Canadian Consumers Stay Resilient in September but Momentum Softens, RBC Says

07:58 AM EDT, 10/15/2026 (MT Newswires) -- RBC cardholder spending continued to grow in September, although core retail sales excluding gasoline and autos rose by 0.4% on a three-month average basis, down from 0.6% in August, according to a note from RBC Economics. The data suggested that Canadian household demand continues to expand at a modest pace, led primarily by discretionary services, wrote RBC in Wednesday's note. Spending on essentials increased by 0.6%, with gasoline contributing around one-third of the gain, while groceries and utilities drove growth excluding fuel. Gasoline spending rose 2.6% in September, as prices at the pump climbed 7.9%, said the bank. Household spending continues to hold up, although with signs of moderation, added RBC. Income growth and labor market improvements should provide support, while elevated energy prices and ongoing US trade uncertainty threaten to weigh on demand.