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By the Numbers: COVID's Impact on Canadian Consumer Spending
Written by The Inspired Investor Team | Published on August 4, 2021
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Since early on in 2020, RBC Economics has been tracking how the COVID-19 pandemic has changed Canadian consumer spending. Overall, and perhaps not surprisingly, the travel, entertainment and hospitality sectors have taken the hardest hits as consumers turned to spending on home and retail. Now, as virus containment measures ease across Canada, recent RBC Economics reports suggest more shakeups lie ahead – including early signs of a long-awaited shift from spending on consumer goods to spending on services.
Below, some key figures from the latest report that show how the pandemic has changed–and will continue to change–Canadians' spending habits.
13%: How much higher consumer spending was in early July 2021 compared with pre-pandemic levels in July 2019.
1/3: Roughly how much household spending fell from pre-pandemic levels when it hit its lowest point in March 2020.
35%: How much higher household spending was at the end of June, its highest point so far this year, compared to February 2020 levels.
1: How many weeks it took hospitality spending to jump an estimated 20 percentage points relative to pre-COVID (2019) levels following Ontario's move into Step 2 of re-opening, which permitted indoor dining with some restrictions starting June 30.
1.5%: How much higher spending on dining and lodging was in July compared with pre-pandemic levels.
44.6%: Current spending on entertainment, arts and movies is this much higher compared with pre-COVID (February 2020) levels.
28%: Spending on home comforts (including gardening, home services, household and construction) reached this significantly low point above pre-COVID (2019) levels in July.
1 in 2: How many Canadians were fully vaccinated at the point when travel spending increased from exceptionally low levels.
45.6% How much clothing sales were up in early July compared to pre-pandemic levels.
2%: Retail sales (excluding services) climbed this much in July on a seasonally adjusted basis.
Find the full COVID Consumer Spending Tracker and RBC Consumer Spending Tracker reports at rbc.com/economics.
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