CanadaOne Twitter CanadaOne Linkedin CanadaOne Facebook CanadaONe RSS


Downturn in Canadian economy does not affect retail sales

By Mario Cywinski |

Retailers and restaurants throughout Canada are seeing slight growth despite the slowing economy, according to data from Moneris Solutions.

Sales using gift cards and debit cards were up five per cent in the first four months of 2008, as compared to the same period last year. The average amount spent at the checkout rose by three per cent.

The largest sales increases were seen in Regina, Saskatchewan at 24 per cent, and in Winnipeg, Manitoba which saw a 12 per cent grown in spending.

On the opposite end of the spectrum, Montreal, Vancouver and Halifax each saw a decrease in restaurant spending by four per cent.

"Modest single digit growth is normal for this time of year for cities like Vancouver, Calgary, Toronto and Montreal. However, the average check-out amount is growing faster than usual at 10 per cent in Toronto, indicating that prosperous Torontonians are supporting the economy," says Brian Green, Senior Vice President, Moneris Solutions.

It is interesting to note that according to a BMO Nesbitt Burns study, Canadians are still paying 18 per cent more for the same products than our American neighbours. The biggest price disparity can be seen for high-end products, such as automobiles.

If you enjoyed this article, be sure to visit CanadaOne's article knowledge base for more informative articles.

Canadian, Eh!

For over 15 years CanadaOne has helped Canadian businesses start-up and grow. All of the content on our site is created to help busineses get Canadian answers!

Featured Member

MemberZone. Get in the zone! Join Today!

CanadaOne Recommends

Bullies in the Boardroom: Covering the Legal Bases

Should I Start My Own Company?

Conversations with Entrepreneurs: Billy Blanks

Avoiding Legal Perils: Critical Insights into Canadian Franchise Law

Starting a Business: Choosing a Year-End


Article Tags