Canadian consumer spending growth quickened to a 5.8 percent year-over-year pace in the first quarter, according to credit and debt card transactions compiled by Moneris Solutions Corp.
The gain from January to March was faster than the 3.8 percent Moneris reported in the fourth quarter, and greater than any other period since at least the start of 2012, according to Bloomberg calculations based on past press statements.
“Spending remained strong after the holiday season, with notable increases in the retail and restaurant categories,” Moneris Chief Executive Officer Angela Brown said in the report. “Spending in these categories suggests that consumers feel confident enough to continue to spend on non-essentials.”
The retail gains included rises of 9.3 percent at shoe stores and 6.1 percent for women’s clothing. Restaurant receipts rose by 6.8 percent in the first quarter from a year earlier.
Moneris says it processes transactions for more than 350,000 merchant locations.
Statistics Canada reports March retail sales on May 22.