Moneris Solutions

Moneris Solutions

September 28, 2011 12:06 ET

TIFF 2011 Brings in Big Stars-and Big Spending

TIFF 2011 Outperforms Last Year's Festival in Dollars Spent and Overall Number of Credit Card Transactions

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2011) - Toronto merchants saw a significant increase in spending in September thanks to the Toronto International Film Festival (TIFF). According to Moneris Solutions (Moneris), Canada's largest payment processor, overall consumer spending during TIFF was up 7.5 per cent compared to the period during last year's festival. The number of credit card transactions increased by 6.7 per cent over the same period.

In 2011, TIFF goers drove a remarkable 14.2 per cent increase in restaurant spending and a 19.3 per cent increase in hotel spending, compared to 2010. Fast food outlets and cosmetics stores saw the highest increases in dollars spent compared to last year, with 24.4 per cent and 21.5 per cent increases, respectively.

No longer constrained by construction, Yorkville was once again a popular destination during this year's TIFF, with overall spending up 15.8 per cent. The area surrounding TIFF Bell Lightbox on King Street West, however, saw a larger growth in spending at restaurants, with a significant 17.1 per cent increase compared to Yorkville's 7.1 per cent.

"TIFF continues to be one of the largest festivals in Toronto generating substantial spending in key retail categories," says Santo Ligotti, Vice President, Marketing, Moneris Solutions. ""The increase year-over-year shows that TIFF's tradition of strong programming, continues to draw audiences in key areas of the city. The festival is driving people out to enjoy the atmosphere where they are eating, drinking and shopping."

This year we welcomed record numbers to our Festival, nearly 400,000 attendees and 5,200 delegates from all over the world and from every province in Canada. We're delighted to hear that this has resulted in good news for the Toronto economy," said Piers Handling, Director and CEO of TIFF. "Festivals and the arts are significant economic contributors while adding to the quality of life in our wonderful community."

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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