Consumer spending is not losing any momentum.
Retail sales figures for January have just been released and, it might sound unusual, but January actually saw more volume than December which is often the high-water mark for retailers as the Christmas season winds up.
And Saskatchewan kept pace with the rest of the country. Activity was up in every province which might reflect inflation pushing up prices.
Volumes rung up by tills in retail stores in January was 2.5 per cent higher than in December and almost nine per cent higher than the same month a year earlier which is higher than inflation. So, consumers in this province are out-pacing inflation as confidence levels remain high.
The big-ticket growth was in the automotive sector as car dealers reported strong gains, actually turning in a better performance in January than in all of 2022. Parts and vehicles sales rose by three per cent while grocery store revenues fell slightly as prices either started to soften or people just bought less, although it is doubtful people traded a trip to the grocery store for one to the local automotive dealer.
