back into their usual haircut routines.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-tih5l7p77\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-11\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_099\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 11 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title15\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion15\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion15\">Spending seems to be plateauing<br \/><span class=\"text-disclaimer\">See report from August 26, 2020<\/span><\/button><\/p>\n<div id=\"accordion15\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title15\">\n<div class=\"collapse-inner\">\n<p>August 26, 2020<\/p>\n<ul class=\"disc pad-l\">\n<li>The last few weeks were uneventful for Canadian shoppers: rapid spending growth from late May through early July plateaued.<\/li>\n<li>Most categories held steady near levels attained a few weeks ago, while spending on entertainment, dining, and self-care continued to approach year-ago levels.<\/li>\n<li>Total card spending was up about 5% relative to the same time last year.<\/li>\n<li>Overall, the results indicate that Canadians are venturing out more around town, but not going much further.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-VSr9-4c40\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-AZEcEVml2\">\u00a0<\/div>\n<hr \/>\n<h4>Bricks and mortar seeing a welcome upswing<\/h4>\n<ul class=\"disc pad-l\">\n<li>While online spending remained prevalent in some areas (e.g., groceries), in-person transactions continued to recover.<\/li>\n<li>Spending indicates Canadians were comfortable going out to dinner, even if to a patio. Restaurant spending was buoyed by Canadians seeking in-person dining experiences, and was down just over 4% from last year\u2019s level.<\/li>\n<li>The share of online transactions at restaurants decreased to 17% from one-third at its post-crisis peak.<\/li>\n<li>Health and self-care spending increased through mid-August, as gym reopenings led to an uptick in fitness spending.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-FR5GJq7rg\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-bMy4MhhRh\">\u00a0<\/div>\n<hr \/>\n<h4>Embracing new forms of entertainment<\/h4>\n<ul class=\"disc pad-l\">\n<li>Entertainment spending picked up further into August, and was down 10% relative to last year.<\/li>\n<li>Spending was supported by still-strong spending on golf and to a lesser degree digital goods.<\/li>\n<li>More recently, Canadians began spending again on professional sports, lotteries, hobbies, and local attractions.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-sYBosoarA\">\u00a0<\/div>\n<hr \/>\n<h4>Staycationing slows<\/h4>\n<ul class=\"disc pad-l\">\n<li>Travel purchases ticked down in mid-August, as spending on accommodations levelled off.<\/li>\n<li>Parking and transit spending levelled off while gas and automotive spending ticked up, mainly on higher gas prices: both indicated steady driving habits.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-uOA5oOZx_\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-10\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_099\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 10 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title16\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion16\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion16\">Canadians spent 3% more this July than last, marking a significant milestone<br \/><span class=\"text-disclaimer\">See report from August 10, 2020<\/span><\/button><\/p>\n<div id=\"accordion16\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title16\">\n<div class=\"collapse-inner\">\n<p>August 10, 2020<\/p>\n<ul class=\"disc pad-l\">\n<li>A nascent recovery in Canadian consumer spending solidified through the end of July, as more sectors of the economy reopened and government benefits continued to support consumer spending.<\/li>\n<li>The gain in spending in July was the first monthly year-over-year gain since the pandemic began.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-5mDdmqyqt\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-Kiadf6hdj\">\u00a0<\/div>\n<hr \/>\n<h4>Lockdown \u2013weary Canadians turned to pleasure and pampering<\/h4>\n<ul class=\"disc pad-l\">\n<li>While spending in many categories was flat in July, spending on self-care and dining improved.<\/li>\n<li>Sales at restaurants, bars and other foodservices providers were just 9% below year ago levels at the end of July, as compared to -17% a month earlier. Canadians still opted to have the dining experience come to them: delivery and quick service restaurants have dominated recovery.