{"id":8294,"date":"2026-01-14T23:56:10","date_gmt":"2026-01-14T23:56:10","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=8294"},"modified":"2026-03-31T19:34:31","modified_gmt":"2026-03-31T19:34:31","slug":"holiday-season-promotions-buoy-rbc-canadian-cardholder-spending","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/rbc-consumer-spending-tracker\/holiday-season-promotions-buoy-rbc-canadian-cardholder-spending\/","title":{"rendered":"Holiday season promotions buoy RBC Canadian cardholder spending"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel section-tabs full-width is-tabs-style-section-tabs-in-page\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p><em>By <em>Rachel Battaglia<\/em><\/em> <em>and<\/em> <em>Abbey Xu <\/em><\/p>\n\n\n\n<p><strong>December spending snapshot:<\/strong> Canadian cardholder spending remained resilient with RBC&#8217;s core retail sales rising 0.7% on a three-month average\u2014down slightly from November\u2014but still marking the 13th consecutive&nbsp;period&nbsp;of growth.<\/p>\n\n\n\n<p>Spending over this critical holiday shopping period for retailers was driven by purchases of discretionary goods,&nbsp;while discretionary services and household essentials&nbsp;were&nbsp;little changed over the last three months.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<div id=\"everviz-0tcJsaJxu\" class=\"everviz-0tcJsaJxu\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-holiday-season-triggers-temporary-shifts-in-spending\">Holiday season triggers temporary shifts in spending<\/h3>\n\n\n\n<p>Discretionary goods spending accelerated 1.7% on a three-month average in December, marginally slower than the 2% gain recorded in November.<\/p>\n\n\n\n<p>Spending gains were concentrated in clothing and apparel as households continued to prioritize tangible gift purchases through year-end.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<div id=\"everviz-vwGxFX2sO\" class=\"everviz-vwGxFX2sO\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<p>Boxing day sales outpaced levels a year earlier, potentially benefitting from the weekday timing\u2014it was on a Friday in 2025 compared to a Thursday in 2024.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<div id=\"everviz-XUnZ-WGrc\" class=\"everviz-XUnZ-WGrc\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<p>Other categories, however, revealed where households are cutting back.<\/p>\n\n\n\n<p>Discretionary services remained relatively flat&nbsp;, increasing just 0.1% on a three-month average while cardholder spending on essentials declined outright due to softer spending at grocery stores and gas stations.<\/p>\n\n\n\n<p>Spending on dining declined, continuing a two-quarter slowdown. Household and construction-related spending also weakened just as signs of recovery had emerged.<\/p>\n\n\n\n<p>Entertainment and arts spending fell 0.7%\u2014marking the first pullback in two years after exceptional gains over the prior two months driven, at least in part, by the Toronto Blue Jays\u2019 World Series run.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<div class=\"wp-block-rbc-tabs-block-v2 alignfull\">\n<ul class=\"wp-block-rbc-tab-nav-v2  tab-nav\" role=\"tablist\">\n<li role=\"presentation\" class=\"wp-block-rbc-tab-nav-single-v2\"><a href=\"#section-content-2841a497\" id=\"section-tab-2841a497\" role=\"tab\" data-toggle=\"tab\" data-bs-toggle=\"tab\" data-bs-target=\"#section-content-2841a497\" aria-controls=\"section-content-2841a497\" aria-selected=\"false\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-8294-2841a497\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"tab select\" data-dig-label=\"All Categories\" data-dig-anchor=\"\">All Categories<\/a><\/li>\n\n\n\n<li role=\"presentation\" class=\"wp-block-rbc-tab-nav-single-v2\"><a href=\"#section-content-373fd24f\" id=\"section-tab-373fd24f\" role=\"tab\" data-toggle=\"tab\" data-bs-toggle=\"tab\" data-bs-target=\"#section-content-373fd24f\" aria-controls=\"section-content-373fd24f\" aria-selected=\"false\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-8294-373fd24f\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"tab select\" data-dig-label=\"Dining, Groceries and Travel \" data-dig-anchor=\"\">Dining, Groceries and Travel <\/a><\/li>\n\n\n\n<li role=\"presentation\" class=\"wp-block-rbc-tab-nav-single-v2\"><a href=\"#section-content-a2970a6a\" id=\"section-tab-a2970a6a\" role=\"tab\" data-toggle=\"tab\" data-bs-toggle=\"tab\" data-bs-target=\"#section-content-a2970a6a\" aria-controls=\"section-content-a2970a6a\" aria-selected=\"false\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-8294-a2970a6a\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"tab select\" data-dig-label=\"Entertainment, household and clothing\" data-dig-anchor=\"\">Entertainment, household and clothing<\/a><\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-rbc-tab-content-v2 tab-content\">\n<div