Household Spending Continues to Dwindle: Index of Consumer Spending—July 2023

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Household Spending Continues to Dwindle: Index of Consumer Spending—July 2023

Consumer and Business Confidence
8 min read

Author: Walter Bolduc

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The Index of Consumer Spending 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.

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This month, we discuss the continuing deterioration in consumer spending growth and its relationship to the ongoing vagaries in the employment landscape.

Although inflation has shown little change over the past month, what factors have caused consumer confidence to significantly diminish, reaching its lowest point of the year in June? With declines evident across the board, are some regions more heavily impacted than others? We share our findings for the week of May 28 to the week of June 18, considering the situation in each province and territory.

Read the online experience to get our full analysis.

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