<\/li>\n<li>Spending on haircuts and massages wasn\u2019t far from last year\u2019s level, reflecting increased availability of personal services.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-kw27phdQy\">\u00a0<\/div>\n<hr \/>\n<h4>Retail and entertainment held steady<\/h4>\n<ul class=\"disc pad-l\">\n<li>After several weeks of rapid gains, spending on clothing was just below year-ago levels at the end of July.<\/li>\n<li>Spending at department stores and household goods retailers was flat, as high home improvement spending started to cool.<\/li>\n<li>With outdoor concerts, festivals and the like off limits, in-person entertainment spending was very low. But other categories held up.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-kw27phdQy\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-nJteBtatT\">\u00a0<\/div>\n<hr \/>\n<h4>Forced staycations weighed on travel spending<\/h4>\n<ul class=\"disc pad-l\">\n<li>Overall travel spending remained down 64% from a year earlier\u2014still better than late March when it was 90% lower than a year prior.<\/li>\n<li>Consumers continued to spend more on accommodations and car rentals as well as gas and parking for their own vehicles.<\/li>\n<li>It isn\u2019t yet clear whether the partial recovery in travel came mostly from local, mid-summer getaways.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-gEROkM7o0\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-9\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_076\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 9 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title17\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion17\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion17\">Spending stabilizes \u2013 solidifying early recovery<br \/><span class=\"text-disclaimer\">See report from July 27, 2020<\/span><\/button><\/p>\n<div id=\"accordion17\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title17\">\n<div class=\"collapse-inner\">\n<p>July 27, 2020<\/p>\n<p>Consumers seem to have hit their stride into July, with card volumes holding relatively steady since the end of June. Spending is hovering near year-ago levels, as many parts of the country continue to slowly re-open.<\/p>\n<p>In most categories, spending stuck close to the levels cited in our last report, strengthening a rebound several weeks in the making.<\/p>\n<hr \/>\n<div id=\"highcharts-_LNPEnACH\">\u00a0<\/div>\n<hr \/>\n<h4>Online spending holds strong, as Canadians avoid the mall<\/h4>\n<ul class=\"disc pad-l\">\n<li>Online purchasing remained robust, with some categories seeing a lasting shift toward more frequent virtual purchases.<\/li>\n<li>Canadians continued to embrace remote buying, particularly in categories where delivery and curbside pick-up have been broadly accepted.<\/li>\n<li>Even as stores reopened to customers, online and remote spending remained stronger for clothing retailers, restaurants, and grocery stores as consumers avoided crowds.<\/li>\n<li>In-person entertainment and health spending bounced back to pre-pandemic levels quickly, especially as things with few online alternatives reopened (e.g., golf courses, hair salons).<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-anvGFTq2g\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-Ast6NLVwI\">\u00a0<\/div>\n<hr \/>\n<h4>Clothing shoppers returned with force\u2026<\/h4>\n<ul class=\"disc pad-l\">\n<li>Spending on apparel, gifts and jewelry tracked close to year-ago levels, and was down just 1% by mid-July.<\/li>\n<li>Spending was healthy in other retail categories too, with volumes at household and department and specialty stores remaining well above levels seen last year.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-5cn4lTXX-\">\u00a0<\/div>\n<hr \/>\n<h4>\u2026but limits on crowds still stung<\/h4>\n<ul class=\"disc pad-l\">\n<li>Nevertheless, closures continued to drag on areas of the economy that rely on gatherings.<\/li>\n<li>Entertainment spending remained about 20% below last year\u2019s levels as Canadians eschewed galleries and museums, and large events remained a no-go.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-ME_DgbCJs\">\u00a0<\/div>\n<hr \/>\n<h4>Canadians embrace the open road amid international travel restrictions<\/h4>\n<ul class=\"disc pad-l\">\n<li>A slight recovery in travel spending continued, led mainly by car rentals and accommodation spending, as discounts encouraged Canadians to vacation close to home.