role=\"tabpanel\" tabindex=\"0\" class=\"tab-pane\" aria-labelledby=\"section-tab-2841a497\" id=\"section-content-2841a497\">\n<div id=\"everviz-Pi9azyG2u\" class=\"everviz-Pi9azyG2u\" data-view=\"graph\"><\/div>\n<\/div>\n\n\n\n<div role=\"tabpanel\" tabindex=\"0\" class=\"tab-pane\" aria-labelledby=\"section-tab-373fd24f\" id=\"section-content-373fd24f\">\n<div id=\"everviz-5tuQ2VQdM\" class=\"everviz-5tuQ2VQdM\" data-view=\"graph\"><\/div>\n<\/div>\n\n\n\n<div role=\"tabpanel\" tabindex=\"0\" class=\"tab-pane show active\" aria-labelledby=\"section-tab-a2970a6a\" id=\"section-content-a2970a6a\">\n<div id=\"everviz--xW1KPLZ_\" class=\"everviz--xW1KPLZ_\" data-view=\"graph\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-regional-divergence-ontario-and-b-c-maintain-spending-lead-for-now\">Regional divergence: Ontario and B.C. maintain spending lead for now<\/h3>\n\n\n\n<p>British Columbia and Ontario maintained their positions among spending leaders through December, continuing to outpace the national average year-to-date basis. Their strength in recent months mirrors the broader trend with gains concentrated in apparel and travel.<\/p>\n\n\n\n<p>Atlantic provinces paint a markedly different picture with spending continuing to slow through Q4&nbsp;from throughout the year, while Quebec and the Prairies occupied middle ground.<\/p>\n\n\n\n<p>While regional spending hierarchies remained relatively stable through the second half of 2025, the shifting economic backdrop will set the stage for potential reshuffling. Decelerating population growth will have differentiated impacts with Ontario and B.C. at risk of population declines.<\/p>\n\n\n\n<p>The absence of further interest rate relief\u2014a tailwind that has not yet dissipated\u2014may also threaten to erode momentum in Ontario and B.C. as spending among these interest-rate sensitive households normalizes.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<div id=\"everviz-EdZS5Cek4\" class=\"everviz-EdZS5Cek4\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<div id=\"everviz-CleQ6_Ytn\" class=\"everviz-CleQ6_Ytn\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<div id=\"everviz-ZxNGgel7F\" class=\"everviz-ZxNGgel7F\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<p class=\"has-text-align-center\"><strong>About the Authors<\/strong> <strong>:<\/strong><\/p>\n\n\n\n<p><em><strong>Rachel Battaglia<\/strong>&nbsp;is an economist at RBC, providing analysis and forecasts for consumer spending trends and provincial economies.<\/em><\/p>\n\n\n\n<p><em><strong>Abbey Xu<\/strong>&nbsp;is an economist at RBC. She is a member of the macroeconomic analysis group, focusing on macroeconomic forecasting models and providing timely analysis and updates on economic trends.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse441563b8\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse441563b8\" data-dig-id=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker-8294-441563b8\" data-dig-category=\"LP-CanadianAnalysis-RBCConsumerSpendingTracker\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Methodology\"><div>Methodology<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse441563b8\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p><em>By Carrie Freestone<\/em><\/p>\n\n\n\n<p>RBC\u2019s consumer spending tracking report uses RBC Data &amp; Analytics\u2019 proprietary database of anonymized card transactions by Canadian clients. The data are an accounting of merchant transactions that are divided into various spending categories covering tens of millions of weekly card transactions worth billions of dollars each week. Transactions, both in person and online, are classified into 11 broad spending groups: Dining, Education, Finances, Groceries, Health, Household, Shopping, Transport, Travel, Utilities, and Other. Within each group, the data are further classified: for example, shopping covers merchants classified as clothing stores, hobby shops, electronics stores, and jewelers, among others. We exclude purely financial transactions such as cash advances and insurance from spending.<\/p>\n\n\n\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\n\n\n<p>Protecting your privacy and safeguarding your personal information is a cornerstone of our organizational ethics and values and will always be one of our highest priorities. The underlying data for this analysis was aggregated based on transaction date, region and merchant category, and cannot be used to identify any individual client or merchant. For additional information please visit&nbsp;<a href=\"https:\/\/www.rbc.com\/privacysecurity\/ca\/index.html\">www.rbc.com\/privacy<\/a>.<\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":3183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,106],"tags":[115,107],"rbc_econ_content_type":[],"class_list":["post-8294","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) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Holiday season promotions buoy 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