Consumers in this country are once again finding their mojo or at least beginning to find it.
The latest regular update on consumer spending habits prepared by RBC Royal Bank contains a note of optimism that we are starting to feel a bit better about our personal prospects.
By tracking activity on customer credit cards and debit accounts, the banks are able to provide a timely perspective on consumer habits. And they found October was showing some positive signs.
There are still some concerns – yes, spending went up after a slumping for a couple months – but, on a per capita basis we are still behind pre-pandemic levels now that our population has expanded so much. Nonetheless, there were some positive notes.
Discretionary spending was up. We finally spent some money on home furnishing and décor, something we had postponed for months. We also updated our wardrobes and invested in vehicle repairs and fitness activities. And, the big telltale signal is that spending on hotels and restaurants was up over the same period a year earlier.