<\/li>\n<li>Other forms of travel spending continued to drag down overall levels though, which were still about two thirds below last year.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-Jv4wQZ9UO\">\u00a0<\/div>\n<hr \/>\n<h4>Haircuts, massages, and (some) gym visits level off<\/h4>\n<ul class=\"disc pad-l\">\n<li>Health-related spending plateaued after a strong recovery in early June, as closures continued to sap fitness club spending and Canadians adjusted to less frequent haircuts and in-person self-care.<\/li>\n<li>Similarly, dining spending remained below last year\u2019s levels by 10%, despite still elevated spending on delivery and near-normal purchases at quick service restaurants.<\/li>\n<li>Other restaurants are lagging behind, as in-person dining struggles to return to normal in the age of social distancing.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-hCYFgsthu\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-8\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_072\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 8 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<p>Online spending volumes are estimated based on the presence of an RBC card at the time of the authorization. Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title18\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion18\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion18\">Spending comeback gains traction &#8211; even among small businesses<br \/><span class=\"text-disclaimer\">See report from July 13, 2020<\/span><\/button><\/p>\n<div id=\"accordion18\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title18\">\n<div class=\"collapse-inner\">\n<p>July 13, 2020<\/p>\n<p><em>This is the seventh report in our series examining RBC\u2019s cardholder data<sup>1<\/sup><\/em>.<\/p>\n<p>Spending continued to climb through late June, solidifying a recovery in card volumes. For the first time since lockdown, spending even turned positive compared to year-ago levels during the last week of June. Growth was broad-based and was accompanied by a long-awaited uptick in small business spending.<\/p>\n<p>As consumers opened up their wallets, overall spending levels\u2014stuck near year-ago levels in mid-June\u2014grew 4% year-over-year by the end of the month.<\/p>\n<hr \/>\n<div id=\"highcharts-pRt2eAZ-d\">\u00a0<\/div>\n<hr \/>\n<h4>Knocked out by COVID, small business spending finally perks up<\/h4>\n<ul class=\"disc pad-l\">\n<li>A mid-June survey by the CFIB suggested about half of small businesses were fully open, compared with about 25% though out May.<\/li>\n<li>Credit card spending by small businesses recovered accordingly last month.<\/li>\n<li>Volumes were still down about a quarter in May. By June, they\u2019d recovered to -10%.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-jZB8wsmlY\">\u00a0<\/div>\n<hr \/>\n<h4>Boom in online spending persists<\/h4>\n<ul class=\"disc pad-l\">\n<li>Canadians who rushed to get back into stores when they reopened at the end of May haven\u2019t forsaken the online marketplace altogether.<\/li>\n<li>Indicators suggested a notable uptick in online spending persisted through the end of the month.<\/li>\n<li>Online or remote charges (e.g., telephone and preauthorized payments) averaged about 45% of card spending after the pandemic struck, up from an average of 35% in 2019.<\/li>\n<li>Discretionary spending\u2014on dining, shopping, household goods and more\u2014saw the largest boost, while activity that was already mostly online or pre-authorized (e.g., utilities) or was heavily impacted by the virus was little changed.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-Y7xzA8QXA\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-fxSY15_Qs\">\u00a0<\/div>\n<hr \/>\n<h4>Canadians dodge transit for the open road as economies reopen<\/h4>\n<ul class=\"disc pad-l\">\n<li>Canadians appear to be driving more to avoid transit: Apple data suggest driving direction requests are up 40% relative to January, while transit directions remain down by almost half.<\/li>\n<li>Card spending on vehicle and gas expenses has picked up &#8211; turning positive for the first time in late June after weeks of gradual recovery.<\/li>\n<li>Spending rose 3% from year-ago levels, mostly reflecting higher gasoline prices.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-9IncQYi5a\">\u00a0<\/div>\n<hr \/>\n<h4>Shoppers indulge in clothing, gifts and jewelry\u2026<\/h4>\n<ul class=\"disc pad-l\">\n<li>After a brief pause through mid-June, spending at Apparel, Gifts &amp; Jewelry stores ticked up.