Import Penetration—Despite the disincentivizing effects of a weak
Canadian currency on imports, the industry has faced greater import
competition in recent years. In fact, the growing majority of electrical
equipment purchased in Canada now comes from other countries.
Spending Fatigue—Higher interest rates and the
current debt environment mean that Canadians are beginning
to allocate a larger share of their income to paying down debt.
Household appliances are key industry products that are likely to be
affected by consumers’ weaker spending potential.
Clean Energy—Rising demand from households and businesses
for cleaner and more renewable sources to meet their energy needs
means that the industry can expect stronger demand for the latest
types of supporting electrical equipment.