Published on : Jan 20, 2015
Canada has observed a rise in its consumer spending in the fourth quarter of 2014 after seeing three flat quarters in the year in consumer spending. Moneris Solutions Corp., a prominent debits and credit card processor in Canada said that the province saw the second-highest CAGR rise in consumer spending in the last quarter of the year 2014.
Among other provinces that observed a good rise in consumer spending were Newfoundland and Labrador, and Prince Edward Island. These provinces observed gains of 4.9% and 6.8% respectively. Rise in consumer spending in British Columbia and Ontario followed closely behind these numbers and attained growth worth 4.5% and 4.6% respectively.
Saskatchewan reported growth of 1.7% and Nova Scotia of 1.15 across the same period in consumer spending.
Moneris reported that across Canada, consumer spending increased by 3.5% in October, 6.1% in November and 4% in December.
Consumer spending through credit cards resulted in a 63.3% share while through that of debit cards assumed 36.7% shares of the overall spending during this period. Moneris added that the overall consumer spending through debit cards increased by 1.8% and that through credit cards increased by 5% in this period.
Moneris said that the period after Black Friday, continuing through the Boxing Day remained a crucial sales driver for Canadian retailers in 2014. The impressive rise observed across many categories during this period was enough to round-off flat sales for the past three quarters for many retailers.
Sales on Boxing Day in 2014 were lesser than the sales observed on Black Friday of the year by nearly 5% difference. Between 19 and 24 December, the sales were up by 7%, while between 26 and 30 December, sales were up by 7.9% compared to sales during the same period in 2013. Again, 23 December was the busiest shopping day of the year.