<\/li>\n<li>Volumes were down about 7% by the end of the month, as compared to a fifth lower earlier in June.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-Sq393R53K\">\u00a0<\/div>\n<hr \/>\n<h4>&#8230;and some mid-pandemic pampering<\/h4>\n<ul class=\"disc pad-l\">\n<li>Canadians continued to spend more on personal health and wellness, particularly on haircuts and massages. Fitness spending remains down amid continued gym closures.<\/li>\n<li>They still ordered lots of food delivery, though spending slowed as bricks-and-mortar restaurants reopened across the country.<\/li>\n<li>Entertainment spending held firmly at lower levels, about one fifth lower than year-ago levels, amid continued closure of movie theaters, art galleries, and other in-person entertainment.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-_ypZV4e0-\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-aL6ZDXI4C\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-7\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_071\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 7 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<p>Pre-COVID averages are calculated as the average of the first 11 weeks of 2020, and post-COVID averages are averages of subsequent weeks.<\/p>\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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<p><em><sup>1<\/sup>Reflects fully anonymized credit and debit card spending.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title19\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion19\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion19\">Mid-pandemic retail therapy<br \/><span class=\"text-disclaimer\">See report from June 29, 2020<\/span><\/button><\/p>\n<div id=\"accordion19\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title19\">\n<div class=\"collapse-inner\">\n<p>June 29, 2020<\/p>\n<p><em>This is the sixth report in our series examining RBC\u2019s cardholder data<sup>1<\/sup><\/em>.<\/p>\n<p>The recovery in personal spending that we noted earlier in the month extended through mid-June. Overall card volumes hovered near year-earlier levels. But with some pandemic-fighting restrictions still in effect, spending on traditional early-summer pastimes wasn\u2019t possible. And there were signs that the transition to online spending is getting entrenched.<\/p>\n<hr \/>\n<div id=\"highcharts-OAiMpc4OE\">\u00a0<\/div>\n<hr \/>\n<h4>Mid-pandemic retail therapy<\/h4>\n<ul class=\"disc pad-l\">\n<li>Canadians jumped at the opportunity to try on clothes in-store when retailers began to reopen at the end of May. By mid-June, spending had stabilized, but was still down about 25% from a year earlier.<\/li>\n<li>Spending at other stores stayed strong as Canadians kitted out their homes for summer.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-Cy7FDAN6b\">\u00a0<\/div>\n<hr \/>\n<h4>Counting strokes, not cards<\/h4>\n<ul class=\"disc pad-l\">\n<li>Golfing and gaming continued to dominate entertainment spending.<\/li>\n<li>The continued closure of galleries, casinos, and events for 10-plus people weighed on other entertainment categories.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-yYuWGTaKj\">\u00a0<\/div>\n<hr \/>\n<h4>Traffic worsens, but trains are still empty<\/h4>\n<ul class=\"disc pad-l\">\n<li>Card spending on gas and automotive services had nearly recovered to year-ago levels in mid-June, as Canadians ventured out after the lengthy lockdown.<\/li>\n<li>Transit and parking expenditures were still two-thirds lower than last year, though limited parking enforcement in many cities and free transit in others may have reduced spending.<\/li>\n<li>Hotels, airlines, and car rentals continued to suffer, with spending down about 75% from a year earlier.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-W2Jrmc9gw\">\u00a0<\/div>\n<hr \/>\n<h4>More massage and haircuts<\/h4>\n<ul class=\"disc pad-l\">\n<li>Spending on health and personal care had begun to recover from crisis lows, but fitness-club closures limited overall health spending.<\/li>\n<li>Restaurant spending continued to climb, albeit at a slower rate.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-qH6XzN1I0\">\u00a0<\/div>\n<hr \/>\n<h4>Online spending still high despite reopening<\/h4>\n<ul class=\"disc pad-l\">\n<li>A new proxy for online consumer spending suggests online spending remained robust despite bricks-and-mortar reopenings in late May.<\/li>\n<li>Spending at major online marketplaces and with services that process online payments for other merchants rose 80% relative to last May, before easing slightly into June.