(TORONTO, ON) – Canadians across the country have been counting down the days until their favourite hockey heroes lace up their skates for another season of NHL action. So too, has the Canadian economy. Moody’s Analytics expects the coming hockey season to impact the economy in a big way over the next eight months with heavy spending on sports. Moody’s cites ticket sales, arena employment, and increased “sports pub” spending as big factors in the coming economic boost.
“Canada’s favourite professional sport often has a measurable impact on economic activity,” says Moody’s Analytics associate economist Alexander Lowy. “The opening of National Hockey League training camps will be welcomed by a range of Canadian businesses including stadiums, bars and clothing retailers.”
In the forecast, Moody’s pointed out that:
- The sports and performing arts sector sees a one per cent increase during the NHL regular-season
- When pro hockey suddenly stops, the gross value of that sector drops (-14 per cent during the 2012 lockout, and -15 per cent during the 2014 Sochi games).
A Moneris report released after last season backs the numbers up – Canadians reach for their wallets when it’s time to support their team. During the second quarter of 2013, at the height of the NHL playoffs, Canadian spending on sports apparel rose by 3.50 per cent year-over-year, and drinking establishments saw an uptick of 3.04 per cent.
Cheering your team to victory can be one of the greatest feelings in the world, but Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada, warns that the intoxicating rush of sports can wreak havoc on your wallet.
“Sports can create a sense of euphoria among team supporters,” says Schwartz. “Die-hard fans treat a heated game like a major life event, and much like a wedding or a graduation, they’re willing to dig deep to let the good times roll.”
Consolidated Credit offers the following tips to Canadians looking to save money while still enjoying Canada’s icy pastime:
- Watch the game at home – People love to head to a sports bar and cheer with their friends, but the mark up on alcohol at bars can be through the roof. Think about inviting friends over for the game. Have a BBQ, grab drinks from the fridge, and spend a fraction of the costs. You can have your beer and drink it too.
- This jersey isn’t old, it’s retro – Don’t feel the need to go out and buy the latest edition of a team jersey (they can cost upwards of $200). Bask in the nostalgia of a jersey you bought last decade and show the world that you’re a fan for life!
- Try the juniors – Junior hockey features the stars of tomorrow and tickets are at a fraction of the cost of an NHL game. These young players can really use the support of hockey fans and it gives you a chance to enjoy high-calibre hockey outside of major urban centres at a reasonable price.
- Don’t double-down – Sports and gambling are age-old allies, but when fans put their money where their mouth is, it can lead to financial ruin. Keep your money in your pocket and wager your team pride instead. Bragging rights can be extremely valuable on their own.
“Sports are meant to celebrate athletic achievement and to revel in team or national pride,” adds Schwartz. “You don’t need to bust your budget to enjoy something as naturally exciting as the big game.”
About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Jacob MacDonald, Public Relations Coordinator, Consolidated Credit Counseling Services of Canada, Inc, T: 416-915-7283 ext.1041 C: 647-390-5253 F: 416-915-5200 E: [email protected]