Toronto sees a modest increase in spending of 0.31 per cent as a result of this year's film festival
TORONTO, Sept. 24, 2012 /CNW/ - While Toronto was abuzz in film festival fever, its merchants benefitted from a humble increase in spending in September, as a result of the Toronto International Film Festival (TIFF). According to Moneris Solutions (Moneris), Canada's largest payment processor, Toronto saw an increase in overall spending of 0.31 per cent during TIFF, compared to the period during the festival last year. The number of credit card transactions increased by 5.75 per cent over the same period.
TIFF goers brought their appetite to this year's festival, with fast food restaurants seeing an increase of 14.42 per cent in dollars spent, compared to the same period in 2011.Jewellery stores, photofinishing laboratories and women's accessory and speciality shops also benefitted from TIFF, with spending increases of 17.21 per cent, 11.34 per cent and 11.09 per cent, respectively, compared to 2011.
Several traditionally-strong categories experienced slight decreases in overall spending during the festival, including hotels and travel. Hotels saw a decrease of 4.96 per cent and travel experienced a decline of -4.48 per cent. Department store spending experienced one of the largest drops in dollars spent, at -18.99 percent, compared to last year.
"As one of Toronto's premiere annual festivals, TIFF continues to generate a lot of buzz and excitement for Canada's largest city," Malcolm Fowler, Vice-President, Marketing, Moneris Solutions. "Despite the modest year-over-year spending increasing, it is evident that TIFF continues to drive spending in Toronto, as merchants experienced a 9.69 per cent increase in dollars spent compared to a ten-day non-festival period in August."
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 merchants.
About Moneris Solutions
As one of North America's largest providers of payment processing solutions, 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 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.
SOURCE: MONERIS SOLUTIONS CORPORATION
For further information:
Natasha Dos Santos
MAVERICK Public Relations
416.640.5525 ext. 248