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Q4 2012: Canadian consumer spending continued to grow
TORONTO, Jan. 14, 2013, 2013 (Canada NewsWire via COMTEX) --
The Moneris Spending Report shows a 3.45 per cent increase in spending
in the last three months of 2012
Moneris Solutions Corporation
("Moneris"), Canada's largest debit and credit card processor,
announced today that Canadian spending rose by 3.45 per cent during the
fourth quarter of 2012, compared to the same period in 2011. However,
compared to previous quarters in 2012, Q4 showed the smallest increase
in dollars spent (Q1 at 5.34 per cent, Q2 at 4.67 per cent and Q3 at
4.77 per cent).
October 2012 experienced the strongest growth, with a 4.93 per cent
increase in spending, followed by November, with a 3.58 per cent
increase in dollars spent. While the slowest growth in Q4 was reported
in December, at 2.16 per cent, Boxing Week spending was up 5.35 per
cent, compared to 2011.
The restaurant category led the growth in spending during the fourth
quarter, at 5.88 per cent, followed closely by grocery stores at 5.70
per cent and entertainment at 5.25 per cent. Similar to the same period
last year, fast food outlets and pet shops continued to experience the
highest growth, with increases of 9.53 per cent and 7.11 per cent,
respectively.
Categories that experienced a decline in spending included camera
stores, at -9.03 per cent, cosmetic stores, at -3.64 per cent, and book
stores, at -3.24 per cent. The average price of credit card purchases
also declined by -2.13 per cent, compared to the same period in 2011,
while debit purchases experienced a modest increase of 0.19 per cent.
Overall in Q4 2012, credit card spending slightly outpaced debit card
spending, with an increase of 3.55 per cent and 3.29 per cent,
respectively. However, this quarter also experienced the lowest
increases in credit card spending, compared to the three previous
quarters (5.26 per cent in Q1, 5.62 per cent in Q2 and 5.19 per cent in
Q3). The same was true of debit card spending in Q4, compared to the
three previous quarters (3.47 per cent in Q1, 3.31 per cent in Q2 and
4.15 per cent in Q3), which may be the result of increased awareness
around climbing household debt among Canadian consumers.
During the period of November 27 - December 17, 2012, the amount of
dollars spent online jumped by 16.89 per cent, compared to the November
29 - December 19, 2011 period, with apparel leading the growth (with a
32.70 per cent increase in spending). Additionally, Canadians continued
to embrace the spirit of giving to the less fortunate during this
period, with an increase in charitable donations of 6.7 per cent.
Regionally, Alberta showed the strongest growth in the fourth quarter,
with an increase in spending of 6.45 per cent, compared to last year,
followed closely by Newfoundland, at 6.42 per cent. Saskatchewan,
Quebec and Ontario experienced moderate growth, with increases in
spending of 4.35 per cent, 3.2 per cent and 2.66 per cent,
respectively. Prince Edward Island showed the slowest growth in the
country, ending the quarter with a 1.01 per cent increase in spending.
As in previous years, many Canadians waited until the last minute to
make their holiday purchases. Shoppers came out in full force on the 24(th) of December and Moneris processed a record 453 transactions per second
between 2:20 p.m. and 2:25 p.m. EST. December 21st was the biggest
Canadian shopping day in 2012 in terms of total number of purchases
made.
Camera stores, travel and pet stores led the spending growth during
Boxing Week, with increases in dollars spent of 23.61 per cent, 19.32
per cent and 15.42 per cent, respectively. Similar to 2011, consumer
electronics purchases were down during Boxing Week in 2012 (by -14.83
per cent), which may be the result of the growing success of
pre-holiday sales, like those offered on Black Friday.
For the second year in a row, shoes topped the list of the most
frequently returned items between January 2 and January 7, followed by
purchases made at jewellery and department stores.
"Despite a slowdown in consumer spending during the fourth quarter, 2012
proved to be another profitable year for retailers across Canada," said
Jim Baumgartner, President and CEO, Moneris Solutions. "The holiday
period was particularly successful for many Canadian merchants,
especially on Christmas Eve and during Boxing Week. Given current
trends, we anticipate growth will continue into 2013."
About The Moneris Spending Report
The Moneris Spending Report provides a snapshot of consumer spending
activity in Canada by analyzing credit and debit card transaction data.
As the market leader with the largest merchant base, Moneris presents
detailed analysis and insight on a quarterly basis. The percentages
cited are derived from actual sales volumes - the dollar values of
credit and debit card transactions being processed by Moneris
merchants.
About Moneris Solutions
As one of North America's largest providers of payment processing
solutions, Moneris Solutions Corporation ("Moneris") offers credit,
debit, wireless and online payment services for merchants in virtually
every industry segment and processes more than three billion
transactions, annually. Through its Ernex division, Moneris offers
electronic loyalty and stored-value gift card programs. With more than
350,000 merchant locations, Moneris provides the hardware, software and
systems needed to improve business efficiency and manage payments. For
more information please visit www.moneris.com.
SOURCE: Moneris Solutions Corporation
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/January2013/14/c5679.html
SOURCE: Moneris Solutions Corporation
Media Contact: Natasha Dos Santos MAVERICK Public Relations 416-640-5525, ext. 248
natashad@maverickpr.com
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