While Vancouverites’ optimism about the economy has faded slightly since last year, the city is feeling more flush than in 2010 about holiday spending, according to survey results released this morning by Deloitte.
Consumers here are feeling “slightly less optimistic” about the economy this year, according to
Rick Kohn, associate partner with Deloitte and Vancouver retail practice lead.
“Last year there was about 80% of people in Vancouver who believed the economy would stay the same or improve heading into next year,” Kohn told Business in Vancouver. “That number is now about two-thirds.”
He noted that Vancouverites’ sense of job security has also dropped since 2010. Last year, he said, 60% of the city’s survey respondents felt either secure or very secure about their job security. This year, he said, that figure has slid to 49%.
But despite that lack of optimism about the economy, 58% of Vancouverites plan to spend as much on their holiday purchases this year as last year, Kohn said. In 2010, that figure was 49%.
“I think, when we dig into it a little bit more, it seems like Vancouverites over the last few years have reached the point where they’re comfortable with their own personal financial situation – those numbers aren’t really changing year over year,” he said. “And so, as a result, I think they’re feeling they can spend what they spent last year.”
Jenny Wagler
@JennyWagler_BIV