According to the Harris/Decima - Investors Group Consumer Confidence Index, Canadian consumer confidence fell in the fourth quarter, due in large part to concerns about the economy’s long-term health.
Despite the decline, Canadian consumers remain more confident than consumers in the U.S.
The Canadian Index puts consumer confidence at 72.6 today, down from 77.5 in August.
In total, 25% of Canadians believe they will be better off financially a year from now. Conversely, 14% feel they will be worse off a year from now. This split remains unchanged from August.
Twelve per cent see good times ahead for the economy in the next 12 months. Conversely, 30% see bad times over this same period.
Around four in 10Canadians (42%) believe there will be good times financially for the Canadian economy in the next five years, while 46% believe there will be unemployment and recession over this period.
This represents a shift from August when 49% predicted good times, while 37% saw bad times ahead.
Four in 10 (41%) of those surveyed believe that now is a good time to make a major purchase and 41% believe it is a bad time to make that purchase. In August, this split was 45%-39%.
In terms of how people perceive the last year, 14% indicated they were better off financially compared with a year ago; 26% feel they are worse off.
According to Harris/Decima’s senior vice-president, Doug Anderson, “This wave of consumer confidence data shows that while Canadian consumers remain more confident than their American counterparts, the gap may be closing.”
“For three quarters in a row, Canadian consumer confidence has consistently shown a slight downward trend and in this most recent quarter, American confidence has rebounded somewhat.”
Jennifer Harrison
@JHarrisonBIV