Population growth has supported strong spending and economic advancement, despite Canadians cutting back on discretionary purchases
Consumer spending is expected to cool in the third quarter as interest rate hikes continue to work their way through the economy, experts said.
The chamber tracks local spending using data from payments firm Moneris. Its business data lab found that while consumer spending remained strong in the second quarter, it appeared to turn a corner after the Bank of Canada ended its pause on interest rate hikes. “I think the fact that we’re starting to see softness in discretionary goods is probably an early sign that rate hikes are starting to have an impact,” said Freestone in an interview Thursday.
The central bank is looking for slower growth to help it reach its target of two per cent inflation, said Tapp, and that includes slower spending growth.
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