2014 Toronto International Film Festival increases local spending by
12.1 per cent
TORONTO, Sept. 23, 2014 /CNW/ - Lights, camera, splurge! According to
Moneris Solutions Corporation ("Moneris"), Canada's largest credit and
debit card processor, the Toronto International Film Festival (TIFF),
now in its 38th year, continues to attract big spending in addition to high-profile
celebrities, premier films and passionate fans. There was a 12.1 per
cent gain in overall consumer spending in Toronto during TIFF 2014,
compared to a ten-day non-festival period in August. In addition,
compared to TIFF 2013, TIFF 2014 spending rose 7.8 per cent.
Among the categories analyzed for week-over-week spending changes,
apparel held the top spot in dollars spent, with an 18.3 per cent
increase, followed by specialty retail, growing by 14.7 per cent, and
travel, picking up 12.1 per cent.
"TIFF makes a big impression on Toronto in many ways," says Angela
Brown, Chief Executive Officer, Moneris Solutions. "The festival brings
star-studded excitement not only to its fans, but also to merchants and
Torontonians who feel the positive impact of increased spending on
local businesses and the economy."
Spending picks up in the downtown core
Moneris looked at spending trends within the most popular festival
districts in Toronto, including the Entertainment District, Fashion
District and the Bloor/Yorkville area1. The Entertainment District saw the highest spending jumps in the
specialty retail and restaurant categories, with increases of 30.9 per
cent and 21.1 per cent, respectively. A favourite for its fashionable
boutiques, businesses within the Bloor/Yorkville area experienced
spending growth in the apparel category with a 30.9 percent increase
during the 10 day festival period.
The Entertainment District experienced the highest week-over-week
overall spending growth, at 13.1 per cent, and the highest
year-over-year growth, at 16.3 per cent. The Fashion District showed a
7.7 per cent week-over-week and 3.9 per cent year over year increase
while the Bloor/Yorkville area edged up only 1.4 per cent in
week-over-week but was up 6.0 per cent year over year. These increases
suggest that with the shift of TIFF operations from Yorkville to the
downtown core has had an impact on localized spending. However, all
neighbourhoods did see positive results from TIFF.
"Comparing spending in three areas this year, we saw an interesting
story," says Brown. "We are seeing a nice spread of activity - and
spending - across a number of neighborhoods."
And the winner for the highest spending day goes to...
The day of the TIFF closing gala - Saturday, September 13 - saw the most
dollars spent, with a significant 20.9 per cent week-over-week increase
and a 15.3 per cent year-over-year gain across Toronto. In contrast,
Wednesday, September 10 experienced the least growth in both
week-over-week and year-over-year spending, at -3.3 percent and 0.1 per
About The Moneris Spending Report
The Moneris Spending Report provides a snapshot of consumer spending
activity in Canada by analyzing credit and debit card transaction data.
As the market leader with the largest merchant base, Moneris presents
detailed analysis and insight on a quarterly basis. The percentages
cited are derived from actual sales volumes - the dollar values of
credit and debit card transactions being processed by Moneris
About Moneris Solutions
As one of North America's largest providers of payment processing
solutions, Moneris Solutions Corporation ("Moneris") offers credit,
debit, wireless and online payment services for merchants in virtually
every industry segment and processes more than three billion
transactions, annually. Moneris also offers electronic loyalty and
stored-value gift card programs. With more than 350,000 merchant
locations, Moneris provides the hardware, software and systems needed
to improve business efficiency and manage payments. For more
information please visit www.moneris.com.
1 Entertainment District covers the area between Bay Street to the east, Queen Street West to
the north, Spadina Avenue to the west, and Front Street to the south.
Fashion District covers the area between Spadina Avenue to the east, Richmond Street
West to the north, Bathurst Street to the west, and Front Street to the
Bloor/Yorkville area covers the area between Yonge Street to the east, Davenport Road
to the north, Avenue Road to the west, and Bloor Street West to the
SOURCE: Moneris Solutions Corporation
For further information:
416-640-5525, ext. 245