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-Y8SjxxsxN\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-6\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_070\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 6 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<p><em><sup>1<\/sup>Reflects fully anonymized credit and debit card spending.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title20\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion20\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion20\">Dresses in addition to DIY<br \/><span class=\"text-disclaimer\">See report from June 15, 2020<\/span><\/button><\/p>\n<div id=\"accordion20\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title20\">\n<div class=\"collapse-inner\">\n<p>June 15, 2020<\/p>\n<p><em>This is the fifth report in our series examining RBC\u2019s cardholder data<sup>1<\/sup><\/em>.<\/p>\n<p>The recovery in personal spending that we noted in mid-May has continued. In a very positive sign, it was hovering at year-earlier levels in early June. Spending had improved in most categories compared with late-March lows.<\/p>\n<hr \/>\n<div id=\"highcharts-rG6MSpPMd\">\u00a0<\/div>\n<hr \/>\n<p>While more Canadian consumers appeared willing to spend, shell-shocked small-business owners continued to exhibit caution. RBC Economics has noted in separate <a href=\"https:\/\/thoughtleadership.rbc.com\/five-ways-to-help-small-business\/\">research<\/a> that small firms have borne the economic brunt of the pandemic, with job losses at almost double the rate of medium and large firms.<\/p>\n<hr \/>\n<div id=\"highcharts-qcm7weqaS\">\u00a0<\/div>\n<hr \/>\n<h4>Dresses in addition to DIY<\/h4>\n<ul class=\"disc pad-l\">\n<li>Clothing sales showed signs of recovery in early June, though spending remained 25% below year-earlier levels. The likely catalyst was the reopening of physical stores in parts of Canada, which allowed people to try things on before buying.<\/li>\n<li>Household spending at construction stores remained strong, as Canadians staying close to home kept checking renovation projects off their to-do lists.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-TEFp1RnCe\">\u00a0<\/div>\n<hr \/>\n<h4>Tentatively venturing out<\/h4>\n<ul class=\"disc pad-l\">\n<li>Restaurant and dining spending climbed as restaurants opened at lower capacity in parts of Canada. Spending was down a third from last year, but far off lockdown lows (-68%).<\/li>\n<li>Vehicle-related spending continued to climb amid easing restrictions, and was down just 13% in early June. Parking, transit, and travel spending started to pick up from very low levels.<\/li>\n<li>Entertainment spending stabilized after growing notably through May as golf courses reopened.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-WqzaogQBt\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-nlCz9wL_9\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-uunBrG8Jd\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-5\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_056\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 5 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<p><em><sup>1<\/sup>Reflects fully anonymized credit and debit card spending.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title21\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion21\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion21\">Discretionary spending is coming back<br \/><span class=\"text-disclaimer\">See report from June 1, 2020<\/span><\/button><\/p>\n<div id=\"accordion21\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title21\">\n<div class=\"collapse-inner\">\n<p>June 1, 2020<\/p>\n<p><em>This is the fourth report in our series examining RBC\u2019s cardholder data<sup>1<\/sup><\/em>.<\/p>\n<p>As lockdown shock wears off, Canadians are opening their wallets wider and varying their buying. While spending remains down 13% from this time last year, that\u2019s a marked improvement from late March, when it was down 37% from a year earlier.<\/p>\n<ul class=\"disc pad-l\">\n<li>As Canadian provinces take steps to reopen their economies, consumers have begun spending more on the discretionary items they shunned during the early phase of the pandemic.<\/li>\n<li>Entertainment and art spending has benefited most from easing restrictions.<\/li>\n<li>Spending on dining out continues to recover from lows, as restaurants adapt to take-out and other delivery models.<\/li>\n<li>Formerly slow spending at merchants selling apparel, gifts &amp; jewelry picked up steam in early May; Canadians spent more at clothing stores in particular.