Consumers Pull Back Spending After the Holiday Season: Index of Consumer Spending—March 2024

Name: Consumers Pull Back Spending After the Holiday Season: Index of Consumer Spending—March 2024
SKU: 12483-0405-WEB
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Canadian Economics

March 26, 2024

Consumer and Business Confidence

3 min read

Author: Walter Bolduc

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The Index of Consumer Spending averaged 96.1 points in January, an 18.2 per cent drop from December. This online experience highlights the drop in spending among each of Canada’s provinces and territories.

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 incremental changes in net transaction volume month-over-month from a set starting point (April 2022 = 100), enabling us to gauge economic activity levels across the country and provide insights into how the Canadian economy is performing coast to coast.

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The Index of Consumer Spending averaged 96.1 points in January, an 18.2 per cent drop from December. This decline in spending is not unexpected as consumers typically pull back spending after the holiday season.

Which province or territory had the highest—or the smallest—decline in spending? What was the percentage of inflation in January 2024 compared with just a month earlier in December 2023? When will the first cut to the overnight interest rate occur? And how much will the cuts be throughout the rest of 2024 and into 2025?

Read the online experience for our full analysis.