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Third Quarter Consumer Spending Increases Despite Economic UncertaintyThe Moneris Spending Report Shows an Overall Increase of 4.9 Per Cent in Dollars Spent Over the Same Period Last Year (October 17, 2011)
TORONTO, ONTARIO -- (Marketwire) -- 10/17/11 -- Moneris Solutions??, Canada's largest debit and credit card processor, announced today that amidst the perceived economic uncertainty, the Canadian retail economy's third quarter was its strongest to date in 2011. The Moneris Spending Report showed an overall increase of 4.9 per cent in spending compared to the same period last year.
The fast food industry experienced the biggest growth in dollars spent compared to the same period last year, with an 11.5 per cent increase. Grocery stores also saw a jump in consumer spending, of 5.1 per cent, reflective of inflationary pressure on food prices. In addition, as Canadians ventured outdoors during the summer, spending at sports apparel and sporting goods stores saw spending increases of 8.5 per cent and 7.1 per cent, respectively.
Regionally, with a 9.0 per cent increase in dollars spent, Saskatchewan led the way in spending across Canada. Newfoundland came in at a close second, with an 8.7 per cent increase, while Manitoba also saw attractive growth, increasing its spending by 7.8 per cent. British Columbia and Ontario, however, experienced the slowest growth in Canada, with increases in spending of 3.7 per cent and 2.6 per cent, respectively.
Despite Ontario's modest growth in the third quarter, Toronto, as a result of the 2011 Toronto International Film Festival (TIFF) saw a 7.5 per cent growth in spending compared to last year's festival. Big stars like Brad Pitt, George Clooney and Ryan Gosling attracted big crowds - and big spending in both restaurants and hotels, which experienced increases of 14.2 per cent and 19.3 per cent, respectively, compared to the 2010 TIFF.
"The third quarter of 2011 was positive overall for merchants, seeing general growth across the board," says Jeff Guthrie, Chief Sales and Marketing Officer, Moneris Solutions. "Moving into the fourth quarter and the holiday shopping season, we will continue to monitor the results and report on the effect of the current economic climate on retail spending."
About The Moneris Spending Report
The Moneris Spending Report provides a snapshot of consumer spending activity in Canada by analyzing credit and debit card transaction data. As the market leader with the largest merchant base, Moneris presents detailed analysis and insight on a quarterly basis. The percentages cited are derived from actual sales volumes - the dollar values of credit and debit card transactions being processed by merchants.
About Moneris Solutions
As one of North America's largest providers of payment processing solutions, Moneris offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processes more than three billion transactions annually. Through its Ernex division, Moneris offers electronic loyalty and stored-value gift card programs. With more than 350,000 merchant locations, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.
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