Restaurant businesses in Canada continue to flourish amidst economic slowdown. Experts attributed the booming restaurant industry to the debt-ridden Canadians who continue to spend big on dining out.
CBC News reported that the number of Canadians spending on dining out has been growing for several decades, according to its industry's association, Restaurants Canada. From the $2 billion a year since the Second World War, the spending has dramatically increased in 2015 to $72 billion despite the recession. This year, it is expected to rise for the 25th year in a row.
According to Laurie Campbell, head of a Canadian nonprofit credit counseling organization, there are too many debt-ridden Canadians who are spending big in restaurants. Campbell is the CEO of Credit Canada Debt Solutions that helps people manage their finances.
"It's not uncommon for people to tell us they eat out two or three times a week," Campbell stated. "It's expensive enough for a couple, but for a family? That just burns through money."
"Looking back 30 to 40 years ago, I believe going out for dinner was a big deal and a huge treat for a family," Campbell added. "Today this is a common occurrence."
John Dawson, owner of an Italian restaurant in downtown Toronto for five years, confirmed that restaurant business is indeed thriving despite financial crisis. "We just had the best December we've ever had," he said.
"January is up from over a year ago and so is February," Dawson added. He shared that the recent trend is different to the economic slowdown in 2008 when people cut back.
The Financial Post reported that Canada's economy did not perform well in the last quarter of 2015 due to low oil prices and weak business investment. Forecasters are expecting Canadian GDP growth to slightly improve by 0.5 percent in the first quarter of 2016.
According to The Huffington Post, Canadians are becoming more anxious about the state of the economy in the country. Figures released by Angus Reid Institute showed that 47 percent of the Canadian population is worried about the recent economic slowdown.
