Canadian retail sales rose for the seventh consecutive month in November by 1.3% on a seasonally-adjusted basis, defying Statistic Canada's preliminary estimate of no change. Sales were up in 7 of 11 subsectors, representing 53% of retail sales. The increase was led by higher sales at food and beverage stores. Compared to the same time last year, retail sales were up by 7.5%.
Sales were up in all provinces except for Manitoba. In BC, seasonally-adjusted retail sales were up by 0.8% ($8.0 billion) and by 1.4% ($3.7 billion) in Vancouver. Contributing the most to the increase were sales at electronic and appliance stores, while sales were down at auto dealers and gas stations. Compared to the same time last year, BC retail sales were up by 11.1%.
In November, Canadian e-commerce sales totaled $4.3 billion, accounting for 7.4% of total retails sales, which is up from 5.4% in the previous month. Meanwhile, e-commerce sales were up by 76% from a year ago. This excludes Canadians purchasing from foreign e-commerce retailers.
November was a pleasant surprise in retail sales, as consumers likely pulled forward their purchases in anticipation of the holiday rush, as well as promotional events such as Black Friday. Early estimates from Statistics Canada are showing a December decline, as COVID-19 cases increase and multiple provinces implement stricter lockdown measures. Growth in retail sales is expected to slow until the vaccine becomes more widely available.
Copyright British Columbia Real Estate Association. Reprinted with permission.
Post Your Comment: