Tuesday, January 11, 2005

Record high retail sales

RETAIL SALES hit another record high in October, but it took a rebound in automobile sales and price-induced gains at gasoline stations to do it.

Consumers spent $29.6 billion in retail stores, up 1.4% from September. If automobile and gasoline sales were excluded, retail sales would have been virtually unchanged.

If price increases were taken into account, retail sales rose 0.9% in October. Consumers paid higher prices for gasoline and food, and lower prices in computer and home electronics stores.

Retail spending has been advancing steadily since the start of 2004, except for a decline in April. Sales for the first 10 months of the year were 4.5% higher than in the same period of 2003.

Sales in the automotive sector jumped 4.0% in October, by far the biggest gain. Both used and recreational motor vehicle and parts dealers, as well as new car dealers, enjoyed their largest monthly increase in eight months. New car dealers posted good returns from incentive programs aimed at new models, especially for passenger cars.

Home furnishings

Spending was up in home furnishing stores and furniture stores. Significantly lower prices pushed down the sales value in home electronics and appliance stores and computer and software stores.

In the wholesale area, wholesalers sold goods and services worth $37.7 billion in October, up a slight 0.2%. Cumulative sales for the first 10 months of the year were up 6.3% from the same period in 2003.

For more information, contact Paul Gratton (613-951-3541), Distributive Trades Division.

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© 2004, 2005 Statistics Canada.