The Consumerology Report: Canadian Economic Update

Bensimon Byrne

Introduction

Canadians view the economic road ahead with pessimism. A majority feel the Canadian economy – and their own provincial economies – are in recession, and are looking for a new financial direction for the country in 2015.

Cost of living is Canadians' top concern with nearly nine-in-ten believing that cost of living is rising faster than their household income.

Given the perception that sluggish growth has become mild recession and concerns about cost of living, marketers may find 2015 to be similar to last year, as Canadian consumers remain largely unwilling/unable to spend more than absolutely necessary in many product categories.

Stagnant incomes and concerns about the rising cost of living are reflected in the 3rd Annual Bensimon Byrne Consumer Spending Index, which reveals that across many product categories, consumers plan on cutting back as much in 2015 as they did in 2014.

Across Canada, more pessimism than optimism about the future