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Wave 19

Consumer Economic Pulse

Monitoring Uncertainty

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Here’s what you should know:

A brighter future?

Looking ahead to 2024, more Canadians are feeling optimistic about their family’s financial situation. While the number of Canadians who believe we are currently in a recession has held steady, the proportion of those who believe Canada is about to enter a recession has declined significantly.

Family Finances

Optimism about family finances has been trending upwards since the summer of 2023.

Brand loyalty is coming back?

The number of Canadians changing brands in order to save money has held firm with the end of 2023, both overall and across specific brand categories.

In terms of grocery spending, there has been a significant decrease in the number of Canadians who are looking for special deals, shopping at multiple retailers, and changing to discount brands or value-based stores since September 2023.

Brand switching categories

Since the start of the year, have you switched to a different brand/company than you usually purchase from to save money in any of the following areas? (% who have switched brands in each category)

Holiday spending on par with last year

Holiday shopping trends in 2023 remained more or less consistent with the 2022 holiday season.
While only one-in-ten Canadians expected to spend more in November 2023, one-in-five ended up spending more this holiday season.

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