British Columbian consumers are using plastic more and more when they go shopping, according to Moneris’ latest report.
Debit- and credit-card purchases were up 5.04% year-over-year in the province. The biggest spending increases were in hotels (up 9.11%), restaurants (up 7.32%) and drug stores (up 5.75%). Spending across all sectors increased, including in grocery stores (up 4.6%) and specialty stores (up 4.5%).
B.C.’s increase is more than a full percentage point higher than the 3.88% average increase nationwide. It puts the province in third place in terms of spending increases, after Quebec (up 5.75%) and Nova Scotia (up 5.1%). All provinces except for Newfoundland (down 0.22%) and Saskatchewan (down 1.71%) posted increases in the quarter.
“The uptick in spending across most provinces, along with the Bank of Canada’s announcement to increase interest rates for the first time in seven years, is evidence of a growing confidence in the economy,” said Moneris president and CEO Angela Brown.
“We expect to see a continuation of moderate growth for the balance of the year as the economy shows signs of stabilizing and the Canadian dollar rises to stronger levels.”
Spending in Canada from consumers using foreign credit- and debit- cards increase almost 11% compared with the same period last year. Moneris said this is likely due to an increase in international tourist visits in the lead-up to Canada’s 150th birthday. Most foreign spending was from U.S. cards; spending by Americans in Canada increased 7.23% year-over-year. Total spending from China and Mexico was up considerably, with increases of 24.6% and 63.3%, respectively.
@EmmaHampelBIV
