2013 Calgary Stampede boosts local spending in wake of recent floods
Moneris Spending Report shows 45.38 per cent consumer spending increase during Stampede, compared to the flood week
TORONTO, July 18, 2013 /CNW/ - Moneris Solutions Corporation ("Moneris"), Canada's largest credit and debit card processor, announced today that consumer spending in Calgary increased by 45.38 per cent during the annual Calgary Stampede, when compared to the flood week in June, creating a much needed boost to the local economy. Even though the city is still recovering from the devastating flooding, the drop in its overall consumer spending during the 2013 Stampede was only -5.76 per cent, compared to the same period last year.
The restaurant category saw its spending skyrocket by 195.26 per cent during the 2013 Stampede, when compared to the flood week (June 21-30). Specifically, eating establishments experienced an increase of 223.25 per cent in dollars spent, while fast-food restaurant spending jumped by 85.20 per cent, when compared to the flood week. The entertainment, apparel and hotel categories also saw their spending increase significantly during this year's Stampede, when compared to the week of the flood - by 163.87 per cent, 133.22 per cent and 28.76 per cent, respectively.
As can be expected in the wake of devastating floods, many categories experienced drops in year-over-year spending during this year's Stampede, including entertainment (-22.61 per cent), hotels (-16.24 per cent) and restaurants (-6.57 per cent). Despite these declines, drinking establishments and fast-food restaurants saw a boost in spending during the 2013 Stampede, when compared to the same period last year - 26.94 per cent and 12.12 per cent, respectively. The apparel category also experienced a year-over-year increase in spending of 4.58 per cent.
"Calgarians have shown enormous perseverance in the face of disaster - and this year's Calgary Stampede is a true testament of their resilience and spirit," said Jeff Guthrie, Chief Sales and Marketing Officer at Moneris. "Despite major hurdles, Calgarians rallied to support the iconic annual event, and, while this year's Stampede may have seen slightly lower spending compared to 2012, the decrease is not as great as many expected."
About The Moneris Spending Report
The Moneris Spending Report provides a snapshot of consumer spending activity in Canada by analyzing credit and debit card transaction data. As the market leader with the largest merchant base, Moneris presents detailed analysis and insight on a quarterly basis. The percentages cited are derived from actual sales volumes - the dollar values of credit and debit card transactions being processed by Moneris merchants.
About Moneris Solutions
As one of North America's largest providers of payment processing solutions, Moneris Solutions Corporation offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processes more than three billion transactions, annually. Through its Ernex division, Moneris offers electronic loyalty and stored-value gift card programs. With more than 350,000 merchant locations, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.
SOURCE Moneris Solutions Corporation
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