Consumer Confidence

National consumer confidence rose once again in October 2024 according to the Conference Board of Canada’s survey-based index of consumer confidence, making up for most of the declines seen in the second half of 2023.

Concerning job prospects over the next six months, most respondents are expecting conditions to remain constant. There was a small uptick in the number of respondents expecting job opportunities to improve as the number of those expressing pessimism in the labour market ticked lower in October.

Regarding expectations for their household budget over the next six months, most respondents expect conditions to be unchanged. The number of respondents expressing pessimism over their future financial situation ticked sideways compared to the previous month while those expressing optimism moved slightly lower.

Sentiment about making major purchases, like a home or a car, remains at subdued levels across the country but has improved dramatically over the past year. The overall percentage of respondents who thought it was a bad time to make a major purchase continued to shoot lower in October as the number of those expressing optimism or uncertainty both moved higher.

Note: Based on 3-month moving averages.