Consumer Confidence Sees a Third Consecutive Month of Growth
Consumer Confidence is on the Rise
As we move forward into spring, The Canadian Conference Board announces that Canadian Consumers are generally growing more and more optimistic with almost all response categories growing in positive expectations. This growing confidence is likely due to news of weaker price gains as it was announced inflation cooled to 2.9% in January.
Finances
Optimism towards future finances grew slightly, rising from 15.8% to 16.1% with an additional slight increase in folks expecting no change (from 49.5% to 50.0%).
Purchases
The view on major purchases showed a small increase (from 9.0% to 11.0%) in the percentage of people thinking now is a good time to buy.
Job Market
It is believed that job prospects will remain relatively the same as we head into the warmer months. Slightly over half of consumers believed that job prospects will remain about the same in the next six months.
Conclusion
This increase in optimism could be a result of the announcement that inflation had cooled to 2.9% in January, therefore consumers are expecting some respite on financial strains. The Conference Board of Canada forecasts that the overnight rate may start falling as early as this spring, with a gradual descent to approximately 2.25% in 2025.
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