Retail Growth Slow Down in Canada

A Wake-Up Call for Marketers

Well, well, well, look at that – retail sales in Canada grew by a measly 0.2% in May, falling short of the grandiose 0.5% projection from Stats Canada. 

So, what does this little snail's pace of growth mean for all you savvy marketers out there? Gather 'round, my fellow marketing insurgents, and let's decipher this intriguing development together.

First things first, let's address the elephant in the room: Welcome back, pre-pandemic sanity! 

It's like the markets finally sobered up after a wild binge. Remember when real estate prices shot up to the moon? Yeah, they're still high, but they've stopped climbing and seem to have found their chill. Fuel costs, oh boy, they went bonkers too, but thankfully they've mostly settled down from their roller-coaster ride. And let's not forget the drama around brand-new vehicles – you practically needed a magic wand to get one! Demand is still inching up (by a whopping 0.8%), but hey, at least dealerships have something to show off in their shiny lots again.

Oh, but that's not all.

E-commerce, the golden child of the pandemic, kept growing by 2.1%, but you know what? It still only accounts for a humble 5.6% of all retail. Now, my better half might challenge that percentage, especially when she goes on one of her online shopping sprees. 

And remember when every hobby under the sun exploded as people tried to cope with social distancing and travel restrictions? Well, those markets have finally calmed down too.

So, what's the bottom line here? Brace yourselves, fellow marketers — things are stabilizing across the board. But before you start sipping celebratory margaritas, let me hit you with a truth bomb: 

Don't. Take. Your. Sales. For. Granted.

This little blip in retail growth is a not-so-subtle reminder that the good old days of soaring profits and customers knocking down your doors might be behind us. 

It's time to snap out of that daydream and accept reality. 

For all you seasoned business owners, this means it's back to the grind — business as usual. Remember when you used to invest in marketing for brand awareness, direct sales, and lead generation? Yeah, dust off those strategies, because they're making a comeback, baby!

Your marketing teams can't afford to sit back and watch the grass grow anymore. It's time to roll up your sleeves and get back to work. 

Same goes for your sales teams. Those leads aren't going to nurture themselves, and brand awareness isn't going to magically spread like wildfire. As our wise Director of National Sales at Legend Boats says (and I quote): "It's time to get back to basics, folks!"

But hey, don't get too comfortable thinking this is the new normal. The markets might be chilling out for now, but who knows when the next storm will hit? It's like predicting the weather — completely unpredictable. So, let's not rest on our laurels, my dear marketers. This is the perfect time to take a good hard look at your marketing strategies, brush off the cobwebs, and come up with some fresh, daring ideas.

With the retail growth slowdown, there's one thing we know for sure: consumer behaviour is fickle. The pandemic turned the world upside down, and people's preferences and priorities shifted faster than you could say "toilet paper shortage." So, stay on your toes and be ready to adapt at the drop of a hat. Flexibility is the name of the game in this new post-pandemic world.