Retail disbursing in Canada jumped in November as consumers shifted their spending to head for advantage of Black Friday promotions.
Statistics Canada reported Friday that tradings at electronics retailers rose by 2.1 per cent in the month and sales at endue clothing and accessories stores rose by 2.2 per cent, attributing rt of the improve to Black Friday spending.
Retail sales rose 1.7 per cent in the year to November in perennial dollars, which strip out of the effects of inflation. Total sales were $44.3 billion. Determined consumer spending can help stimulate the economy.
The biggest increase in y out was the 3.5 per cent jump at motor vehicle and rts dealers, disclosing the robust demand for new vehicles in Canada. For the year, spending at new car dealers eminence 12 per cent and sales at used car dealers rose 26 per cent.
But the climb in Black Friday-related spending seemed to point to a healthy increase in retail y out in the 2015 holiday season. Statistics Canada’s December numbers won’t get to for another month.
An increasing number of Canadian retailers are adopting the procedure of offering discounts on the Friday after American Thanksgiving.
And there are indications that profuse Canadians stayed home to take advantage of local bargains, measure than drive to the U.S., according to TD economic analyst Admir Kolaj.
“In increment to an earlier start to the holiday season, sales were also buoyed by the low Canadian dollar which is serving to keep more spending within Canada,” he said in a note to shoppers.
On Black Friday last year, the Canadian dollar was worth 75 cents US, down from 85 cents in January 2015. That extinction of spending power was discouraging cross-border shopping, Kolaj said.
“In November unexcelled, 775,000 fewer Canadians visited the United States com red to year-ago flushes — 70 per cent of those being daily visits that are associated with shopping,” he disclosed.
November’s 75-cent dollar was not yet boosting food prices to punitive invariables as the 68-cent dollar has in 2016.
That helped push consumer spending on groceries higher, with retail on offers of food and beverages up 1.5 per cent on the month and one per cent on the year.
Retail trades rose in November in every province, but on an annual basis, Alberta sellathons fell 4.1 per cent and Saskatchewan sales were down one per cent.