Just weeks ago, consumer confidence in Canada was riding high. Inflation and Russia’s invasion of Ukraine put an end to that sentiment.
Canadian Consumer Confidence Tumbles
The Bloomberg Nanos Canadian Confidence Index, data based on weekly polling, dropped to 56.3 this last week to the lowest reading since January 2021. Just since the end of February, this index gauge fell more than three points since the end of February.
For the first time since 2020, the share of Canadians who think the economy will worsen over the next six months exceeded 50%.
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What’s Causing Downshift?
Up until February, Canadian consumer confidence was buoyed by a booming housing market and an expanding economy.
Then, poof…the combination of rising inflation, rising interest rates from the Bank of Canada, the uncertainty around war in Ukraine and its resulting surge in oil prices is weighing down consumers.
This latest survey data shows that pessimists outnumber optimists by more than two-to-one regarding Canada’s economic outlook. Likewise, 51% of survey respondents expect the economy to weaken, an increase of +10% points since February.
Additionally, roughly 39% of survey respondents said their finances have worsened over this last year. This 39% who say their finances have worsened represents the highest percentage of naysayers since 2020, when the consumer confidence sentiment figures hit record lows as COVID hit.
Real Estate Sentiment?
Without explanation, the Bloomberg Nanos Canadian Confidence Index indicated that consumer confidence levels pertaining to real estate remain elevated. A solid 63% of Canadians expect housing prices to continue increasing.
(We’ll “see” about that elevated consumer confidence level about continued strong real estate activity and increasing home prices in forthcoming data points about the Canadian housing market.)
Likewise, Canadian consumer confidence levels around job security remain above historic averages.
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Thanks to Bloomberg.