According to data released by
Moneris Solutions, Canada's largest processor of credit, debit and gift
card payments, urban retailers and restaurants are showing resiliency
this year despite economic downturns in Canada. Across major markets,
establishments collectively showed that the dollar value of their
credit, debit and gift card sales grew by 5 per cent and the average
checkout amount grew by 3 per cent.
Residents of Regina are pulling out the plastic at unprecedented levels
fuelled by the booming Saskatchewan economy. "With temperatures
plunging to -31°C in March, Regina is not exactly the shopping hot spot
most of us envision but the numbers are sizzling" says Brian Green,
senior vice president, Moneris Solutions. "On average, retailers in
Regina experienced double-digit growth year-over-year in each of the
first four months of the year peaking at 24 per cent growth in March."
As the nation's leading electronic payment processor, Moneris Solutions
is in a unique position to examine patterns in the Canadian economy by
identifying shifts in consumer buying behaviour. The Moneris data
released today reveals the following:
- Residents of Winnipeg loved
the ring of the register, showing 12 per cent growth in retail card
spending during the first four months of the year
- Vancouver, Calgary, Toronto and Montreal all showed modest single-digit retail growth
- Montreal, Halifax and Vancouver showed a restaurant size of spend decrease by 4 per cent
- Regina showed a 12 per cent growth in total card spend at restaurants as well as a 3 per cent increase in the size of each spend
Although most regions saw growth
during the first quarter, Halifax credit volumes shrank in both the
retail and restaurant categories in comparison to 2007.
"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.
Across the country, the number of purchase transactions are holding
steady which is good news considering the volatility of most other
economic indicators.
This data compares same store sales in the first four months of 2008 to the same period and same stores in 2007.
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