Retail Conditions Report: Fall 2023September 26, 2023
Each quarter, Retail Council of Canada surveys members from coast to coast to bring you the latest news on the retail industry's performance across Canada. The Retail Conditions Report provides members with valuable, real-time insight into consumer behaviour, best practices in retailing, trends, and economic conditions.
Retailers Deal with the Triple-Threat Consumer
The Great Buy-Forward, Shift To Experiences & Ten Consecutive Interest Rate Hikes Leave a Mark & Cast A Shadow on Future Performance
The summer was a mixed bag of results for retailers as many of the products purchased during the two-year pandemic lockdowns for home entertainment, working or learning at home have not worn out, priorities shifted to experiences and or travel, and (an amplifier of the first two) ten consecutive interest rate increases plus food inflation had consumers reeling. Retailers reported their customers shifting to basics, focusing on weekly budgets versus buying for value. Customers made clear trade-offs to meet their escalating (or escalating in the future) mortgage payments and higher rents. Ontario stands out as a market that is underperforming, Alberta and the Atlantic provinces are performing well.
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