sa国际传媒 retailers posted a stronger start to the fourth quarter with sales up 0.9 per cent to reach $9.1 billion in October. This added to September’s 0.9-per-cent gain and marked the highest monthly sales seen in all of 2024. Recent gains narrowed the year-to-date deficit to 0.1 per cent. Sales growth in the province outpaced the national monthly October increase of 0.6 per cent, but lagged the one-per-cent year-to-date increase. Declining interest rates, higher employment and population growth are supporting consumer spending, although real per-capita spending has declined.
Unadjusted sales were up 4.2 per cent, year-over-year. Seven out of the nine subsectors in sa国际传媒 recorded higher year-over-year unadjusted October retail sales. The largest increase was seen in motor vehicle and parts dealers, which reported a 10-per-cent year-over-year increase in sales to $2.2 billion. Health and personal care retailers also saw a monthly year-over-year increase of 16.2 per cent to $778 million. Building material and garden equipment and supplies dealers saw a 10.8-per-cent year-over-year increase to $559 million. Lower year-over-year sales were seen at gasoline stations and fuel vendors—down 11 per cent to $856 million—and furniture, home furnishings, electronics and appliances retailers, down 4.6 per cent to $493 million. Year-to-date, sales are down in five out of the nine subsectors.
In the Metro Vancouver area, seasonally adjusted retail sales were up 0.2 per cent for October 2024 compared to September 2024, rising to $4.5 billion. Year over year, monthly unadjusted retail sales were up 3.2 per cent while year-to-date sales were also up 1.1 per cent.
The number of non-resident travellers entering sa国际传媒 via British Columbia rose by 1.7 per cent in October 2024, marking the fourth consecutive month of increases. Overnight tourists saw a rise of 11.3 per cent compared to the same month in 2023, while the number of same-day excursions has fallen by 1.1 per cent. Overall, the total number of non-residents entering sa国际传媒 via British Columbia in October is about 1.3 per cent above the monthly average seen in 2019.
The total number of U.S. residents entering the country through our province was up 1.1 per cent for the month, while the number of international visitors from countries other than the U.S was up 4.2 per cent. Overnight tourist numbers rose 7.6 per cent, while same-day excursions fell by 16.7 per cent.
Bryan Yu is chief economist at Central 1.
