Consumer financial concern remains high, but decreased in May.

Consumer financial concern remains high in May with 25% rating their level of concern as 10/10, on track with last month. Almost half (46%) of Canadian consumers still say personal finances are their top concern in the coming months. The majority of Canadians feel the country is in an economic recession (65%), but less are expecting inflation to worsen in the next few months (-8 pp).

COVID-19 concern remains low for many Canadians. 16% have a high level of concern for the virus, a three percentage point decrease from March. Only 3% view COVID-19 as their primary concern for the coming months, with an eight point decrease in concern around becoming infected with the virus.

Prices on essentials & gas continue to fuel economic concerns.

Concern regarding the economy remains high, with 58% of Canadian consumers rating their level of concern as 8/10 or higher. The primary concerns among all groups continue to be rising prices on goods & services, rising fuel prices, and entering/worsening economic recession.

Consumers are slightly more comfortable with discretionary spending.

68% of Canadian consumers say they’re currently uncomfortable splurging on premium items (-4 pp), while 67% are uncomfortable taking money out of personal savings / retirement accounts (-4 pp).

Pandemic concern remains low and decreasing in May.

Concern over COVID-19 remains low in May, with 16% of consumers saying they are highly concerned, down three points from April. Specific concerns regarding COVID-19 have decreased, including concern about becoming infected (-8 pp), hospital space and staffing (-5 pp), and canceling plans due to the virus (-3 pp).

About the Survey

Beginning in February of 2021, Numerator’s Canadian Consumer Sentiment survey has been fielded to roughly 1,000 consumers on a monthly basis. All consumers are active members of Numerator’s Canadian OmniPanel.

COVID-19 Impact on Consumer Behaviour

For past insights into Canadian consumer behaviour and sentiment as it relates to the COVID-19 pandemic, check out our survey insights from March 2020 through May 2022.

See the insights.

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