Landmark report reveals insights into Canada’s digital economy
A first-of-its-kind report into Canada’s digital economy reveals how technology is changing the way we buy, sell, consume, and make money.
The report released Wednesday by Statistics Canada show that the younger generations are increasingly using online platforms for many areas of their lives.
For businesses providing digital products, there are mixed fortunes with 90% of all Canadian adults using a free version of a digital product in the period from July 2017 to June 2018. Two-thirds of adults purchased digital products in the period.
A total of $8.1 billion was spent online in the 12 months with an average consumer spending $412. Wealthier Canadians ($100K+ income) spent 50% more on average than low income groups.
"Rapid changes in digital technology are transforming the way Canadians produce, deliver and consume goods and services,” said Anil Arora, Chief Statistician of Canada. “As Canada's national statistical agency, it is our role to measure these changes so that Canadians are well-positioned to understand the impact of digitalization on their economy."
Financial services, making money online
Digital payments services saw growth in the 12-month period, with 76% of spending by Canadians aged 18 and older done using digital payment methods, including debit and credit cards, preauthorized payments or online banking.
Cash and cheques were used for 21% of all personal spending with other methods (e.g. loyalty cards) accounting for the remaining 2%.
More than a quarter (28%) of Canadians said they made money online including selling goods on platforms such as eBay and Etsy, providing freelance services, posting content online which was monetized (e.g. YouTube videos) and ride, delivery or accommodation services.
