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Canadians spending on travel and services but cutting back on restaurants, goods: RBC

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RBC says Canadians are continuing to spend on holidays and non\u002Dessential services, but are cutting back on restaurants and goods.

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When adjusted for inflation, restaurant spending fell by 0.6 per cent on average in the first quarter of 2023, a relatively small decline, said RBC economist Carrie Freestone. Freestone said RBC expects to see a more pronounced pullback in discretionary spending once the impact of the Bank of Canada’s interest rate hikes is fully felt.Article content

 

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