Ipsos on Consumer Confidence: August 2022
Consumer confidence in Canada is not imploding to the extent that many pundits are projecting. With inflation running high, consumer confidence continues to deteriorate, but it has not totally fallen off a cliff like it has in many other countries. Ipsos’ new Consumer Confidence metrics show that Overall Confidence is now mildly negative (–2% versus its norm), down 1 point over the last month.
All 4 pillars of Consumer Confidence are now in the negative. But Personal Confidence (the “micro”) and Future Confidence have bottomed-out for the time being, while Economy Confidence (“the “macro”) and Current Confidence have inched down.
This, along with other Context tracking we do, suggest that Canada will remain in challenging economic waters over the next couple of months. The trends suggest an almost inevitable disruptive consumer behaviour in the near-to-medium-term (not only in spending but also in socio-political stability). The key for communicators, marketers and policy-makers will be identifying movement when it happens and leading/responding accordingly.
In-depth and demographic tracking information is also available. Contact us if you are interested in our broader Context offer.
Ipsos tracks consumer confidence each month, exploring:
- Personal Confidence: How people feel about their personal finances – both today and for the future.
- Economy Confidence: How people feel about the broader economic situation in Canada – both today and in the future
- Current Confidence – a combination of how Canadians feel about both their personal finances and the country’s broader economic situation today.
- Future Confidence – a combination of how Canadians feel about both their personal finances and Canada’s broader economic situation in the future
- Overall Confidence reflects all metrics combined.
