FLCA - Canada credit card spending surged 17.5% in Q1: Equifax report

Equifax Canada’s most recent Market Pulse consumer credit trends and insights indicates that average monthly spend per credit card consumer climbing by 17.5% in Q1 2022 compared to the lows of Q1 2021. Ontario saw the biggest increase in credit card spending (up by 20.4%) followed by Quebec (18.4%). "Across age groups, Gen Z and Millennials are driving up higher consumer spending the most. With gas and food prices increasing at a higher rate than overall inflation, it's very important for consumers to revisit their budget allocations," VP, Advanced Analytics Rebecca Oakes commented. New card volume was up by 31.2% from prior year quarter and 5.1% growth compared to Q1 2020. Overall credit card balances are up by 9.5% compared to prior year quarter and by 2.4% when compared to the last quarter. Total consumer debt increased by 8.6%, Both new auto finance and comparable bank loan volumes were down by 1.1% and 6.4% respectively. First

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Canada credit card spending surged 17.5% in Q1: Equifax report