Retail sales in Canada drop by 0.2 percent in March
Date
5/26/2024 8:13:10 AM
(MENAFN) According to Canada's statistical authority, retail sales experienced a slight decline of 0.2 percent in March, amounting to USD66.4 billion. This announcement, made on Friday, came in slightly below market expectations, which had anticipated a decrease of 0.1 percent. Moreover, it follows a similar dip of 0.1 percent in February, indicating a trend of subdued consumer spending in recent months.
Statistics Canada revealed that the downturn in March's retail sales was widespread across various subsectors, with seven out of nine reporting decreases. Notably, the most significant declines were observed in sales at furniture, home furnishings, electronics, and appliances retailers. These sectors likely faced challenges amid changing consumer preferences and economic uncertainties.
In addition to the monthly decline, retail sales for the first quarter of 2024 also registered a 0.2 percent decrease, highlighting broader challenges faced by the retail sector in sustaining growth momentum.
The report also shed light on core retail sales, which exclude sales from gasoline stations and motor vehicle and parts dealers. Core retail sales experienced a more pronounced decline of 0.6 percent in March, marking the first decrease in four months. This suggests that even excluding volatile sectors, consumer spending remained subdued, signaling potential headwinds for overall economic growth.
Overall, the data reflects a challenging environment for the retail sector in Canada, characterized by sluggish consumer spending and uncertainties surrounding economic conditions. These trends underscore the importance of ongoing monitoring and potential policy interventions to support retail activity and broader economic recovery efforts.
MENAFN26052024000045015839ID1108258517
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.