The release of retail data by Statistics Canada last week provided valuable insight into the dynamic nature of food retailing in Canada.
Post-2020, the data showed a resumption of the downward trajectory in food retail sales. In March 2021, sales per capita dropped to $277.03, indicating a decline from the previous year. This decline can be attributed to the lingering impact of the pandemic, which disrupted various industries, including the retail sector. Furthermore in March 2022, sales per capita experienced a further decrease to $257.55, signifying a continuation of the downward trend.
But here is another piece of valuable data. Recent NIQ data indicated a 2% decline in food sales by volume in Canada over the last year, further emphasizing the reduction in food expenditures among Canadians. This trend raises several considerations. One possibility is that Canadians are increasingly relying on alternative food sources, such as ordering meals from restaurants or utilizing unconventional channels to fulfil their food needs.
Another concerning possibility raised by the data is that Canadians may be consuming less food or relying on food banks more frequently. Reports of long lines at food banks and increased usage across the country indicate a potential rise in food insecurity. While it is unlikely that increased gardening activities alone could explain such a significant shift in the data, the underlying reasons for the increased reliance on food banks is troubling nonetheless.
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