Consumer Confidence Recovers, on Strength of Medium Term Economic Outlook

    Canadian consumer confidence reaches highest level in 15 months

    OTTAWA, June 3 /CNW/ - The overall index of consumer confidence in the
economy rose in the period from February to June to 78.5, the highest the
index has been since February 2008. In the United States, the index reached
68.7, a strong jump from February as well.

    -   Pessimism about the economic outlook for the coming year decreased
        dramatically with 29% anticipating bad times in the economy compared
        to 59% in February. The number who see good times ahead in the coming
        year doubled to 20% from the 10% recorded in February. And 44% of
        respondents believed business conditions wouldn't change in the
        coming year.

    -   Optimism also grew strongly in terms of the five year outlook. A
        majority of Canadians see good times ahead in the next five years
        (51%) compared to 39% in February.

    -   As they have even during the most difficult times in this recession,
        most Canadians continue to express optimism about their own economic
        situation. The number of Canadians who say they are worse off today
        than they were last year remained relatively steady at 29%, up 2
        points from the February survey. Once again, people are far more
        likely to say they are doing about the same financially as they were
        last year (58%). 11% feel they are better off financially compared to
        a year ago, relatively unchanged since February.

    -   One in four Canadians (25%) believe they will be better off
        financially a year from now, while 11% believe they will be worse
        off. 56% believe they will be about the same financially a year from.
        This 2-to-1 ratio of optimism over pessimism is similar to what was
        seen in February's survey when 27% felt they'd be better off, and 13%
        felt they'd be worse off.

    -   Canadians continue to be more optimistic about making a major
        purchase. Today, 49% believe it is a good time to make a major
        purchase, while 34% feel it is a bad time to buy. In February,
        opinion was more split on the question with 41% seeing it as a good
        time to buy, and 43% a bad time.

    According to Harris/Decima Senior Vice-President Jeff Walker, Canadians
are seeing light at the end of the tunnel for the economy. While many remain
unsure about how soon a recovery will happen, there is a growing consensus
that it will happen, and that Canada's economic future is bright, much
brighter than they felt just a few months ago".
    "Canadians appear to be regaining confidence as the economy weathers the
storm," said Jack Courtney, Assistant Vice-President, Advanced Financial
Planning, at Investors Group. "The past few months have allowed Canadians to
better assess their personal financial circumstances after the initial
onslaught of negative economic news and events. It appears that this personal
assessment coupled with the emergence of more positive developments on the
economic front have given Canadians an increasing sense of confidence."
    Each week, Harris/Decima interviews just over 1000 Canadians through
teleVox, the company's national omnibus survey. These data were gathered May
21 through May 31 2009 for a sample of just over 2,000 respondents. The poll's
margin of error is 2.2%, 19 times out of 20.

For further information:

For further information: Jeff Walker, Senior Vice-President,
Harris/Decima, Tel: (613) 230-2200,,

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