Sept 20, 2022
Home Improvement Sales Recover
Home improvement sales were up 11.7 in August, says the ‘Mastercard SpendingPulse.’ Canadian spending, excluding automotive, increased seven per cent year-over-year (YOY) in August, indicating spending has well surpassed pre-pandemic levels. This accounts for nominal spending and is not adjusted for inflation. In-store sales increased 7.8 per cent YOY with a significant surge in apparel (37.4 per cent YOY) ahead of back-to-school season. Fuel and convenience also saw an increase (+18.5 per cent YOY), as consumers took their final summer road trips. “As Canadians rounded out their summer with last minute vacation plans and families prepare for back-to-school season, it’s not surprising to see both an increase in retail sales and in-store spending,” says Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Incorporated. “However, where we continue to see strong growth compared to pre-pandemic times is in the eCommerce sector, indicating new spending habits have set in despite the return of accessibility to in-store shopping.” Spending growth in August compared to the levels seen in August 2021, when there were still some COVID-19 restrictions, reflect a return to pre-pandemic consumer behaviour.
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