Canadian consumer confidence rises

Consumer confidence has risen in Canada, with more investors ready to take part in the markets and open their wallets. To date, the consumer index stands at 79, up from 75.3 in February.

In total, a quarter of Canadians believe their financial situations will improve over the next year. Only 15% feel they will be worse off.

Nationally, they say the economy will improve in the next twelve months. Only 19% forecast unstable markets in the short term, down from 22%in February.

Almost half (46%) forsee a stable economy within the next five years, while 41% forecast unemployment and a prolonged recession, down 4% from February levels. Half of Canadians will make major purchases, compared to only 43% in November.

“Canadian consumer confidence continues a modest rebound, and the finding in the U.S. show a more striking resurgence,” says senior vice-president Doug Anderson. “Last August, we recorded the lowest levels of U.S. consumer confidence seen in the past five years.”

He adds, “Now, we find U.S. confidence is elevated back to levels measured before the 2008 economic crisis. Canadians are at similar levels.”

Jack Courtney, assistant vice-president, advanced financial planning at Investors Group, says, “The positive outlook makes it a little easier for Canadians to save and invest with long-term objectives in mind.”