TORONTO, April 12 /CNW/ - Rising gas and food prices are hitting
Atlantic Canadian consumers in a big way, with almost half (49 per
cent) reporting that these increased costs are having a significant
impact on their budgets, according to the March 2011 RBC Canadian Consumer Outlook Index (RBC CCO).
Canada's east coast residents are also among the most likely (43 per
cent) to focus on paying off as much debt as they can over the next
year, while 30 per cent plan to spend less, 16 per cent intend to save
or invest more and 25 per cent plan to do all three of these things.
"We're seeing that Atlantic Canadians are strongly focused on managing
debt, while also setting money aside for future needs," said Kim Mason,
regional president, Atlantic Provinces. "The goal is to achieve a good
balance between paying day-to-day expenses, saving and investing."
The RBC CCO also found that 61 per cent of Atlantic Canadians believe
the current state of the national economy is good - on a par with the
national average - and that only 21 per cent are concerned about job
losses or layoffs in the upcoming year.
Meanwhile, the most recent Economic Outlook from RBC Economics is projecting continued growth throughout the east
coast, although at varying rates.
"Increasing global demand for commodities and strong capital investment
will fuel Atlantic Canada's economy for the rest of this year," said
Craig Wright, senior vice-president and chief economist, RBC. "We're
projecting that Newfoundland and Labrador will once again lead the way,
with 4.5 per cent growth in real GDP, followed by Prince Edward Island,
with real GDP growth of 2.2 per cent. New Brunswick and Nova Scotia
will see weaker growth, at 1.9 per cent and 1.5 per cent respectively,
but we expect that 2012 will be a stronger year for both these
The RBC CCO is Canada's most comprehensive consumer assessment of the economy, personal financial situation and economic and
purchasing expectations. Other provincial highlights from the March 2011 RBC CCO include:
Personal Financial Situation Outlook: Close to one-third (31 per cent) of Atlantic Canada residents expect
their personal finances to improve over the next year, compared to the
national average of 39 per cent.
Spending Outlook on Major Purchases: Over half (54 per cent) of Atlantic Canadians say they have delayed
major purchases due to the state of the current economy. In addition,
23 per cent expect to increase spending over the next year.
The national RBC CCO release, full set of regional releases and related
comparative data charts can be accessed via www.rbc.com/newsroom/2011/0412-cdn-consumer.html.
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About the RBC Canadian Consumer Outlook Index
The RBC Canadian Consumer Outlook Index (RBC CCO) is Canada's most comprehensive consumer assessment of the economy, personal
financial situation and economic and purchasing expectations.
Benchmarked as of November 2009, the RBC CCO is conducted online via Ipsos Reid's national I-Say Consumer Panel to 3,520 Canadians (534 British Columbia,
502 Alberta, 482 Saskatchewan/Manitoba, 901 Ontario, 582 Quebec, 519
Atlantic Canada). Weighting is then employed to balance demographics
and ensure that the sample's composition reflects that of the adult
population according to Census data and to provide results intended to
approximate the sample universe. Data collection was March 11 to 15,
2011. A survey with an unweighted probability sample of this size and a
100 per cent response rate would have an estimated margin of error of
±1.65 percentage points, 19 times out of 20, of what the results would
have been had the entire population of adults in Canada been polled.
For further information:
Lori Smith, RBC Public Affairs and Community Relations, (902) 421-8121 or email@example.com
Kathy Bevan, RBC Corporate Communications, (416) 974-2727 or firstname.lastname@example.org