Canadians are feeling better about the state of the economy, and are some of the most optimistic globally, according to Nielsen’s Global Consumer Confidence Survey. Confidence in Canada rose 6 points – above the global average and well above confidence levels in the U.S. (where confidence continues to be flat). This renewed feeling of confidence seems well placed in light of a recent report from the Bank of Canada, released after Nielsen’s survey, which declared that the recession has ended in the country.
“After nearly two years of downward trending, we are now seeing an uptick in Canadians’ moods as the notion of recovery is taking hold,” said Carman Allison, Marketing Director, The Nielsen Company.
Almost 40 percent of Canadians said that local job prospects will “good” or excellent” over the next 12 months, compared to just 23 percent of Americans. More than half (52%) characterized the state of their personal finances the same way, edging out Americans, 48 percent of whom felt that way. More than a third (37%) said that the next 12 months was a good time to buy the things they need or want.
That said, Canadians will continue to save spare cash: 30 percent said that they’d put that money into savings, 11 percent said they would invest in retirement funds and another 40 percent indicated that they would pay off debts. But after those expenses, the Canadian consumer’s wallet seems to be thawing out a bit: almost a quarter (23%) indicated that they were spending on out-of-home entertainment, and the same percentage said that they were spending on vacations. Another 21 percent said that they were buying new clothes. And once recovery in full swing, Canadians want to resume buying technology upgrades and replacing major household items.
Read the full report on Canadian consumer confidence.