Canada’s retail sales edged down by -0.2% mom to CAD 69.4B in October, extending signs of soft consumer demand. Sales declined in four of nine subsectors, led by weakness at food and beverage retailers, pointing to ongoing pressure on discretionary spending.
Underlying momentum was weaker than the headline suggested. Core retail sales, excluding autos and gasoline, fell -0.5% mom. Sales volumes declined -0.6% mom.
Statistics Canada’s advance estimate points to a 1.2% mom rebound in November. While the estimate is based on a lower-than-usual response rate of 60%, it hints at a potential stabilization in consumption as financial conditions ease, though confirmation will depend on the final data.
