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RBC says stable Canadian card spending points to cautious summer outlook

RBC analysts said discretionary spending led gains in June, while essentials also improved excluding gasoline, despite higher energy prices.

Reported · Written up by our desk · Central Banks

Royal Bank of Canada analysts Abbey Xu and Rachel Battaglia said June spending by RBC Canadian cardholders stayed relatively stable, with core retail sales rising modestly.

They attributed the improvement to discretionary goods leading the gains, along with essential spending that included gasoline.

The analysts said that excluding gasoline, essential spending improved further, suggesting households were taking a cautious, selective approach as summer approaches.

FXStreet also noted that higher energy prices and selectivity on larger discretionary purchases have factored into the outlook for near-term consumer demand.

Latest closeGasoline (RBOB) $2.853 ▼8.1%

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