Stronger November Spending Softens December’s Index of Consumer Spending
In this research, we examine consumer spending across all provinces and territories between November and December 2025. Among the provinces, the Atlantic region led the decline in consumer spending month-on-month, followed by Ontario and Quebec, while Nunavut posted the largest decline in the country and the Northwest Territories was the only region to post an increase. Did cautious consumer confidence and heavy promotions around Black Friday and Cyber Monday cause consumers to compress their holiday spending to November? Or did discouraging labour market developments soften spending toward year-end?
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