High interest rates and inflation are helping discount retailers boost sales even if Canadians are trying to spend less. Find out more.
“Food sales at dollar stores were up 15 per cent … last year,” he said, adding that sales at discount grocers increased eight per cent. “The food inflation phenomena is finally hitting consumers and shopping habits have shifted quite rapidly in the last 12 months or so.”
“While people are being asked to pay more to make sure they have a roof over their head, they’re adjusting by retreating at the grocery store,” he said. “No one else in the Canadian environment … is posting kind of comps,” he said. “ probably feels like the consumer will remain cautious.” Meanwhile, Washington-based Costco Wholesale Corp. reported that comparable store sales in Canada increased more than seven per cent on an adjusted basis, which excludes impacts from gasoline prices and foreign exchange rates, for its third quarter ended May 7. In the U.S., Costco’s same-store sales ticked up 1.8 per cent.
Also, high- and middle-income consumers south of the border tend to get rid of some, but not all discretionary spending in trying economic times whereas lower-income shoppers struggle more, Yarbrough said. Lower-income Americans received stimulus cheques during the pandemic, but they mainly spent the money on non-essential products and didn’t save as much, he said.Article content
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