Consumer Spending Heats Up This Summer

June 2, 2015

summer-spending-trends-2015

Summer is approaching and with it comes festivals, events and concerts. With increased recreation comes increased spending in many business sectors including hospitality, retail and transportation. According to Tourism Montreal, Formula 1 Grand Prix week gives a $90 million dollar revenue boost to that city every summer. And for some Montreal businesses, this can mean a quadrupling of sales in that one week.

You’re not in Montreal? That’s OK. There are events, big and small, happening all over Canada that can bring you increased sales opportunities - if you are prepared to take advantage of them.

 

Hot nights, spending in the city

If your business is in a major city like Vancouver or Toronto, you can benefit from big ticket events that draw hundreds of thousands of people. This summer alone, the lineup is pretty impressive. But even in smaller towns there are summer events that will bring people out of their homes, and attract visitors, who will be happy to spend their money in local shops and restaurants.  For example, Oakville, a suburb of Toronto, is hosting the RBC Canadian Golf Open this summer. 

“Thousands of spectators from local neighbourhoods, surrounding cities and towns and from around the world flock to this picturesque town on the lake to enjoy watching golf played at the highest level. It’s a major boon to the local economy.”  

Oakvillemag.com

 

Sales opportunities from coast-to-coast for summer 2015

Vancouver:

  • International Jazz Festival - Features over 300 concerts and attracts 500,000 people
  • Celebration of Light – Three nights of the world’s largest off-shore fireworks competition attracting over 400,000 people

Calgary

Toronto

Montreal

  • Along with Formula 1, there’s also FrancoFolies Montreal 2015 – the largest French music festival in the world attracting over 1 million people. 

Coast-to-Coast

  • FIFA Women’s World Cup Canada 2015™ – With matches being held in cities from Vancouver, BC to Moncton, NB, it is projected to provide $267 million in economic activity.

 

Three ways to ensure your business is ready for business this summer

Are you ready to handle the increase in traffic and sales that come with summer tourism? Use this checklist to ensure you can take full advantage of summertime spending.

  1. Have well-trained staff and plenty of stock in place
  2. Tailor and theme your specials, sales and in-store events to what is happening in the city
  3. Make purchasing easy by having a wide variety of payment methods in place including ones that cater to foreign tourists. 

 


Moneris is not associated in any way with the Formula One group of companies. FORMULA ONE, F1 and GRAND PRIX and related marks are trademarks of Formula One Licensing B.V. RBC Canadian Open & design marks are trademarks of Golf Canada. The International Jazz Festival in Vancouver are trademarks of Coastal Jazz and Blues Society. The Honda Celebration of Light is a trademark of the Vancouver Fireworks Festival Society. The Toronto 2015 Pan American and Parapan American Games are trademarks of PASO. FIFA, the FIFA logo, the emblems and mascots of FIFA events, including the emblem and mascot of the 2014 FIFA World Cup Brazil™ and other FIFA logos, FIFA event marks and product and service names are trademarks and copyright material of FIFA (the "FIFA Marks")
This article is for informational purposes only and it is not intended to provide you with any personalized financial, marketing, accounting or tax advice. Neither Moneris Solutions Corporation (Moneris) nor any of its affiliates shall be liable for any direct, indirect, incidental, consequential or punitive damages arising out of use of any of the information contained in this article. Neither Moneris nor any of its affiliates warrant or make any representation regarding the use or the results of the use of the information, content and materials contained in this article in terms of their correctness, accuracy, reliability or otherwise.

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