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February 21, 2025RETAIL TRADE, DECEMBER AND ANNUAL 2024 Monthly (seasonally adjusted, December 2024 vs November 2024)
In Nova Scotia retail trade increased 2.2% to $1,864 million. Nationally, retail trade increased 2.5% to $69.6 billion. All provinces, led by New Brunswick, reported growth in retail trade. Newfoundland and Labrador reported the smallest month-over-month gain.
Year over year (December 2024 vs December 2023)
Nova Scotia retail trade increased 3.5% compared to the same month last year. Nationally, retail trade was up 3.9% year-over-year. All provinces reported year-over-year increases in retail trade, led by Newfoundland and Labrador. British Columbia reported the smallest year-over-year gain.
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ANNUAL (2024 vs 2023)
Nova Scotia retail trade increased 2.2% in 2024. Nationally, retail trade was up 1.3%. All provinces reported annual increases in retail trade, led by Newfoundland and Labrador. British Columbia reported the smallest annual gain.
In Nova Scotia in dollar terms, motor vehicles/parts ($5,419 million), food/beverage ($4,127 million, a small decline over last year), gas stations ($3,134 million) and general merchandise stores ($2,963 million) contributed the most to Nova Scotia's retail annual sales.
The largest annual increases in percentage terms were reported in motor vehicles/parts, general mechandise stores and gas stations. Electronics appliances stores, health/personal care stores and sports books hobbies music stores recorded the largest annual declines.
Nova Scotia's overall retail sales in 2024 amounted to $21.73 billion, up from $21.27 billion in 2023. Four years of positive growth since the COVID pandemic decline in 2020.
Nova Scotia's growth in retail sales in 2021 to 2024 have more than offset the decline experienced in 2020.
Trends
In recent months, Nova Scotia retail sales have been more volatile than the Canadian average (common for a smaller province) and have exceeded national retail sales growth.
E-Commerce
In December 2024, Canada's ecommerce sales increased 3.1% compared to the previous month, increasing to $4.27 billion, or to 6.1% of total retail sales. In 2024, total ecommerce sales reached $48.3 billion up 7.2% over 2023, or 6.0% of total retail sales.
Source: Statistics Canada. Table: 20-10-0056-01, Monthly retail trade sales by province and territory (x 1,000)
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