Debit and credit card transactions compiled by Moneris Solutions Corporation have shown that Canadian consumer spending growth has quickened to a 5.8 per cent year-over-year pace in the first quarter.
The gain from January to March was faster than the 3.8 per cent Moneris reported in the fourth quarter. According to Bloomberg calculations based on past press statements, this gain was greater than that of any other period since at least the start of 2012.
This quarter’s retail gains included a growth of 9.3 per cent in shoe sales and 6.1 per cent accounted for women’s clothing. Moreover, restaurant receipts rose by 6.8 per cent in the first quarter from a year earlier. In their quarterly report, Moneris Chief Executive Officer Angela Brown noted the significant increases in these categories, indicating that this means consumers “feel confident enough to continue to spend on non-essentials.”
Statistics Canada will report March retail sales on May 22. CJ
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