Canadians are increasingly pessimistic about the economy as inflation drives up prices for items
ranging from groceries to gasoline.
A survey by the Conference Board of Canada has found that consumer confidence across the
country fell by 11.7 points in May, which was the largest monthly drop since the COVID-19
pandemic began in March 2020.
The economic think tank says optimism over people’s current finances has edged lower while
concerns about future finances grew substantially.
The Conference Board also says that Canadians appear increasingly cautious about spending
money on purchasing big-ticket items such as appliances and vehicles.
The drop in consumer confidence comes as inflation remains at a 30-year high in Canada and
the Bank of Canada begins to raise interest rates to cool off overheated consumer prices.
The online survey of 3,047 respondents aged 18 and older was conducted between May 6 and
13. Online surveys cannot be assigned a margin of error because internet-based polls are not
considered random samples.
