Toronto sees a modest increase in spending of 0.31 per cent as a result of TIFF
TORONTO-- While Toronto was abuzz in film festival fever, its merchants benefitted from a humble increase in spending in September, as a result of the Toronto International Film Festival (TIFF). According to Moneris Solutions, Canada’s largest payment processor, Toronto saw an increase in overall spending of 0.31 per cent during TIFF, compared to the period during the festival last year. The number of credit card transactions increased by 5.75 percent over the same period.
TIFF goers brought their appetite to this year’s festival, with fast food restaurants seeing an increase of 14.42 percent in dollars spent, compared to the same period in 2011.Jewellery stores, photofinishing laboratories and women’s accessory and specialty shops also benefitted from TIFF, with spending increases of 17.21 percent, 11.34 percent and 11.09 percent, respectively, compared to 2011.
Several traditionally-strong categories experienced slight decreases in overall spending during the festival, including hotels and travel. Hotels saw a decrease of 4.96 percent and travel experienced a decline of -4.48 percent. Department store spending experienced one of the largest drops in dollars spent, at -18.99 percent, compared to last year.
“As one of Toronto’s premiere annual festivals, TIFF continues to generate a lot of buzz and excitement for Canada’s largest city,” Malcolm Fowler, Vice-President, Marketing, Moneris Solutions. “Despite the modest year-over-year spending increasing, it is evident that TIFF continues to drive spending in Toronto, as merchants experienced a 9.69 percent increase in dollars spent compared to a ten-day non-festival period in August.”
The Moneris Spending Report provides a quarterly snapshot of consumer spending activity in Canada by analyzing credit and debit card transaction data. The percentages cited are derived from actual sales volumes – the dollar values of credit and debit card transactions being processed by merchants.