Consumer Confidence Among Canadians Finally on the Rise Since Beginning of Pandemic
It appears that consumer sentiment has finally begun to increase across almost all age groups and regions in Canada, after falling sharply following the onset of the coronavirus pandemic.
According to the Bloomberg Nanos Canadian Confidence Index, which broadly measures Canadian’s forthcoming expectations of the economy as well as financial wellbeing, consumer sentiment increased by 1.2 points to 51 in the previous week. Such a relatively high reading has not been recorded since March 20, which is just before nation-wide lockdowns were mandated in order to impede the spread of the coronavirus.
Moreover, Nanos Research also surveyed a total of 250 Canadian consumers to gauge their opinions on job security, personal finances, as well as their perspective on the direction of the country’s economy. Attitudes that Canada’s economy will be more susceptible to volatility finally fell to 49.7%, the lowest it has been since March.
In the meantime, sentiment regarding the real estate market appears to be on the rise, as 31.6% more Canadians anticipate that home values will increase within the next six months – which comes as a significant development considering that in May the sentiment was at a mere 9%.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
