Growth in Consumer Spending Diminishes: Index of Consumer Spending—March 2023

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Growth in Consumer Spending Diminishes: Index of Consumer Spending—March 2023

Consumer and Business Confidence
5 min read

Author: David Ristovski

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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 look at the effects of elevated food, shelter, and gas prices; a tight labour market; and high interest rates on consumer spending growth in Canada.

Inflation is trending in the right direction, but has it decelerated enough to make consumers more comfortable? How has consumer confidence affected spending this month? We share our findings for the week of January 29 to the week of February 26, considering the situation in each province and territory.

Read the online experience to get our full analysis.

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