Canada's core retail sales took an unexpected downturn in October 2024, plummeting from a solid growth rate of 1.1% in September to a mere 0.1% in the past month. This significant month-over-month deceleration raises concerns about consumer spending in the Canadian market as the year-end approaches.
The data, updated on December 20, 2024, highlights a stark contrast in economic momentum, with the robust September figures now overshadowed by October’s stagnation. Analysts suggest that several factors could have contributed to this abrupt slowdown, including potential declines in consumer confidence or external economic pressures impacting spending behaviors.
With the holidays fast approaching, retailers are keenly monitoring these trends and their potential impacts on consumer purchasing patterns. Stakeholders are eager to see whether the upcoming months will see a rebound, or if further economic interventions might be needed to stimulate spending and support continued economic growth in Canada’s retail sector.
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