Consumer purchasing power strengthens! Canadian retail sales overall increased by 1.2% in November!

According to foreign media reports, Canadian retail sales have achieved two consecutive months of growth. Statistics Canada said that in November, the number of products sold by retailers increased by 1.2%, and sales of most categories of products increased (no specific details were disclosed).

Canadian retail sales reportedly increased 1.6% in October, driven by strong auto sales, a smaller number but higher than the 1% increase analysts had forecast.

Statistics Canada also pointed out that in the third quarter of this year, Canadian consumer spending was 18% higher than the annual average, the second largest quarterly increase since the 1960s.

Andrew Grantham, an economist at the Bank of Canada, said that based on retail data from October and November, the Canadian economy is more likely to recover further in December and retail sales will grow further.

Andrew Grantham added that due to the resurgence of the epidemic, some regions have been put into lockdown again, such as Quebec, so consumer confidence may be hit and spending in December is likely to fall. There is no doubt that the lockdown will prompt consumers to continue shopping online.

Editor ✎ Nicole/

Disclaimer: This article is copyrighted and may not be reproduced without permission.