Inflation Drives Prices Over 10% In February YoY For Canadian Consumers: Salesforce

Salesforce today released its February Shopping Index Report which analyzes data from over one billion shoppers globally. As inflation drove higher prices, the report revealed that prices for Canadian consumers rose a dramatic 10.4% YoY in February while only by 4.4% globally YoY.

Overall, challenges including inflation, low inventory and supply chain management have impacted consumer spending in Canada creating new hurdles for retailers. 

Key Canadian Data – Salesforce’s February Shopping Index: 

  • Following a holiday season with modest growth, digital commerce sales in Februarydropped by 21% YoY in Canada, and decreased by 5% YoY globally.
  • Prices for consumers in Canada rose 10.4% YoY in February while globally prices increased by 4.4% YoY.
  • Product inventory in February shrank by -22% in Canada and -5% globally as retailers and consumers continued to grapple with supply chain issues and rising costs brought on by inflation.
  • Product categories with the highest price growth globally in February include:
    • Home, Furniture (21.8%)
    • Home, Appliances (17.9%)
    • Home, Dining, Art & Decor (11%)
  • Product categories with least price growth globally  in February include:
    • Active Footwear (1.3%)
    • General Footwear (.8%)
    • Electronics and Accessories (.5%)

 You can read more here.

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