Canadian Spending Still Down

The majority of Canadians are still spending less nearly a year following Canada declaring a state of emergency due to pandemic, says data from Payments Canada. Canadians also continue to be reluctant to handle cash, payment terminals, and ATMs. Around 58 per cent of Canadians report spending less overall – compared to 61 per cent in September 2020 – while 42 per cent say that COVID-19 has changed their payments preferences to digital and contactless for the long-term. Almost half (47 per cent) of Canadians are tapping their credit cards more versus 42 per cent who tap their debit cards more. Fifty-four per cent try not to exceed the contactless limit when buying something in-store and 37 per cent try to avoid shopping at places that do not accept contactless payments. Half of Canadian consumers use eCommerce platforms more often that pre-pandemic and roughly a quarter use delivery services more often.