Consumers are powering through rising prices and interest rates, at least for now
If you ask Canadians how they’re reacting to the shock of soaring inflation, they will tell you they’ve cut back: Almost half the respondents to an Angus Reid Institute survey released last week said high prices have led them to spend less overall.
Canada’s major banks point to a sturdy consumer. Royal Bank of Canada has found that consumer spending on its credit and debit cards is roughly 30 per cent higher than prepandemic levels. After adjusting for inflation, spending by Toronto-Dominion Bank clients using debit and credit cards was up 15 per cent in May from a year earlier. “Consumers are clearly keen to get out and have fun after two years of pandemic restrictions,” TD economists said in a recent report.
While Statscan’s retail trade figures show consumers were remarkably resilient in April despite high inflation, real-time anonymized data aggregated by Google from mobile devices suggest Canadians have kept up their spending since then. Visits to retail and recreation places are almost 10 per cent above prepandemic levels.
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