Consumer Confidence Rises As COVID-19 Vaccines Accelerate

Canadian consumer confidence is rising as COVID-19 vaccinations accelerate and optimism builds for an economic reopening.

Almost 45% of Canadians say they think the economy will be stronger in the next six months, according to polling by Nanos Research Group. That’s the highest reading of consumer confidence since 2009, lifting the overall confidence index to a record of 64.6.

Though large portions of Canada remain under COVID-19 restrictions, views on the economic outlook have improved in May as more Canadians get inoculated against COVID-19. The broad reopening of the U.S. economy is another source of optimism, according to Nanos Research.

Each week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for both the economy and real estate prices. The confidence index represents a rolling four-week average of about 1,000 responses.

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Sentiment on job security was largely unchanged with almost 70% of respondents saying their employment is at least somewhat secure. Confidence improved in all geographic regions of Canada except Quebec, which reported a slight decline.