Canadian Retail Sales Experience a Slight Dip in January

According to the latest data released by Statistics Canada this Friday, retail sales across Canada have seen a decrease of 0.6% in January when compared to the previous month. This decline is part of a broader trend that has been affecting the retail sector.

Core Retail Sales Also Witness a Decline

Excluding sales from gasoline stations, fuel vendors, and motor vehicle and parts dealers, core retail sales have also experienced a slight downturn, decreasing by 0.2% month-over-month. This indicates a cautious spending behavior among consumers.

Sector-wise Breakdown of Retail Sales

The most significant drops were observed in the motor vehicles and parts sector, which saw a 2.6% decrease, followed closely by the food and beverage sector with a 2.5% decline. On a brighter note, sales at gasoline stations and fuel vendors grew by 3.2%, and the furniture, home furnishings, electronics, and appliances sector enjoyed a 3% increase in sales.