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24.05.2024

Canada’s retail sales unexpectedly drop in March

The data, released by Statistics Canada on Friday, revealed that Canadian retail sales dropped 0.2 per cent m-o-m to CAD66.44 billion in March, following an unrevised 0.1 per cent m-o-m slip in February. This marked the third straight monthly decrease in retail sales.

Economists had predicted a flat m-o-m performance in March.

According to the report, 7 of 9 subsectors posted decreases in retail sales in March. Sales at furniture, home furnishings, electronics and appliances retailers (-1.6 per cent m-o-m) and clothing, clothing accessories, shoes, jewellery, luggage and leather goods retailers (-1.6 per cent m-o-m) recorded the largest declines, followed by sporting goods, hobby, musical instrument, book, and miscellaneous retailers (-1.5 per cent m-o-m), and health and personal care retailers (-0.9 per cent m-o-m). Meanwhile, building material and garden equipment and supplies dealers (+1.3 per cent m-o-m) and motor vehicle and parts dealers (+1.3 per cent m-o-m) registered gains in retail sales in March. 

Excluding auto, retail sales fell 0.6 per cent m-o-m in March after an upwardly revised 0.2 per cent m-o-m drop (from -0.3 per cent m-o-m) in the previous month, being much worse than economists’ forecast of a 0.1 per cent uptick.

In y-o-y terms, Canadian retail sales surged 1.9 per cent in March, following a downwardly revised 1.0 per cent jump (from +1.2 per cent) in the previous month.

For the first quarter of 2024, Canada’s retail sales decreased 0.2 per cent. 

Statistics Canada also revealed its preliminary estimates suggest that Canada’s retail sales rebounded 0.7 per cent m-o-m in April.

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