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-P1BJwBrVV\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-OOmrfAHn6\">\u00a0<\/div>\n<hr \/>\n<h4>Home and driveway remain in focus<\/h4>\n<ul class=\"disc pad-l\">\n<li>Spending at merchants selling household goods remains strong, reflecting spending at DIY construction stores, and on appliances and furniture.<\/li>\n<li>Canadians began to drive more through early May, and card spending on auto expenses continued to pick up.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-anseaCPNz\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-Zp6_cHJ0s\">\u00a0<\/div>\n<hr \/>\n<h4>Hitting the links, not the 19th hole<\/h4>\n<ul class=\"disc pad-l\">\n<li>In mid-May, spending at entertainment and art merchants was down 37% from a year earlier, compared with a 58% drop in late April.<\/li>\n<li>Golfers dusted off their putters as golf courses opened up around the country. Those who prefer playing inside continued to spend on online and console gaming.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-c39fa0P1I\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-4\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_056\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 4 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago. 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<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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<p><em><sup>1<\/sup>Reflects fully anonymized credit and debit card spending.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title22\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion22\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion22\">Signs of stabilization for households<br \/><span class=\"text-disclaimer\">See report from May 19, 2020<\/span><\/button><\/p>\n<div id=\"accordion22\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title22\">\n<div class=\"collapse-inner\">\n<p>May 19, 2020<\/p>\n<p><em>This is the third report in our series examining RBC\u2019s cardholder data<sup>1<\/sup><\/em>.<\/p>\n<p>To understand underlying trends, we examined spending differences between small businesses and personal credit cardholders.<\/p>\n<ul class=\"disc pad-l\">\n<li>Monthly spending in April was down nearly 30%, worse than the monthly read for March, reflecting that COVID-19 impacted activity over all of April versus only part of March.<\/li>\n<li>At the end of April, consumer spending had rebounded somewhat from levels early in the crisis, but remained well below pre-pandemic levels.<\/li>\n<li>Automotive spending paid for by card (e.g., maintenance, gas) seemed to have turned the corner, household construction was still strong, and spending on household goods was higher than before the crisis.<\/li>\n<li>Discretionary spending had stabilized, albeit at low levels. Spending on restaurants and entertainment was down 50% from before the crisis.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-vyo9kgTtI\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-WPaYL3azU\">\u00a0<\/div>\n<hr \/>\n<h4>Businesses try to keep the lights on<\/h4>\n<ul class=\"disc pad-l\">\n<li>Small business spending on essentials held up better than that of households, as firms cut discretionary spending.<\/li>\n<li>Small business spending on software held to pre-COVID trends, while households spent significantly more kitting out home offices.<\/li>\n<li>Businesses slashed dining and entertainment expenses, but kept their vehicles running more, cutting gas, automotive and parking expenses less than households.<\/li>\n<li>Small businesses avoided cutting telecom spending (while households streamed more content) and trimmed utilities as little as possible.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-RHh7iogVN\">\u00a0<\/div>\n<div id=\"accordionSet1\" class=\"accordion\">\n<div class=\"accordion-panel\"><button id=\"accordion-title50\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion50\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion50\">Additional Charts<br \/><span class=\"text-disclaimer\">See updated charts from previous releases.<\/span><\/button><\/p>\n<div id=\"accordion50\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title50\">\n<div class=\"collapse-inner\">\n<div id=\"highcharts-B5ieOCCiG\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-Fl6bBk8Fp\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-Wpdc4kMVl\">\u00a0<\/div>\n<hr \/>\n<div id=\"highcharts-uovHrs41L\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><!