July 21, 2020 by Shelly Hagan
After all the losses retailers had in March and April, Canadian retail sales have rebounded sharply making up almost all of their pandemic losses, Statistics Canada reported Tuesday.
Canadian consumers are emerging from nationwide lockdowns with pent up demand and keen to spend according to the report. Policy makers also warned that a full rebound in consumer confidence could still be years from now.
“At the moment, sales are still being buoyed by the enormous government income-support programs and consumers satisfying pent-up demand, both of which could fade in the second half of the year,” Royce Mendes, an economist at CIBC World Markets, said in a report to investors.
“Re-openings have so far been by and large met with increased spending,” Brian DePratto, a senior economist at Toronto-Dominion, said in the report.
The pace of spending growth will slow with millions of Canadians still out of work and restrictions on some businesses likely to remain for some time, economists warned.
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