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21/12/2009 -
It seems the holiday spending push may have come early for Canadian merchants, as Statistics Canada reported Monday that retail sales increased in both current dollars and volumes in October. The agency reported that retail sales in current dollars rose by 0.8 percent to $35.3 billion, representing the eighth increase in the past 10 months.
Moreover, retail sales volumes returned to pre-recession levels with an increase of 0.6 percent in October.
"This report provided a favorable scorecard on the Canadian economy and it suggests that Canadian consumers are continuing to hold their side of the bargain," TD Securities economics strategist Millan Mulraine told Reuters.
In another indication that retailers may be getting be seeing more credit card processing activity these days, the Conference Board of Canada released its consumer confidence index on Monday, finding that confidence rose by 3.7 percent in December to reach an index level of 82.8.
As the economy begins its slow recovery, Canadian businesses with merchant accounts are encouraged to take advantage of this increase in consumer spending and confidence by making sure their POS terminals are secure and up-to-date.
