Canadian consumer confidence in Q2 was higher than one year ago but continues to drop from peak levels of the final quarter of 2013, according to the Nielsen Consumer Insights — Investors Group Index of Consumer Confidence.
The index stood at 80.6 in Q2, marginally ahead of the 79.7 of a year ago. It was at 84.4 in the last quarter of 2013 and 81.2 in Q1 of 2014.
In Q2, 15% of Canadians said they see good times for the economy in the next 12 months, while another 15% said they see bad times. Comparing these figures to Q2 of 2013, only 12% saw good times ahead, while 16% saw bad times.
People remain more optimistic about the long-term outlook for the economy, with close to half (45%) saying they see good times ahead in the next five years. Conversely, 39% believe the next five years will bring unemployment and recession. A comparison with Q2 of 2013 indicates positive sentiment hasn’t changed at all while negative sentiment has dropped by one percentage point during the last year.
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Slightly less than a quarter (24%) of Canadians have a positive outlook about their own and their family’s financial well-being in the coming 12 months, one percentage point higher than Q2 of 2013.
The positive sentiment that this is a good time to make major purchases remains steady while the negative sentiment dropped by 4 percentage points when compared to the Q1 of 2014.
Less than one in five (17%) say they are better off financially compared to a year ago, while 22% say they are worse off.