Published on : Feb 20, 2015
The retail sales in Canada have fallen at the fastest pace for more than four years and in Decembers as the consumers scaled back their holiday gift purchases.
The retail sales showed a decline of 2 per cent to around 42.1 billion dollars, the most since the month of April 2010, Statistics Canada stated on Friday in the state of Ottawa. In addition, many economics surveyed that a 0.4 per cent decline which was based on the median of around 18 projections.
According to Statistics Canada, most of these store types are generally associated with many holidays shopping which registered weaker sales during the month of December which was more than offsetting of November gains.
Also, the receipts fell by approximately 5 per cent for clothing and other accessories stores and an approximately 9 per cent decline was noted by the electronics and appliance retailers. In addition to this the sales declined in nine out of the total 11 categories which made up for around 71 per cent of the total retail trade.
The report also shows that the consumer confidence may be decreasing by a great degree with the plunge in prices of crude oil, even though the second half of the year 2014. A cut was implemented by the Bank of Canada on interest rates previous month, which was a surprise move since the insurance policy was against the oil price shock.