Consumer demand wilted during the first quarter as retail spending in Canada declined for a third consecutive month in March. Seasonally adjusted sales fell 0.2 per cent from February with real spending down 0.4 per cent.
First quarter spending declined 0.2 per cent from Q4 of 2023, although real spending nudged higher by 0.3 per cent. A notable decline was seen in furniture, home furnishings, electronics and appliances retailers, which was down 1.3 per cent. For the fourth consecutive month, lower retail sales were also reported at clothing stores, where sales fell 1.7 per cent. Meanwhile, higher retail sales were reported at motor vehicle and parts dealers, up 0.8 per cent. This is the second consecutive month of increasing sales in this category.
The weaker spending profile was more pronounced in B.C., where sales fell 0.4 per cent to a seasonally adjusted $8.9 billion following a........