Survey responses used in assessing consumer confidence were collected over the first two weeks of December, prior to any lockdowns. At the time, the omicron variant was spreading rapidly across Canada and several provinces had postponed reopenings due to the uncertainty surrounding the new variant.
That uncertainty was reflected in Canadians’ growing caution about their future finances. The share of negative views on future finances grew by 2.1 percentage points. Fears over future finances suggest that the average Canadian will likely limit spending and save more for a rainy day.
Furthermore, inflation is at a 30-year high, and many households are feeling its pinch. Concerns about prices rising are reflected in the share of respondents (52.8 per cent) who expressed pessimism about whether it was the right time to make a major purchase.
