Slow car sales drag down retail in January, but there’s strength under the hood – National

Statistics Canada says retail gross sales fell 0.3 per cent to $67 billion in January as gross sales at new automotive sellers dropped.

Total retail gross sales had been down in three of 9 subsectors as gross sales at motorcar and components sellers fell 2.4 per cent, the group’s first decline in 5 months. Gross sales at new automotive sellers fell 3.0 per cent, whereas used automotive sellers gained 4.5 per cent.

The company says core retail gross sales — which exclude fuel stations and gas distributors, and motorcar and components sellers — rose 0.4 per cent within the first month of 2024.

The rise in core retail gross sales got here partially from greater gross sales at sporting items, passion, musical instrument, e book, and miscellaneous retailers which noticed a 3.0 per cent enhance.

In quantity phrases, retail gross sales rose 0.2 per cent in January.

Wanting forward, Statistics Canada says its advance estimate of retail gross sales for February suggests gross sales elevated 0.1 per cent for the month, although it cautioned the determine can be revised.

9:25
Why used vehicles are literally rising in worth