--Ending accordion tag--><\/p>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-3\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_056\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 3 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the weekly average spending in the first 11 weeks of 2020 (i.e., prior to significant social distancing measures). 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<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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<p><em><sup>1<\/sup>Reflects fully anonymized credit and debit card spending.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title22\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion22\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion23\">Green shoots or red herring?<br \/><span class=\"text-disclaimer\">See report from May 4, 2020<\/span><\/button><\/p>\n<div id=\"accordion22\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title22\">\n<div class=\"collapse-inner\">\n<p>May 4, 2020<\/p>\n<p><em>This is the second report in our series examining RBC\u2019s cardholder data<sup>1<\/sup><\/em>.<\/p>\n<ul class=\"disc pad-l\">\n<li>Consumer spending was still hurting in late April, down 17% from pre-crisis levels but firmer than ~30% in late March.<\/li>\n<li>Spending only rose significantly in a few categories, like household construction, suggesting people used at-home time to complete projects, or bought scarce goods wherever they could find them.<\/li>\n<li>The concentration of spending and modest changes elsewhere make us wonder whether these green shoots signal braver consumers, or if spending will fall back down soon. Fresh data for the rest of April, due in a few weeks, will complete the picture.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-df3p9JvEl\">\u00a0<\/div>\n<hr \/>\n<h4>Tiles, not turtlenecks<\/h4>\n<ul class=\"disc pad-l\">\n<li>Spending on household goods and services climbed to pre-crisis levels, driven by spending at construction material, appliance, and furniture stores.<\/li>\n<li>Software spending remained strong, while discretionary goods like clothing only increased slightly.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-WN1vahfjF\">\u00a0<\/div>\n<hr \/>\n<h4>Driving, not departures<\/h4>\n<ul class=\"disc pad-l\">\n<li>Automotive and gas expenditures rose, likely reflecting gas prices that recovered from crisis lows.<\/li>\n<li>Local and international travel spending remain down more than 80%.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-Rt2BjDcN0\">\u00a0<\/div>\n<hr \/>\n<h4>On demand, not on display<\/h4>\n<ul class=\"disc pad-l\">\n<li>Canadians continued to seek at-home entertainment, spending strongly at merchants selling books, music and other goods, and on services like cable and streaming.<\/li>\n<li>Spending at movie theatres and art galleries was decimated by mandatory closures; some other entertainment and art merchants saw an uptick in the week of April 21 likely reflecting digital subscriptions.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-wZWDJQYSq\">\u00a0<\/div>\n<hr \/>\n<h4>Delivery, not dinner out<\/h4>\n<ul class=\"disc pad-l\">\n<li>Spending on groceries remained robust as most Canadians dine in.<\/li>\n<li>Restaurant spending remains down more than 50%, but ticked up recently as consumers started using take-out and delivery services.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-8zyhYIcqe\">\u00a0<\/div>\n<hr \/>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc\">\n<div class=\"rds-gcw\">\n<div class=\"img w-mob-100\" style=\"vertical-align: top\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23215\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"vertical-align: top\">\n<h4 class=\"mar-t\">Read report PDF<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/covid-consumer-spending-tracker-report-2\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_049\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Consumer Spending Report 2 PDF\">Download<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<p>We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the weekly average spending in the first 11 weeks of 2020 (i.e., prior to significant social distancing measures). 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<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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<p><em><sup>1<\/sup>Reflects fully anonymized credit and debit card spending.