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February 18, 2022RETAIL TRADE, DECEMBER & ANNUAL 2021 MONTH OVER MONTH (seasonally adjusted, Dec 2021 vs Nov 2021)
In Nova Scotia retail trade decreased 3.3% to $1,558.3 million. Nationally, retail trade decreased 1.8% to $57.0 billion.
All provinces reported month-over-month declines in retail sales in December with New Brunswick (-3.4%) posting the largest decline. Statistics Canada noted that this was the first time that retail sales were down in every province since one year prior.
YEAR OVER YEAR (seasonally adjusted, Dec 2021 vs Dec 2020)
In Nova Scotia retail trade increased 13.1%. Nationally, retail trade increased 8.6%.
All provinces reported year-over-year increases in retail trade, with Manitoba (21.8%) reporting the largest gain, and British Columbia (3.3%) reporting the smallest gain.
ANNAUL (seasonally adjusted, 2021 vs 2020)
Nova Scotia retail trade increased 16.6% in 2021. This was the second largest gain across all provinces.
Retail trade in Canada increased 11.6% to $673.7 billion in 2021 following the largest decline since the 2009 global financial crisis reported in 2020. While the COVID-19 pandemic continued to impact retail sales in 2021, easing of public health measures and higher vaccination rates allowed consumers increased access to retailers. The increased demand for consumer goods combined with global supply chain disruptions had an impact on the price and availability of goods in 2021.
On an annual basis, retail trade increased in all provinces led by Prince Edward Island (+19.8%). Ontario (+9.1%) posted the smallest gain in 2021.
NOVA SCOTIA SECTORS
ANNAUL (Unadjusted, 2021 vs 2020)
Retail trade increased 16.5% or $2,631.4 million.
In dollar terms, motor vehicle ($976.3 million) contributed the most to the increase. Gas stations ($564.3 million) and building material ($279.6 million) also contributed to the increase. The smallest increases were reported in electronics ($34.6 thousand) and sporting & hobbies ($44.9 thousand).
TRENDS
While there was a sharp decline brought on by the onset of the pandemic in 2020, retail sales recorded stronger growth over the past two years than prior to 2020. In 2021, Nova Scotia’s retail sales grew 16.6% while national sales rose 11.6%. In the two years prior to the pandemic (2019 vs 2017), retail sales increased by 2.7% in Nova Scotia and by 4.3% nationally.
E-Commerce (seasonally adjusted, December 2021)
In December 2021, Canada's ecommerce sales decreased 10.3% to $3.0 billion (5.2% of total retail sales).
REFERENCES
Statistics Canada. Tables 20-10-0072-01 Retail E-commerce sales, unadjusted (x 1,000) , 20-10-0008-01 Retail trade sales by province and territory (x 1,000)
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