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By the Numbers: Canadian Consumer Spending Remains Strong Ahead of Holidays
Written by The Inspired Investor Team | Published on November 25, 2021
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Household spending was on strong footing moving into November due in part to easing pandemic concerns across Canada, according to the latest consumer spending tracking report from RBC Economics.
The latest numbers show overall spending continues to track above 2019 levels, supported by a pick up in travel and continued spending on dining out. And while Canadians spent less on home improvements, some of that spending appeared to shift to entertainment.
As we head into the holiday season and shoppers start their gift-buying early amid ongoing supply-chain shakeups and higher inflation rates, here are some key figures from the latest report highlighting where Canadians are putting their dollars.
20%: Current overall household spending is tracking roughly this much higher than 2019 levels as virus concerns ease.
27%: Canadians continued to eat out even as patio season ended. Hitting a recent high in November, spending on restaurants and eating out was up this much from 2019 pre-COVID levels.
~30%: While travel spending hit new highs at the end of October, spending in the sector remains roughly this much below 2019 levels.
70: Spending on hotels and other accommodation floated at or above pre-pandemic levels for this many days, uninterrupted, before dipping below pre-pandemic levels on the first day of fall on Sept. 22. It has stayed there since.
½: Growth in Canadian spending on home improvements has dropped off by roughly this much since it hit its highest level this year in late April.
56.3%: While home improvement spending decreased, spending on entertainment, arts and movies hit an all-year high on October 18, rising this much above pre-COVID levels.
1/3: The approximate share of 2021 Canadian grocery spending that went toward making purchases online, versus in-store. Online grocery spending remained elevated, even as virus restrictions eased.
Find the full RBC Consumer Spending Tracker report at rbc.com/economics.
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