Alberta Bars and Restaurants See New Sales High!
Many recent accolades received by Calgary and Edmonton have shown that even with the economic downturns experienced since 2008 Alberta has continued to head in a positive direction. And now there’s another record breaker to add to the list, this time it’s to do with Alberta’s bars and restaurants.
Statistics Canada has revealed that Alberta bars and restaurants have set a new record high for receipt totals in February 2013 at $683 million; this includes all full-service, fast food and catering establishments.
To put things into perspective, from February 2012 to February 2013 Albertans spent approximately $7.8 billion dollars on food and drink, an increase of 8.3 percent over the same time period a year before.
What’s behind the substantial increases in bar and restaurant tabs? Well, one large contributor is increasing wages and having highest average weekly income per capita in Canada.
But it isn’t just these two factors playing into the hands of Alberta bars and restaurants. These establishments have increased their food and drink prices by 3.6 percent as of February 2013 in comparison with February 2012.
Another factor to consider is the amount of people moving to Alberta. Tens of thousands of inbound migrants with much less people leaving the province has given restaurants and bars more customers to serve.
According to ATB Financial, when you work out the economics between the 3.6 percent increase in prices and growing population, the annual adjusted growth rate of total receipts among Alberta’s restaurants and bars sits at only 1.7 percent.
However, even at this more modest rate it’s obvious that Albertans love to go out and enjoy a good meal and a drink at their favourite pub or restaurant, I know I sure do.
Be sure to check out our Best in Calgary category for a huge list of the best restaurants and bars around!
Also be sure to check out our Canadian Economics Summary for more great articles!