The Toronto Board of Trade recently revealed the city has been in an economic slowdown since November 2023 but TIFF appears to have had mixed economic results this year.
However, the year-over-year decline in monthly total spending, which the TBOT has dubbed the “T-cession,” has also resulted in some nuanced details during the Toronto International Film Festival. Data showed the number of transactions go up significantly during TIFF while the total dollars spent dipped.
Moneris, the leading payment services provider in Canada, reported the number of transactions during TIFF rose by 31% while dollars spent dropped by 8% during the annual film festival, according to Moneris, Canada’s leading payment services provider. Those trends suggest people are eager to get out and about but they are being more cautious about how much they spend.
In addition, the spending data suggests many Canadians are in the middle of a “me-cession” where they are focusing on “budget-friendly purchases based on value.”
Moneris’ data found restaurant transactions were down 12% and fast-food purchases were down 5%. Volume was down 22% for restaurants and fast food down 6%. Other categories, like jewelry stores, showed transactions up by 26% while volume slipped by 15%.
The numbers from international spending – people visiting from outside Canada during TIFF – were more encouraging. Transactions by foreign spenders were up by 14% across all categories while volume was up 26%. Hotel transactions were up 44% and volume up 53% while the numbers for dining out were both down marginally, with transactions decreasing by 8% for restaurants and fast food while volume was down 4% for restaurants and 7% for fast food.
And despite clothing transactions going up by just 2% during TIFF, volume rose by 55%.
According to Moneris, the year-over-year data compares Sept. 5-15, 2024 to Sept. 7-17, 2023 to give an “apples-to-apples” comparison.