Canadian consumer spending struggled in January - RBC

I'm finding the Canadian consumer spending tracker from RBC to be a valuable look at the health of Canadian shoppers. We won't get the retail sales report until next Friday but today I noted some poor same-store sales numbers from Canadian Tire.

Now, the latest report from RBC is out and it highlights a 'sluggish start' to 2025 spending.

"Retail (goods) sector sales excluding autos pulled back in January both before and after adjusting for inflation," the report says. "Discretionary services spending has had an impressive run, but posted weak growth in January despite softness in accommodation and food services spending."

The survey noted a 1.2% m/m drop in restaurant reservations (seasonally adjusted).

A hint of good news came on a pickup in home-related spending, something they said could mean a lift in the housing market.

Read the report.