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 cent, respectively.
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 merchants.
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 south.
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 south.
SOURCE: Moneris Solutions Corporation
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