State of the Canadian Economy

October 12, 2023

This year has been difficult for Canadians due to high inflation and interest rates. This could also mean that Canadians have lost faith in their economy, and may need to cut down their personal spending as a result.

Leger regularly conducts an economic confidence survey  that measures Canadians’ current and future confidence in the Canadian economy and their household finances. It also explores Canadians’ perspectives on topical economic subjects.   

Download our overall report to see the key findings at a national level. It includes trending analysis and interprovincial comparisons. Separate reports are available for download at the end of this article that dive deeper into the study’s findings in British Columbia and Alberta.   

KEY HIGHLIGHTS: CANADIANS’ PERSPECTIVES ON THE STATE OF THE CANADIAN ECONOMY

CONFIDENCE IN THE CANADIAN ECONOMY AND MOST IMPORTANT ISSUES

  • Confidence in the national economy continues to erode. 66% of Canadians say that their confidence in the national economy is poor or very poor.
  • Inflation remains the most important issue for Canadians. 24% now believe that it is the most important issue, an increase of 3 points from August 2022. Housing affordability comes second, with 17% of Canadians believing that is it the most important.

CONFIDENCE IN HOUSEHOLD FINANCES AND DISCRETIONARY SPENDING PREDICTIONS

  • Confidence in current household finances continues to decline as well. 39% of Canadians think that their household finances are poor or very poor, an increase of 4 percentage points since January 2023.
  • 32% of Canadians expect that their discretionary spending will be lower in the next 6 months.
  • Predictions about discretionary spending reveal that more Canadians plan to pull back than spend more. This is poised to affect many spending categories, with the restaurant, electronics/computers, and clothing/footwear/accessories sectors likely to be the hardest hit.
  • 23% of Canadians think their household’s finances will decline in the future, while 15% think they will improve. These perceptions are consistent across the country.

Methodology

  • The results for this wave of research are based on online research conducted from September 22 to 25, 2023, with a representative sample of 2,142 Canadian adults 18 years of age and older from Leger’s LEO panel.
  • The data was statistically weighted according to 2021 Canadian Census figures. 
  • A margin of error cannot be associated with a non-probability sample in a panel survey, but for comparison purposes, a probability sample of 2,142 would have a margin of error of +2.1%, 19 times out of 20.

CLICK ON THE LINKS BELOW TO DOWNLOAD THE PROVINCIAL REPORTS

BRITISH COLUMBIA REPORT

ALBERTA REPORT

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