Canadian Consumer Confidence Plummets by Most Since April 2020

Posted by Hermina Paull,

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Confidence among Canadian consumers fell by the most since the depths of the pandemic, suggesting that the elevated sentiment that sparked Prime Minister Justin Trudeau’s bid for re-election may soon be fading.

The Bloomberg Nanos Canadian Confidence Index, which collects views from 250 respondents regarding their economic outlook, personal finance, and jobs security, declined 1.6 points to 62.6 for the week ending on August 27, marking the sharpest decline since April 2020.

The survey also showed that the proportion of Canadians expecting the economy to strengthen over the next six months fell from 54% at the beginning of July to 37% last week, while the share of respondents that said their finances have improved over the past year declined from 26% to 20% during the same period. Similarly, Canadians’ optimism regarding the booming real estate market has also faded, as approximately 51% revealed they foresee home prices to grow over the next six months; this is the lowest score for the question since February…read more.