Retail activity still holding up
Retail sales revenue in Alberta over the first 11 months of 2022 was 6.4% higher than over the same period in 2021
By Siddhartha Bhattacharya, ATB Economics 23 January 2023 1 min read
Given the double whammy of elevated inflation and higher borrowing costs, consumers have not pulled back their spending as much as expected.
According to new data from Statistics Canada, retail sales revenue remained largely unchanged in November 2022.
Seasonally-adjusted retail sales in Alberta eased $6 million (-0.1%), but sales in November were only $57 million (-0.7%) shy of the historic peak reached in May 2022.
Nationally, retail sales revenue was also down by 0.1% in November while the volume of national sales was down by 0.4%. (Sales volumes at the provincial level are not published by Statistics Canada.)
With the exception of food and beverage stores, every sub-sector contributed positively to Alberta’s 6.4% year-to-date (YTD) gain in nominal retail revenue relative to the first eleven months of 2021.
Meanwhile, YTD revenue in Canada stood $50.5 billion (+8.2%) higher with increases in every province, led by Ontario (+11.3%) and Quebec (+8.3%).
Early estimates by Statistics Canada suggest a monthly increase of 0.5% in national sales in December.
Answer to the previous trivia question: Able to go from zero to 60 miles per hour in just 2.5 seconds, the 2024 Chevy Corvette E-Ray is the quickest production model ever made.
Today’s trivia question: In what year did Zellers begin operations?