A Prevailing Sense of Optimism Permeates the Atmosphere: Index of Consumer Confidence—October 2024

A Prevailing Sense of Optimism Permeates the Atmosphere: Index of Consumer Confidence—October 2024

Consumer and Business Confidence
11 min read

Author: Loubna Zebiri

$335.00

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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Although Canadian consumers are more optimistic about their future job prospects, many are still concerned about their current finances. While the inflation rate is coming down, the impact of a sluggish economy and elevated debt levels are still having an impact on consumers’ financial outlook.

This month’s Index of Consumer Confidence reveal a continued increased level of financial stress among Canadians even as recent inflation data showed that headline inflation rose by only 1.6 per cent year-over-year. Overall, the index shows an increase in how consumers viewed their current and future finances in British Columbia, Alberta, Ontario and a decrease in Quebec, Saskatchewan, Manitoba, and the Atlantic provinces.

What factors are driving the boost in consumer confidence in some provinces and not others? What remains the major issue for consumers? Will the latest Bank of Canada policy interest rate reduction boost business and consumer confidence?

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