Canadians are continuing to spend on holidays and non-essential services, but are cutting back on restaurants and goods, according to the findings in a new report from Royal Bank of Canada.
RBC's latest spending tracker found that while overall spending was steady in March, there were some signs of weakness in goods spending, mirroring a pullback in auto sales.
When adjusted for inflation, restaurant spending fell by 0.6 per cent on average in the first quarter of 2023, a relatively small decline, said RBC economist Carrie Freestone. Freestone said RBC expects to see a more pronounced pullback in discretionary spending once the impact of the Bank of Canada's interest rate hikes is fully felt.
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