Poll: Consumer confidence on a downward trend

Sentiments towards housing and the economy have soured over the past few weeks

Poll: Consumer confidence on a downward trend

Canadian consumers’ confidence has declined for the third consecutive week, according to new data from Bloomberg and Nanos Research.

The latest edition of the Bloomberg-Nanos Consumer Confidence Index registered at 61.57 for the week ending Sept. 3. This was significantly lower than the 64.93 level four weeks prior, and the

12-month high of 66.42.

“Canadian consumer confidence continues to be on a negative trajectory with noticeable four-week drops in positive sentiment for real estate value, views on the future strength of the Canadian economy, and personal finances,” said Nik Nanos, chief data scientist at Nanos Research.

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The share of Canadians who are expecting the value of homes in their respective neighbourhoods to increase in the next six months was 49.66%, while 11.77% are bracing for price drops. Nearly 35% said that they are not anticipating any major price movements during that period.

Optimism towards Canada’s economic prospects has become much weaker, with only 35.4% indicating a belief that the economy will be stronger in six months’ time, and 27.47% saying that the economy will shrink. Around 27% said that there won’t be any major changes to the economy in the next half-year, while 9.63% said that they do not know what shape the economy will be in by then.

A mere 20.44% said that they were better off financially compared to the same time last year, while 23.72% said that they were worse off. More than half of Canadians (54.01%) said that their incomes were stagnant during this past year.