Moneris Solutions

Moneris Solutions

June 20, 2011 06:00 ET

2011 Montreal Grand Prix is a Clear Winner in Consumer Spending

The Moneris Spending Report Confirms Dramatic Increases in Hospitality and Retail Sectors

TORONTO, ONTARIO--(Marketwire - June 20, 2011) - Despite the rain delay and unpredictable race conditions, the 2011 Montreal Grand Prix drove a major win for Montréal area merchants. Data released by Moneris Solutions, Canada's largest credit and debit card processor, showed a 5.38 per cent increase in overall dollars spent on a week-over-week basis, with a considerable boost in the hospitality sector.

Compared to the prior weekend, restaurants realized a 25.54 per cent increase, as many were out to enjoy the city's excitement. Drinking places topped the increase with a staggering 117.42 per cent increase in dollars spent – the rain delay, making the race one of the longest in F1 history, may have contributed to this increase as fans anxiously waited to see the race resume.

The influx of F1 enthusiasts also benefited other categories in regards to increases in dollars spent – including hotels (8.76 per cent), speciality retail (10.7 per cent) including camera and photography stores (55.0 per cent), and sports apparel (21.0 per cent).

In comparison to the 2010 event, this year's Grand Prix weekend also inched ahead, with a 10.9 per cent increase in the overall dollars spent.

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. Through its Ernex division, 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.

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