The index now sits at 6 per cent below its pre-pandemic level. The increase was seen across most of Canada, except in Ontario and the Atlantic region.
As new COVID-19 cases shrunk, consumer confidence picked up. The improvement in October’s index mainly reflects the uptick in consumers’ confidence in future employment, as more job openings are expected following the economic reopening.
Still, not all is well. Soaring inflation continues to erode households’ purchasing power. And without a clear timeline on when inflation will cool down, optimism about future finances is expected to deteriorate over the coming months. Elevated prices will likely force consumers to delay spending on large-ticket items.
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