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"accordion-panel\"><button id=\"accordion-title23\" class=\"h4 collapse-toggle collapsed\" data-target=\"#accordion23\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" aria-controls=\"accordion24\">Pandemic news delivers consumption shock<br \/><span class=\"text-disclaimer\">See report from April 16, 2020<\/span><\/button><\/p>\n<div id=\"accordion23\" class=\"collapse-content collapse\" role=\"region\" aria-labelledby=\"accordion-title23\">\n<div class=\"collapse-inner\">\n<p>April 16, 2020<\/p>\n<p><em>Note: In order to provide the most accurate and robust insights, the methodology for the COVID Consumer Spending Tracker was recently updated to reflect delays between when transactions occur and when they are recorded in our database. To ensure archived versions of the Tracker are comparable with future versions, we have updated the data below. The key conclusions remain unchanged, though some estimates reflect new data.<\/em><\/p>\n<p>It&#8217;s not often a Canadian prime minister abruptly upends consumption patterns. Justin Trudeau appears to have inadvertently done that when he went into self-isolation on March 12 after his spouse was diagnosed with COVID-19. That news, along with a 2,350-point plunge in the Dow Jones Industrial Average, served as a one-two gut punch to Canadian consumers struggling to absorb a spike in pandemic-related developments.<\/p>\n<p>Given the lag in the release of official Canadian retail sales figures, we&#8217;ve used RBC&#8217;s proprietary spending data<sup>1<\/sup> to provide a snapshot of how the COVID-19 pandemic has altered Canadian consumption. We believe RBC&#8217;s broad Canadian client base serves as a proxy for national consumption. This is the first report in our series examining spending data up to March 31.<\/p>\n<hr \/>\n<div id=\"highcharts-tR-1pIXES\">\u00a0<\/div>\n<hr \/>\n<h4>Highlights:<\/h4>\n<ul class=\"disc pad-l\">\n<li>March 12 will go down in the record books as a pivotal day for Canadian retail spending.<\/li>\n<li>Canadians spent 13% more on March 12 than the same day a year earlier, mainly on groceries.<\/li>\n<li>Ottawa&#8217;s March 16 announcement that it would close borders to most non-citizens dealt big blows to dining and transportation spending.<\/li>\n<li>Ontarians and Quebecers increased their shopping by close to half on the day business closures were announced.<\/li>\n<li>Card spending fell ~40% in week ended March 31 versus the same period last year.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-thgV1Ht3B\">\u00a0<\/div>\n<hr \/>\n<h4>Baking, not bistros<\/h4>\n<ul class=\"disc pad-l\">\n<li>Grocery spending increased 80% in the week ending March 17th as Trudeau began self-isolating, and stayed notably elevated for two weeks.<\/li>\n<li>While grocery shopping patterns subsequently normalized, the slowdown in restaurant spending persisted despite takeout\/home delivery options.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-peB-J0Apx\">\u00a0<\/div>\n<hr \/>\n<h4>Software, not streetwear<\/h4>\n<ul class=\"disc pad-l\">\n<li>Software and data services spending held up better than other discretionary categories, as Canadians equipped themselves to work from home.<\/li>\n<li>Canadians spent 81% less on apparel, gifts, and jewelry in the week ended March 31.<\/li>\n<li>After a brief spike in shopping at big box stores, department store sales were down 21% versus a year earlier.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-DlNcjXy2S\">\u00a0<\/div>\n<hr \/>\n<h4>Streaming, not screenings<\/h4>\n<ul class=\"disc pad-l\">\n<li>Spending at movie theatres and art galleries had already slowed ahead of social-distancing measures.<\/li>\n<li>Spending on books and music (including streaming and online services) has increased slightly.<\/li>\n<\/ul>\n<hr \/>\n<div id=\"highcharts-ACGAI_3QX\">\u00a0<\/div>\n<hr \/><\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h6><b>\u2021 Methodology<\/b><\/h6>\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<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<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=\"noopener noreferrer\">www.rbc.com\/privacy<\/a>.<\/p>\n<p><em><sup>1<\/sup>Reflects fully anonymized credit and debit card spending.<\/em><\/p>\n<\/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":"","footnotes":""},"categories":[83,106],"tags":[115,107],"rbc_econ_content_type":[],"class_list":["post-8281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-rbc-consumer-spending-tracker","tag-canada","tag-consumer-spending"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - 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