Inflation Biting, Consumers still Spending
Recently I discussed how consumer behaviour, despite the historical inflation we are all experiencing is still following well established monthly patterns according to Moneris: Average Transaction Size month to month ’peak to trough’ over the last 2 years has operated within historical ranges. Canadian spending patterns appear relatively the same seasonally on key items like Apparel and Groceries with less spend in January and summer months and more in May and December.
To add to this, a new study by Moneris and Angus Reid group shows that the actual ATS has increased over the last few years, but actual Transaction Counts have decreased indicating the presence of some behavioural adjustments as people spend less often but when they do spend, they spend more, perhaps as a result of inflation.
Spend Data Comparing July 2019 and July 2022
Looking at this data from this summer vs. 2019, people spent more on summer fun but less often –perhaps hitting places like amusement parks less frequently due to rising prices.
With rumours of another interest rate hike, purchase data can be used as an accurate barometer on how macroeconomic trends are impacting the day-to-day decisions of ordinary people navigating everyday life.
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