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Well in advance of Ontario pulling its emergency brake last Saturday for 28 days to stem an alarming third wave of COVID-19, Belleville restauranteur Paul Dinkel prepared his weekend menu for what he hoped would be a bumper Easter weekend in food-service revenues.
In business in the city since the late 1970s, Dinkel confided he has always been at the ready for one of the busiest times of the year at his fine-dining eateries in the city’s downtown.
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Overall spending on gifts remained stable in Canada in 2020, despite economic slowdown and reduced celebrations due to lockdowns and people staying away from gatherings. The overall spending on gifts recorded a decline in 2020, with a shift towards gift cards. This has resulted in increased penetration for gift card. Gift card growth over the next 4 quarters in 2021 is expected to improve significantly with improved business and consumer sentiment.
Despite a challenging near-term outlook, the gift card industry in Canada is expected to experience steady growth over the medium term, starting Q2 2021. This will be driven by consumer confidence and retail spending in the country along with increased adoption of corporate incentive and loyalty cards.