The Toronto Blue Jays run in the World Series turned out to be a retail spending catalyst in this country but especially in Ontario.
Some of the more insightful data on retail spending lately is coming from the banks who can track real time activity through their client accounts and cards. RBC Royal Bank has just updated it findings for October showing that the Blue Jays sparked a lot of activity but falling interest rates are also contributing.
The biggest spending growth last month came in Atlantic Canada, capping off a three-month average showing consumer spending has remained quite resilient and that experiences are in demand.
The bank noted strong gains in BC and Ontario too. Real estate prices are high in those markets so consumers are sensitive to lower interest rates.
For the past few years, they’ve had to constrain their spending but now that rates are falling bit, they are loosening the purse strings, especially on entertainment such the Jays and on-line gaming.
Saskatchewan saw spending pull back slightly in October, according to this report.
