Canadians’ spending increased 4.26 per cent in dollar volume during the final quarter of 2017 compared to the year before, according to Moneris, a processor of debit and credit payments. For the whole year, spending rose 4.14 per cent in 2017 compared with 2016.
"Stability and consistency defined 2017 when it came to spending in Canada. Quarter over quarter were almost predictable, with incremental increases in growth over the year before and no significant dips or spikes, a trend we'll likely see continue through 2018," said Angela Brown, President and CEO of Moneris in a Jan. 23 announcement. "While there are always variables when it comes to the economy on both the national and international front, we foresee the year ahead to continue on this trend of modest, steady growth."
Strongest increase in B.C.
British Columbia, Quebec and Ontario showed the largest year-over-year consumer spending increases in the final quarter, up 6.14 per cent, 5.48 per cent, 4.43 per cent, respectively, says Moneris.
Dec. 22 was 2017's "busiest" shopping day with the highest number of transactions made, says Moneris. Boxing Day spending was strong, with an increased spend of 8.97 per cent over last year. “But both Black Friday and December 22 eclipsed Boxing Day in terms of overall spend. Both days had 45 per cent higher spend volumes compared to Boxing Day,” says Moneris.