Index of Consumer Spending for May 2025 (note: June figures are available (for a fee: see below)
The Index of Consumer Spending is powered by exclusive consumer transaction data provided by Moneris Data Services. Moneris is Canada’s number one payment processor with over 3.5 billion transactions spanning more than 325,000 merchant locations. Our index tracks incremental changes in net transaction volume month-over-month from a set starting point (April 2022 = 100), enabling us to gauge economic activity levels across the country and provide insights into how the Canadian economy is performing coast to coast.
Spending Rises, but Confidence Remains Low
The Index of Consumer Spending (ICS) increased to 119.8 points in May, a 2.7‑point increase from April. This month, we discuss the rising consumer spending across most of the country despite dragging confidence.
With the ICS posting a stronger overall performance in May, what factors have contributed to this increased buoyancy despite the continued low consumer confidence? What accounts for this seeming paradox? How will the uncertain trade environment and threatened tariffs affect spending going forward, and how does a stronger Canadian dollar factor in? Can employment and labour market developments provide cause for optimism? We share our findings for the month of May, considering the situation in each province and territory.
Read the online experience to get our full analysis: https://www.conferenceboard.ca/product/index-of-consumer-spending_may2025/