TORONTO, ONTARIO — (Marketwire) — 09/19/12 — As Canadians begin to bring in the fall harvest and prepare for Thanksgiving celebrations, a report from BMO Bank of Montreal underscores Canadians- commitment to local food. The BMO study suggests that most Canadians try to buy local products when they shop for groceries and are willing to pay a premium to put local food on their kitchen tables. On average, Canadians are willing to pay 16 per cent more for domestic fruits and vegetables and 19 per cent more for Canadian meat products.
The study also revealed that:
“BMO research suggests that Canadians are becoming increasingly loyal to the notion of buying local food, particularly fruits and vegetables, cheese, beef and poultry. Consumers appreciate the quality of food produced by local farm families and recognize the importance of supporting an agricultural sector that accounts for one-in-eight jobs in Canada,” said David Rinneard, National Manager, Agriculture, BMO Bank of Montreal.
According to BMO Economics, food safety is a major issue for Canadian consumers and the ability to trace the source of their food to a trusted source is very important to them. Consumers are responding by purchasing produce and other food items from local producers, which is crucial to the health of the local economy as well.
Regional Trends
Canadians- buy-local orientation is strongest for those food items for which their regions are renowned: in British Columbia, fruit and wine, beef in Alberta and the Prairies, fruits and vegetables in Ontario, cheese in Quebec and fish in Atlantic Canada.
BMO-s roots in the Canadian agricultural sector date back to 1817, when it first began working with farmers. BMO Bank of Montreal provides to Canada-s agri-business owners, the single largest core commercial sector that the bank serves. For Canadian businesses, including those in the agriculture and agri-food sectors, looking to innovate, enhance productivity, and grow their business, BMO Bank of Montreal recently announced a credit boost of $10 billion over the next three years.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
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416-867-3996
Valerie Doucet, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7590
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