Canadian Lifestyles: Pride and Purse Strings - Canada - April 2017
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“Record-high household debt levels and concerns over the current economic conditions continue to weigh on the minds of consumers, leading them to continue holding a conservative mindset when it comes to spend. However, there is slight improvement in perceived financial health, meaning that consumers have a little more wiggle room than in 2016. While some will look to make discretionary funds work harder for their future (by way of investments), others will allow for small indulgences. To this end, continued proof of value, be it in the form of quality or customer support or simultaneously meeting multiple needs, will continue to play a role in consumer spending decisions.”
– Carol Wong-Li, Senior Lifestyle Analyst
This Report provides a comprehensive overview of Canadians’ spending in 2016, in total as well as across 16 consumer categories. A demographic profile of Canadians and future projections, as well as an examination of the economic conditions impacting Canadians, is also included. An in-depth analysis of Canadians’ purchasing priorities and how they seek to find balance, financial and otherwise is also evaluated.
The make-up of the Canadian population is changing, with immigration primarily driving population growth and changes seen in household structure. Currently, the size of the population sits at just over 35 million, with one in five people being foreign-born. Single parents continue to make up a small proportion of Canadian households, though continue to rise. Immigrants tend to settle in the most populated CMAs (census metropolitan areas) of Toronto, Montreal and Vancouver meaning that infrastructure and social services of these urban areas will also be impacted by this shift in population dynamics.
A slow and steady rise in crude oil is working to provide some relief to the Canadian economy. A small employment increase compared to 2016 is also working to contribute to a more positive outlook. However, the Bank of Canada warns that household debt levels and high housing costs are worrisome, particularly in light of the uncertainties that centre on potential policy enactments that may be brought into play by the US.
This Report builds on the analysis presented in Mintel’s Canadian Lifestyles 2016: It’s Not Dollars to Donuts – Canada, April 2016 Report, as well as the 2015 and 2014 Reports.
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