British Columbians experiencing the highest level of job anxiety in the
country, according to RBC Canadian Consumer Outlook Index
B.C. residents least likely to shop for January holiday deals
Most British Columbians (67 per cent) say that they are not planning to shop for post-holiday deals in January, the highest level in the country, which compares to 58 per cent nationally. When it comes to financing their holiday spending, most residents of B.C. (73 per cent) say they will pay with money on hand, versus the national average of 75 per cent.
The RBC Canadian Consumer Outlook report also found that British Columbians are most likely to think that their local economies are worse now than they were three months ago (44 per cent), compared to the national average (36 per cent).
"British Columbians are feeling very tentative about their current financial situation and are being prudent with their spending over the holidays and into the new year," said Graham MacLachlan, regional president, British Columbia, RBC. "We at RBC continue to advise our clients that creating and following a financial plan will help to build confidence about one's financial future."
The report also measures Canadians' perception of current conditions compared to three months ago, as well as short term (three month) prospects for their personal finances and a number of other factors. Provincial highlights include:
- National Economy: Respondents from B.C. have the grimmest assessment of the current economy, with only 43 per cent characterizing it as good, while 57 per cent describe it as bad. Nationally, Canadians are divided regarding the current overall state of the economy, which 51 per cent say is good and 49 per cent say is bad. When considering the condition of the Canadian economy in the next three months, British Columbians are among the least optimistic about a recovery, with only 34 per cent expecting conditions to improve versus the national average of 40 per cent, while only 25 per cent expect that conditions will worsen (compared to 20 per cent nationally). Like many Canadians, residents of B.C. are optimistic that the Canadian economy will improve over the next year (59 per cent versus 60 per cent nationally). - Personal Financial Situation (Overall): British Columbians are among the most likely to say that their personal financial situation is worse than three months ago (39 per cent), compared to the national average (38 per cent). B.C. residents are the least optimistic about their personal financial situation over the next three months, with only one-in-four (25 per cent) expecting it to improve over that time period, slightly lower than the national average (30 per cent), and down from 32 per cent in November. Like many Canadians, British Columbians are optimistic about their prospects over the next year, with 44 per cent expecting improvement in their personal financial situation, up from 34 per cent last month.
"The 2010 Winter Olympic and Paralympic Games are expected to help move B.C.'s economy into recovery mode, given the expected boost to tourism, retail trade and other services," said
About The RBC Canadian Consumer Outlook Index
The RBC Canadian Consumer Outlook Index, benchmarked as of
For further information: Rina Cortese, RBC Corporate Communications, (416) 974-6970; Gillian McArdle, RBC Media Relations, (647) 400-8464
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