Sports fans reach for their wallets in Q2

Canadians’ love for sports and playoffs may have contributed to the increase in sports apparel purchases in Q2, says Moneris Solutions, Canada’s largest credit and debit card processor.

Sports-related purchases grew 3.5%, and there was an increase in spending at drinking establishments, which climbed 3.04%. Fast food establishments also saw a 3.49% boost, while dine-in restaurants did not fare as well, with a decrease of 2.9%.

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“Catching a game at a bar with friends has become a favourite way for Canadian sports fans to show support for their teams,” says Angela Brown, President and CEO of Moneris. “We saw a similar uptick in bar sales during the Winter Games in Russia, and with so many Canadian teams playing well this spring, the impact of sport on spending continues to be evident.”

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While overall restaurant spending decreased in the second quarter, the restaurant category experienced big wins during the last two weeks of June. Data comparing spending during the two-hour period of World Cup games played between June 12 and June 29, to spending during the same time and day of the week prior to World Cup, showed a 12.4% increase in restaurant spending across Canada.

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Of all Canadian provinces, the Maritimes experienced the highest spending growth in the restaurant category between June 12 and June 29. Data comparison found a cumulative spending increase of 28.09% in Newfoundland, followed closely by Nova Scotia, with a 20.92% increase, during the last two weeks of June.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.