The next-next generation will drive retail sales this fall, according to a new study by EY. Described as those born after 1994, Generation Z is expected to fully flex its retail sales might and push sales up 4.5% through the third quarter from 2015.
Daniel Baer, an EY partner and the national retail consumer products leader, said he expects strong 2016 retail sales numbers to continue through the back to school season.
“Year over year lower gas prices, a stable but low Canadian dollar, some price inflation and enhanced Canada Child Benefits are expected to drive back to school spending in most, but not all, parts of the country.”
According to Statistics Canada, retail trade across Canada was up 4.6% from April of last year, the biggest jump coming in new (8.4%) and used cars (16%). EY expects B.C. to lead the retail sales surge this fall, as well as strong results from Ontario while Alberta is expected to stay in the red. The largest drop in retail sales has been at gasoline pumps as the sector saw a 4.5% decrease from April of last year.
