Amidst the pandemics, third-wave retail sales in April experienced their largest drop since April last year. Specifically, Statistics Canada said Wednesday that retail sales fell 5.7 per cent to $54.8 billion in April. The agency also noted their preliminary estimates for May suggest an additional drop of 3.2 per cent.
Ksenia Bushmeneva, an economist at TD Bank said the drop was expected as restrictions on non-essential and in-person shopping were in effect. In April nine of the eleven sub-sectors in real sales fell. Core retail sales, excluding gasoline stations and motor vehicles, and part dealers, fell 7.6 per cent. Sales at clothing and clothing accessories stores dropped 88.6 per cent in April.
General merchandise stores saw a decrease of 8.1 per cent, while building material and garden equipment and supplies dealers fell 10 .4 per cent. Motor vehicle and parts dealers and gasoline stations saw a decrease for the first time in four months. Specifically, sales at motor vehicle and part dealers fell by 1.4 per cent and sales at gasoline stations fell by 4.1 per cent in April.
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