Consumer Spend Trend: The Canadian Grand Prix was a Boon to Montréal
Insights & Trends, Data Services

Consumer Spend Trend: The Canadian Grand Prix was a Boon to Montréal

August 03, 2022 Calculating time...

The Canadian Grand Prix is nothing short of a festival for attendees. For fans, it’s been an eternity since the last grand prix in 2019, so celebrations were in full swing to welcome the event’s return. From decorated patios to pop-up shops on the streets, the city of Montréal really kicked into gear.

Let’s look at data that shows total volume growth (domestic and foreign spend) week-over-week for businesses in Montréal during the Canadian Grand Prix.

  1. Whether it was sipping champagne or chugging beers, bars were a hot spot for fans. Consumer spending saw a dramatic increase and was up over 30%.
  2. With long lines, restaurants in Montreal witnessed heavy footfall. They saw a rise in consumer spending as volume was up almost 25%. Not just fine dining places but snack shops and quick bite spots too saw a 30% increase in consumer spending.
  3. Montréal has a lot to offer, especially to tourists. With a tour of the Notre Dame Basilica, sunset at Mount Royal, a trip to the Montréal Museum of Fine Arts, and more, visitors usually spend more than just a day in this modern city with old-world charm. Owing to the city’s long list of sight-seeing spots, spend at tourist attractions and on hotels were both up over 10%.
  4. The shopping scene in Montréal is a must explore. From local craftspeople to luxury brands-—Montréal has them all. With tourists going on a shopping spree and not being able to fit all their souvenirs in their bags, luggage volume was up almost 20%.

 

Foreign Spend Volume

The Grand Prix brings fans from across Canada, and around the world. While locals flocked to Montréal, international tourists also planned their vacation around the Grand Prix, resulting in an increase in foreign spend volume. Here’s data showing international tourists made more than a pit stop in Montréal.

  • Bars experienced a 120% increase in consumer spending.
  • Restaurants were a hotspot as volume went up 50%.
  • Owing to the city’s rich heritage, tourist attraction volume was up over 50%.
  • Hotels filled up and saw a 30% increase in consumer spending week-over-week.
  • Souvenir shops were a hit and so luggage volume was up over 30%.

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The past two years have been challenging for all businesses, which makes the return of events like the F1 Grand Prix particularly important. Major events and other opportunities to celebrate give people a reason to get out and enjoy some of the things they’ve been missing.

Based on Moneris® spend data, the Canadian Grand Prix has had a meaningful economic impact on local businesses, driven by foreign spending in particular.

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