An RBC Economics report on Thursday showed retail spending slowed in November, with holiday spending slightly below 2023 levels over the Black Friday weekend.
Almost a week into the GST holiday, retailers and restaurant owners appear on track for a sales boost despite some of the struggles they faced implementing the temporary break.
However, he says businesses, including ones with older payment systems, have faced hurdles trying to implement the tax break on short notice and even figuring out which items qualify.For example, toy stores reported large declines in sales ahead of the tax break kicking in, said Poirier, as customers waited a few extra days to buy Christmas gifts.
"Typically, spending on popular children’s gifts builds as the holiday season approaches," wrote Freestone. Restaurants Canada president and CEO Kelly Higginson says it’s been a little easier for restaurant owners, as everything they generally sell excluding hard liquor qualifies for the break. While the revenue boost over the holiday is welcome for restaurants and bars, Higginson says it’s the expected uptick in spending during the slow January and February period that will really make the difference.
He said the change was relatively seamless, as most items at restaurants are exempt, and the payments system the company uses, Moneris, "got out ahead of it."
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