The Globe and Mail reports in its Friday, Aug. 11, edition that Canadian Tire has withdrawn a three-year financial forecast, as inflation has dampened consumer spending and put pressure on retail sales, marking what its chief executive officer called "a turning point in the Canadian economy." The Globe's Susan Krashinsky Robertson writes that on Thursday, Canadian Tire reported declines in both revenue and profit in its second quarter ended July 1, as Canadians tightened their belts and continued to cut down on purchases of discretionary products such as gardening supplies, recreational items and casual clothing. For months, Canadian Tire has been among the retailers pointing to changing consumer patterns, as higher interest rates and soaring prices for everyday essentials such as groceries have led people to cut back on non-essential purchases. However, spending has now taken a further downturn, with the company's credit-card data showing that consumer spending declined in the second quarter for the first time since 2020. Sales in essential categories such as automotive parts, pet care and kitchen cleaning grew 6 per cent over all, while non-essential purchases declined more than 3 per cent.