Canadian consumer confidence continues to move upward
Canadian consumer confidence continues to move upward and now stands at 81.2, up from 79.7 in May, and up from 79.1 from one year ago.
According to Chairman Allan Gregg; “Canadians seem to want to believe that better times are ahead and even acknowledge that the economy -at least in abstract - is improving. More concretely however, most consumers respond that they feel they are not personally experiencing these gains. "
“The fact that nearly half of Canadians think this is a good time to make a major purchase and also have a positive outlook for the economy over the next five years is encouraging,” said Gaetan Ruest, Vice President, Product and Corporate Research at Investors Group. “However, the small quarter-over-quarter increase in these measures also shows that Canadians continue to mix a healthy dose of caution with their optimism.”
- Nearly half (48%) feel the next five years will bring good times to the Canadian economy, while 37% feel it will be a period of unemployment and recession. In May, this split was 45%-40% suggesting Canadians’ view of the five-year outlook has improved over the last quarter. Men and those under the age of 45 are most likely to feel the next five years will be a period of good times for the Canadian economy.
- Almost half (49%) feel now is a good time to make a major purchase, while 31% feel it is a bad time to do so. In May, this split was 48%-32%. A majority of those in Quebec and Alberta feel now is a good time to make a major purchase.
- One in ten (13%) feel the next 12 months will bring good times financially for the Canadian economy, while 15% feel the next year will bring bad times financially for the economy. In May, this split was 12%-16%. Those under the age of 25 are more likely than those between the ages of 25 and 54 to feel the next year will bring good times to the Canadian economy.
- Just over one in five (21%) say they’ll be better off financially a year from now, while 12% feel they’ll be worse off. In May, this split was 23%-13%. Those with household incomes exceeding $100k/year are more likely than those making less to feel they’ll be better off financially a year from now. Additionally, those between the ages of 25 and 64 are more likely than those older to feel they’ll be better off financially a year from now.
- Canadians are split on where they stand financially compared to a year ago. Nationally, 17% say they are better off financially, while 18% say they are worse off. In May, this split was 18%-20%. Those with higher household incomes and residents of the Prairies are most likely to feel they are better off financially compared to a year ago.
These data were gathered through teleVox, the company’s national telephone omnibus survey for two weeks from August 22 to September 1, 2013 for just over 2,000 completes. A sample of the same size has a margin of error of 2.2%, 19 times out of 20.
|Better off a year from now||Worse off a year from now|
|One year outlook||21%||12%|
|Good times||Bad times|
|1 year economic outlook||13%||15%|
|5 year economic outlook||48%||37%|
|Good time||Bad time|
|Making a purchase||49%||31%|
|Better off than a year ago||Worse off than a year ago|
|Compared to one year ago||17%||18%|