Five-year trend in retail sales across Canada. (Supplied by Stats Canada)

By David Opinko

Retail sales rebound in May, but well below pre-pandemic levels

Jul 21, 2020 | 10:34 AM

LETHBRIDGE, AB – Stats Canada has released numbers indicating that the economy is improving somewhat, but we still have a long way to go to reach levels seen in the years prior.

Before the closure of non-essential businesses in February 2020, retail sales totaled approximately $52.2-billion nationally and plummeted to just $35.2-billion in April.

In May, retail industries rebounded to $42-billion, marking an increase of 18.7 per cent month-over-month.

The newest number is near what we saw back in May 2015 when Canadians spent $43.2-billion.

Within the umbrella of retail, clothing (+92.6 per cent), motor vehicle and parts dealers (+66.3 per cent), and general merchandise stores (+20.4 per cent) helped to lead the rebound.

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Food and beverage was the only sector to decline in May (-2 per cent).

The Conference Board of Canada released a statement on Tuesday’s numbers from Stats Canada, suggesting that retail sales could be close to fully recovering in June.

“While it’s good news that the recovery remains on track, translating retail sales to the broader economic recovery may be optimistic, as income supplement programs have helped maintain spending power over and above what other economic indicators (such as the labour market) would suggest. This means that retail sales may be one of the first sectors of the economy to recover.”

The Conference Board adds that the Canada Emergency Response Benefit was a helpful income boost that allowed people to continue to spend despite not working in recent weeks and months.

Change in retail sales by sector for May 2020. (Supplied by Stats Canada)

Change in retail sales by province for May 2020. (Supplied by Stats Canada)