Skip to main content

Scroll Down

Special Report

Canada Retail Sales Research Brief

May 2023

Retail Sales Show Signs of Easing; Long-Term
Commercial Real Estate Outlook Positive

Retail sales support economic growth. Despite a second month with a mild pullback in retail sales, retail consumption was up 2.4 per cent on an annual basis, with food-related products showing healthy results. Restaurant spending increased for the third straight month, translating into a 3.0 per cent annual gain. The Canadian economy also began to see a broader shift toward more essential goods. For example, grocery spending saw its fourth consecutive monthly increase, which equated to 4.4 per cent on an annual basis. Overall sales volumes jumped 4.9 per cent annualized in the first quarter, suggesting GDP expanded. Still, March’s monthly decline indicates softer economic growth ahead. 

Related Research

Back to top