Moneris, the card processing company, is providing more evidence of the impact the economic slowdown is having in this province.
A report today shows Alberta is the only province in the country where consumer spending decreased in the third quarter of the year. The 2.66% drop in spending here marks the fourth consecutive quarter of spending decreases in Alberta.
Nationally, consumer spending was up 4.77% compared to the same three month period a year ago. PEI had the highest increase (7.82%) followed by BC (7.08%) and Ontario (6.60%). It’s the eighth consecutive quarter of spending increases.
The study shows a 12.94% increase in spending on foreign cards which suggests foreign tourists are being encouraged by the low Canadian dollar. It also show more Canadians are tapping their cards with a 145.06% increase in contactless spending.
Fast food restaurants, furniture and home furnishing stores and sports apparel stores were among the biggest winners. Sports apparel sales grew 7.83%, thanks largely to the performance of the Toronto Blue Jays.