Retail sales growth in Canada is continuing to outperform much of the world so far this year, a sign of the ongoing resiliency of Canadian shoppers despite higher inflation and recession predictions, a new report has found.
said consumers are still spending, even though retail sales have cooled slightly from last year when prices spiked and interest rates began their meteoric ascent.
"Consumer spending was surprisingly resilient early in 2023, with a 5.7 per cent annualized increase in the first quarter," Royal Bank of Canada assistant chief economist Nathan Janzen and economist Carrie Freestone said in a client note on Friday. Sales have been highest in provinces that recorded a significant influx of Canadians from other parts of the country during the pandemic, it said.
Meanwhile, demand for travel, hospitality and entertainment has been a key driver of sales, the Colliers report noted.
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