Canadians making fewer trips to the grocery store as inflation pinches: RBC report
Published March 9, 2023 at 1:38 pm
A new report by RBC says Canadians are on average making fewer grocery store runs as food inflation persists, but still spending roughly the same amount per trip
RBC’s consumer spending tracker shows the average number of grocery transactions in February was up 8.4 per cent relative to pre-pandemic levels, compared with a roughly 13 per cent bump relative to pre-pandemic levels seen toward the end of November 2022.
Economist Carrie Freestone says it could show some Canadians are being cognizant of rising prices and making fewer trips to the store as they feel the pinch of inflation.
The report also says discretionary spending held steady through February.
Restaurant spending remains strong despite a slight decline over the last three months, while Canadians continue to book trips despite flight costs rising 28 per cent from pre-pandemic levels.
RBC says spending growth on international travel continues to outpace domestic flights.
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