RBC’s consumer spending tracking report uses RBC Data & Analytics’ proprietary database of anonymized card transactions by Canadian clients. The data are an accounting of merchant transactions that are divided into various spending categories covering tens of millions of weekly card transactions worth billions of dollars each week. We examined changes in the value of all transactions in these areas for 7-day periods starting January 1st, comparing spending to the same period one year ago.

  • Spending at the start of the New Year was weaker as lockdowns imposed at the end of 2020 continued.
  • Canadians spent 5% less in the second week of January than over the same period last year, after trimming spending 9% the week prior.
  • Retail categories saw declines across the board but some, including department and electronics stores, saw smaller declines than might have been expected after the holiday season.

To view the interactive charts, click the link to visit the RBC website. 

Source: Royal Bank of Canada