Index of Consumer Confidence: October 2022

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

Document Highlights

• Optimism over households’ future finances dropped by 1.4 percentage points this month. This decrease in confidence is likely due to higher interest rates and higher inflation expectations over the next year. The decline indicates that consumers are concerned that their purchasing power could erode further in the coming months and as we approach the holiday season.
• Many households continue to feel inflation’s grip, with optimism over current finances dropping to 11.0 per cent. In the meantime, the portion of those sharing a pessimistic view of their current finances grew to 35.5 per cent, an increase of 2.1 percentage points.
• Canadians are slightly more confident about job prospects. The share of confidence in job prospects increased this month by 0.3 percentage points, with 16.1 per cent of Canadians positive that more job opportunities will be available in six months.