Index of Consumer Spending
Powered by Moneris Data Services • Updated: March 2, 2023
Growth in Consumer Spending Recovers
The ICS climbed 11.0 points between the weeks of December 11 and December 25, pushing past the 100.0-point benchmark for the first time in 27 weeks. This recovery was mainly driven by holiday spending. The upward trend was short-lived, however, as growth in consumer spending decelerated in the first two weeks of January.
March 2, 2023 • 8-min read
7.0 points to 99.4
Stagnant Growth in Consumer Spending Throughout December
In November, the inflation rate was 6.8 per cent year-over-year. Canadians have truly felt the pinch when it comes to food and shelter costs. Inflation for both increased in November, which certainly influenced consumer spending behaviour.
February 2, 2023 • 8-min read
Growth in Consumer Spending Continues Trending Downward
We expect an uptick in consumer spending throughout December thanks to the winter holidays. Spending on high-contact services will remain strong, while demand for durable goods will likely continue to fall. We anticipate another interest rate increase in January 2023, along with decelerated growth in consumer spending.
January 26, 2023 • 8-min read
The Index of Consumer Spending is The Conference Board of Canada’s latest index and it is powered by exclusive consumer transaction data provided by Moneris Data Services. Moneris is Canada’s number one payment processor with over 3.5 billion transactions spanning more than 325,000 merchant locations. Our index tracks weekly year-on-year changes in consumer spending, enabling us to gauge economic activity levels across the country and provide insights into how the Canadian economy is performing coast to coast.
Updates on this index will be released monthly.
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