As consumers feel better about the economy globally, Canada is among top 10 most optimistic nations. Consumer confidence continues to rise in many key markets around the world, with Canada among the major gainers.
In Canada in the second quarter of 2014, the confidence level rose three points to 102. In 2007, prior to the global economic downturn, Canada was among the 25 countries that boasted consumer confidence scores at or above the optimism baseline of 100 – as high as 113. At the height of the recession, only two countries maintained that distinction. Now, Canada is one of the 12 countries that have made the climb back to an optimistic reading, tied for tenth globally. The growing confidence in Canada is reflected in a rosier outlook on personal finances and a growing view that this is a good time to buy. When asked about the issues that concern them, Canadians also expressed far less worry than earlier this year about debt and the economy.
Globally, consumer confidence increased one index point to 97 in the second quarter of 2014, the highest level in seven years. That followed a two-point rise at the start of the year. This momentum comes after global confidence was stuck at 94 for three out of four quarters in 2013. In Canada, the three-point rise in the confidence level is the biggest shift in the quarterly survey since a four-point drop exactly one year ago.