Interac's new feature tracks Canadian expenses with a musical twist

Spending money can be music to your ears with Interac's latest feature, Sound of Spending, which set the shopping trend in Canada during the pandemic for music.

Whether it's money spent on good food, home-related spending, entertainment, travel, or online shopping driven by the pandemic, spending was mapped using a variety of musical instruments that play a role in Canadian spending habits. Ups and downs revealed.

Sounds of Spending uses a combination of creativity, aggregated data and unique technology to represent spending through music. Interac's soundtrack, generated from national data collected over the past year, allows users to hear how this level of spending translates into a catchy tune.

When the pandemic broke out in March 2020, Canadians spent a lot on food, with grocery spending increasing by 15 percent. A month later, in April 2020, a declared state of emergency reduced spending for Canadians, reducing the frequency of spending on restaurants, travel and entertainment by 35 percent.

But staying home meant more time to decorate the living space and Canadians hit higher notes in May 2020, spending 186 percent on home goods and DIY projects.

After the holiday, COVID-19 cases were on the rise, and spending declined sharply in January 2021, with the frequency of purchase-related spending dropping by more than 50 percent.

Now that the economy is opening up and vaccination rates are rising, Canadians are moving out, and the frequency of shopping and entertainment-related spending is hitting a high once again, with 37 percent and 14 percent growth, respectively.

However, the voice of Interac's spending tool isn't just limited to national spending figures; The company encourages Canadians to try it for themselves by uploading their spending figures to generate a song that reflects them. They can also compare their songs with national data.

Go to "interac.ca/soundofspending," enter the dollar amount you spend each month in each category, and Interac's digital tool will generate a personalized soundtrack that reflects your past year.