Consumer Confidence

National Consumer Confidence

National consumer confidence plummeted in March 2020, according to the Conference Board of Canada’s survey-based index of consumer confidence.

Overall consumer sentiment fell across all regions of the country as the news and economic impact of COVID-19 continues to worsen.

When asked about job prospects over the next six months, the number of respondents expressing pessimism rose sharply at the cost of fewer respondents expecting improvement and a steep decline in the number of those expecting stability.

Most consumers expect that their household budget will remain stable over the next six months, although the number of respondents expressing pessimism or uncertainty posted a strong gain. There was a noticeable decline in the number of respondents expecting their budget to remain stable or improve over the next six months.

Sentiment about making major purchases, like a home or a car, was down in all regions across the country. Overall, the percentage of consumers who thought it was a bad time to make a major purchase rose in March as the percentage of those who were uncertain or thought it was a good time for major purchases tumbled.