Index of Consumer Confidence: January 2023

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Index of Consumer Confidence: January 2023

Consumer and Business Confidence

Author: David Ristovski


The monthly Index of consumer confidence is constructed from responses to four attitudinal questions posed to a random sample of Canadian households.

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Optimism over households’ current finances increased by 1.1 percentage points in January. What’s more, the share of Canadians with a pessimistic view of their current finances declined to 33.0 per cent, a drop of 3.4 percentage points from December.

Concerns over households’ future finances declined by 2.6 percentage points, while optimism over future finances increased by 1.4 percentage points This improved sentiment toward future finances is likely because households are expecting inflation to remain under control.

Canadians are more confident about job prospects this month. The share of respondents who felt there would be more jobs in six months increased by 0.9 percentage points. Meanwhile, the portion of respondents with a pessimistic view of future job prospects declined by 1.4 percentage points. The 100,000 jobs added in December certainly changed how Canadians believe the labour market will perform in the coming months.

The share of respondents who believed it was a good time to make a major purchase increased slightly, rising 1.4 percentage points to 10.5 per cent. Higher interest rates have had a profound impact on consumer spending. Despite the increase in positive sentiment toward major purchases this month, 65.2 per cent of respondents didn’t believe it was a good time to purchase big-ticket items.

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