Canadian spending rose 38% in the second quarter of 2011 compared to the same period last year, according to Moneris Solutions. That surpasses the first quarter of 2011.
Spending accelerated as summer approached, jumping 5.06% in June after rising 4.38% in May and 2.42% in April.
Consistent with the spending trend in the last three quarters, fast food had the largest increase in dollars spent: 11.25%.
Men’s and women’s clothing, and sports apparel rose 11.10% and 6.33% respectively.
This was the first quarter where all provinces saw positive growth since the 2010’s third quarter. However, the smallest growth was recorded in B.C., which still showed a respectable growth of 1.75% compared with the same period in 2010.
Jim Baumgartner, president and CEO, Moneris Solutions said “The first two quarters have shown positive growth for the Canadian economy. With the continuous growth from the beginning of the year to date, we anticipate the momentum will continue into the second half of 2011.”
Jennifer Harrison