The Globe and Mail reports in its Wednesday edition that in a challenging year for the economy, many Canadians continue to spend big on entertainment.
The Globe's Bianca Thompson writes that in October, Royal Bank of Canada cardholders spent 204 per cent more on arts and entertainment than they did in early 2018. Entertainment appears to be a priority in personal budgets: Over the same period, spending on dining has risen by a lesser 92 per cent and clothing by 36 per cent.
Consumer spending on entertainment -- everything from concerts to sporting events -- accelerated over 2022 and 2023 as pandemic restrictions were eased. But the RBC data suggest the trend is not slowing.
For instance, Ontario saw spending in this category jump during the Toronto Blue Jays' playoff run. "Entertainment and art spending did take off in Ontario in a big way in October," RBC economist Rachel Battaglia says.
As the economy reopened after pandemic restrictions were lifted, many Canadians eagerly returned to live events, Ms. Battaglia says, fuelling what she calls "revenge spending." For younger Canadians, splurging on arts and entertainment is a way to reclaim time and social connections that were lost when the pandemic hit.
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