Consumer Economic Pulse
Monitoring Uncertainty
Key Insights
Four things you should know
1
Economic pessimism drops, as optimism in personal finances increases
2
Decline in brand switching to save money – a first since Jan 2025
3
Sustained shopping habits show Canadians’ preferences for local products and brands
4
Steady, yet cautious back-to-school spending
Perspective on the economy
Current state of the economy
Negative economic sentiments has dropped significantly since May (59%; -16pp vs. May) and is comparable to levels seen in Nov 2024. In contrast, the proportion of Canadians who believe the economy is stable has grown to 38%, up 14 percentage points from May 2025.
July 11 to 15, 2025
Changing brands to save
Fewer Canadians are switching brands to save money this July – a downward pulse for the first time since January, after consistently increasing. In May 2025, about half of Canadians reported switching brands in at least one category to cut costs. Download our report to check the full categories list.
%
Grocery bills
%
Health and beauty products.
Brand switching rose to 12%
%
Alcohol
Changes to US travel plans
After a significant drop in May, the number of Canadians who have cancelled trips to the US has steadily increased.
58%
Canadians say that they have cancelled or postponed a trip to the US.
Back to School Spend
In July 2025, there is an increase in parents/students who plan to spend “about the same compared to a year ago” on back-to-school expenses. This suggests many are maintaining stable spending levels, indicating a steadier approach to back-to-school purchases.
NET More (2025)
%
Intended to spend more on back-to-school expenses
NET Less (2025)
%
Intended to spend less on back-to-school expenses
Get the full Consumer Economic Pulse report here
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About the report
Angus Reid group conducts a monthly tracker to understand Canadians’ purchasing behaviors and perceptions of the economy.
Sample
Wave 37: n= 1,533
For this wave, a nationally representative sample of n=1,533 Canadian Adults (age 18+ yrs.) who are members of the Angus Reid Forum.
The sample frame was balanced and weighted on age, gender, region and education according to the latest census data. For comparison purposes only, a probability sample of this size would yield a margin of error of +/- 2.5 percentage points at a 95% confidence level.
Field Window
Wave 37: July 11 – 15, 2025
Next Field Date: August 2025
Study
With inflation continuing to ease, many households are still adjusting to higher prices and the cost of living.
The introduction of U.S. tariffs under President Trump in 2025 has added fresh uncertainty to the economic outlook, potentially influencing the cost of imported goods and further shaping consumer sentiment. The Angus Reid Group conducts a monthly tracker to monitor Canadian’s purchasing behaviors and perceptions of the economy amid these evolving conditions.
This study has been running since May of 2022.
