Consumer financial concern remains high in January.

Consumer financial concern remains high this month, but saw a slight decrease with 25% rating their level of concern as 10/10, down 5 points from December. Almost half (46%) of Canadian consumers say personal finances are their top concern in the coming months. The majority of Canadians feel the country is in an economic recession (70%) and expect inflation to worsen in the next few months (77%), both stats slightly down from last month.

COVID-19 concern remains low for many Canadians. About a third (29%) have a high level of concern for the virus, down four points from December. Only 6% view COVID-19 as their primary concern for the coming months, with a 4 point decrease in concern for children becoming infected with COVID-19, along with a 3 point decrease in concern for other adults and family members contracting the virus.

Prices on essentials & gas are fueling economic concerns.

Concern regarding the economy remains high, with 60% 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 remain uncomfortable with discretionary spending.

70% of Canadian consumers say they’re currently uncomfortable splurging on premium items or taking money out of personal savings / retirement accounts to spend. This month, discomfort in discretionary spending was in line with December. Shoppers continue to believe their level of discomfort will remain steady in the coming months.

Pandemic concern decreased slightly in January.

Concern over COVID-19 decreased slightly in January, but remains relatively stable with about a third of consumers saying they’re highly concerned. Fears about lockdown measures and travel restrictions remained steady this month, while consumers are slightly less concerned about hospital space and becoming infected with COVID-19.

 

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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