This quarterly economic forecast presents the medium-term outlook for the Canadian economy. This release focuses on household consumption. For an overview of all major components of the economy, go to the Canadian Outlook main page.
Goods Spending Driving Consumption Recovery: Canada’s Two-Year Household Consumption Outlook
Goods Spending Driving Consumption Recovery: Canada’s Two-Year Household Consumption Outlook
Business and Household Indicators
Canadian Economic Analysis
$225.00
- Household spending is expected to rebound 7.2 per cent in the third quarter of 2020, following its record 13.1 per cent decline in the second quarter.
- Retail sales had fully recovered by July, reflecting the rapid recovery in spending on household goods over the summer. Pent-up consumer demand also pushed up vehicle sales.
- The recovery in spending on services will be slow and will depend largely on the evolution of the COVID-19 pandemic, both domestically and globally. We expect total real household spending to return to its pre-pandemic levels by the first quarter of 2022.
- Massive government income support programs significantly boosted household income in the second quarter, contributing to the strong growth of spending over the summer. But as income support starts to wind down, the pace of consumption growth will slow as well.
Customers Who Downloaded This Also Liked
8 min read
20 min read
Require an accessible version of this research?
Upon request, Signal49 Research offers accessible versions of research. Please contact us to request your accessible version.
Learn more about our accessibility policies.
Effective January 26, 2026, AERIC Inc./Signal49 Research discontinued use of ‘The Conference Board of Canada’ name, logo and branding, which had been used by AERIC Inc./Signal49 Research under license from The Conference Board, Inc. The Conference Board, Inc. and its licensees, which are not affiliated with Signal49 Research, own all right, title and interest in THE CONFERENCE BOARD name and trademarks in Canada and have the exclusive right to their use in Canada since January 26, 2026.
