We won’t get the StatsCanada consumer spending numbers for a month or so but the early indications suggest retailers had a pretty good Christmas season.
RBC Royal Bank has just issued its assessment of the retail season based on data it collects by tracking activity on client cards and accounts. It is usually quite reliable and comes weeks before the feds get the official tally completed.
The bank tends to aggregate its information on a three-month rolling average and December was strong, bringing the three-month average up by just under two-percent.
Their primary finding on consumer patterns, though, focused on Black Friday. Once an American concept, it has flowed north of the border quite well as it was bigger than Boxing Day in 2025.
And even the days leading up to Black Friday were stronger last year than in 2024 as consumer spending appears to be holding or growing. This was especially notable in discretionary goods purchases: things such as clothing as buyers went for tangible gifts rather than experiences.
