Canadian Lifestyles - Canada - April 2015
“While the drop in oil prices was expected to give consumers extra cash for spending on other items, the record-high level of household debt is top of mind among Canadian consumers leading them to adopt a slightly more conservative approach to spending: focusing on paying off debts and making cutbacks in many areas. There is a glimmer of hope for retailers, however, with consumers still looking to treat themselves to long- and short-term rewards, creating a mood of ‘sensible spending’ among Canadian consumers for 2015.”
– Carol Wong-Li, Senior Lifestyle Analyst
In 2014, Canadian consumer spending continued to rise after surpassing the $1 trillion mark for the first time in 2013. The outlook for 2015 will be a continuation of this positive trend with spending expected to increase. The economic shifts will prove to be a dynamic that helps and hinders consumers: a drop in energy prices negatively impacts the Canadian dollar though will put more money back into the pockets of Canadians which means strength in consumer spending. This, combined with high levels of household debts, has led Canadian consumers to adopt an attitude of finding balance in their expenditures; adopting cost-saving behaviours and prioritizing paying off debts, while spending on and saving up for long- and short-term rewards.
This report will cover an in-depth analysis of Canadians’ purchasing priorities and personal goals including a focus on health and wellness aspirations for 2015 and the influence that online sources have on purchase decisions across categories.
The report provides a comprehensive overview of Canadians’ spending in 2014 in total as well as across 16 areas of consumer spending. A demographic profile of Canadians and future projections, as well as an examination of the economic conditions impacting Canadians, is also included.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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