Consumer spending to soften in second half of 2023
OTTAWA - While consumer spending remained strong in the second quarter, it turned a corner after the Bank of Canada ended its pause on interest rate hikes, the Canadian Chamber of Commerce said.
The Chamber tracks local spending using data from payments firm Moneris. Its business data lab found that consumer spending saw a resurgence in April and May following a post-holiday slump. “That’s the sort of balancing act they’re trying to make, where they want to slow the economy so that supply can catch up to demand, but they don’t want to slow it so much that we have people losing their jobs and we have an actual broader recession,” he said.
“Overall, the economy is still moving along at a fair pace. But for the average person, the average consumer, they may not be feeling like it’s a great time right now, even if it’s not necessarily measured as a recession,” he said.
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