We have always relied on StatsCan to give us the definitive word on consumer behavior….are we spending or sitting on our wallet? Where are we spending our discretionary dollars?
But the arrival of COVID is changing more than the way we do things….it’s also added a new dimension to how we track things like consumer spending patterns. RBC Royal Bank is the latest major bank to report on volumes and traffic exhibited by its customers.
They have already issued a tentative report on July’s trends which show consumers are getting more comfortable. Patterns we saw in June are holding and some in-person activities such as visits to hair salons or golf courses are actually tracking ahead of last year.
We’re also seeing some trends in travel….we are opting for staycations this summer. Movies are down while book buying is up 40-percent. Jewelry sales are doing well but, overall, the banks says consumers are finding their stride again….and, in their words, ‘flirting with growth’ in overall expenditures as confidence levels constantly strengthen.