Paul Martin's Business Update - December 2nd

Paul Martin's Business Update - December 2nd

One segment of the provincial economy that is operating on a steady-as-she-goes format is the hospitality sector. Sales in restaurants and bars are, in nothing else, predictable.

The monthly update on this metric, a key one in terms of measuring disposable income levels and consumer attitudes, comes from September. And the fourth month in a row, sales in the province’s food and beverage outlets hit the $144 million mark. This is quite intriguing given that the numbers in other provinces jump all over the place. A move of $10 million in a month is not unusual, suggesting spending patterns among consumers in this province are much more stable right now.

On a year-over-year basis the growth in sales is roughly five per cent – about the middle of the pack in the country. But, while we may not be the leaders in growth on this count, no doubt the owners and operators of these facilities are feeling okay about it….steady cash flow has its own merit.

It is also a sign that consumers have cash and they are comfortable spending it.

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