Albertans Set a New Record at Food and Drink Establishments
According to Statistic Canada’s latest monthly report, Alberta’s restaurant and bars have cashed in $706 million worth of receipts, outdoing the previous record of $700 million that was set late last year.
Included in the data is spending at food and drink establishments of all types including fast-food spots, full-service restaurants, lounges, bars, special food services like catering and everything in between.
To put things in perspective, total receipt tallies for the past year have increased 6.6 percent over the same time frame the previous year. This is more than inflation growth (2.4 percent) and population growth (3.4 percent) in the province over the past twelve months combined.
Another that has accompanied Alberta’s food and drink establishments in high sales has been the retail industry. In January, retail sales also reached an all-time high, showing that Albertans are optimistic about our economy and have gained consumer confidence as well.
Additional reasons include a great job market that retains the title for highest average weekly earnings in all of Canada. Another is the young average age of population that Alberta has compared to other provinces, the lowest in our nation.
Consumer spending can be linked to young people, especially those with income, in places like restaurants, lounges, nightclubs and other entertainment venues where food and drink are served. While we do make the highest average weekly earnings, we also work the most hours every week in all of Canada which could very well force many workers to grab to-go food from their favourite restaurant or fast-food stop on the way. Makes sense, doesn’t it?
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