“As the pandemic settles into a more stable situation, Canadians are getting a crash course in macroeconomic fundamentals like inflation, interest rates, supply chains and labour shortages.

These challenges are shining a light on how consumers’ perspectives are shaped by their own realities, but also that Canadians have collectivist attitudes. And as consumers re-evaluate their behaviours, there is an opportunity for brands to win them over and establish lasting loyalty.”

– Scott Stewart, Associate Director, Lifestyles & Retail

This report covers the following issues:

  • The financial situations Canadians are most concerned about.
  • How consumers have changed their shopping habits compared to last year.
  • Consumer attitudes towards brand loyalty, store brands, local and sustainability.
  • How extra money is used, compared to last year.
  • How Canadians perceive themselves relative to other Canadians.
  • Canadians’ political leanings, compared to the US and across demographics.
Collapse All

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Definition

        • Executive Summary

            • Canada today
              • The people
                • The economy
                  • The markets
                    • The consumer
                      • Canadians are worried about the economy, but specific concerns vary across groups
                        • Consumers are responding to inflation in a number of ways
                          • Canadians’ perspectives are shaped by their personal realities
                            • Brand loyalty is real, and right now is an opportunity to establish it

                            • Canada Today – The People

                              • Generational makeup by the numbers
                                • Figure 1: Canadian population, by age group, 2021
                              • Gen Z’s influence is growing, but will ultimately be limited by size
                                • Millennials are the most lucrative generation today
                                  • Canada is getting older
                                    • Figure 2: Median age, 1991-2021
                                    • Figure 3: Canadian population age distribution, 1991 vs 2021
                                  • Multiculturalism exposes Canadians to new perspectives
                                    • Working from home is now common, but has declined in 2022
                                      • Figure 4: Working location, 2021-22
                                    • COVID-19 concerns have stabilized, but are still common
                                      • Figure 5: Worried about exposure to COVID-19, 2020-22
                                    • Most Canadians are satisfied with current COVID protocols
                                      • Figure 6: “I think the current government restrictions in my region are just right”, 2021-22

                                  • Canada Today – The Economy

                                    • Inflation is the primary economy focus of 2022
                                      • Inflation is climbing, led by energy costs
                                        • Figure 7: Consumer price index, 2020-22
                                      • Most Canadians are worried about inflation
                                        • Figure 8: Concerned about inflation, 2022
                                      • Interest rates are rising
                                        • Figure 9: Bank of Canada target interest rate, 2021-22
                                        • Figure 10: Concerned about interest rates, 2022
                                      • Household saving rate settles after pandemic spikes
                                        • Figure 11: Household saving rate, Q4 2019-Q1 2022
                                      • Unemployment is low, but job vacancies are increasing
                                        • Figure 12: Unemployment rate, 2020-22
                                        • Figure 13: Participation and employment rates, 2020-22
                                      • Labour shortages are the biggest concern in the market
                                        • Figure 14: Two-year change in job vacancies, Q4 2019 vs Q4 2021
                                      • GDP has grown, but a recession could be looming
                                        • Figure 15: Gross domestic product, 2019-22
                                      • Supply chain issues are expected to continue
                                        • Figure 16: Supply chain challenges over the last three months, Q2 2022

                                    • The Market – Overview

                                      • Canadian consumer spending in 2021
                                        • Spending by category
                                          • Figure 17: Total Canadian consumer expenditure (billions), at current prices, 2021

                                      • Category Review – Housing

                                        • Analyst perspective
                                          • Top takeaways
                                            • Market overview
                                              • Opportunities
                                                • Mortgage digitization is gaining ground
                                                  • Fintech lenders can carve out a niche
                                                    • Mortgage brokers get a strong vote of confidence
                                                      • Challenges
                                                        • Poor customer service can counteract the advantages of leading mortgage lenders
                                                          • Younger consumers are more likely to be influenced by product-specific factors

                                                          • Category Review – Personal Finances

                                                            • Analyst perspective
                                                              • Top takeaways
                                                                • Market overview
                                                                  • Opportunities
                                                                    • Banks play a role in promoting financial wellness
                                                                      • Branch relationships foster loyalty
                                                                        • Awareness and interest in open banking is increasing
                                                                          • Challenges
                                                                            • The majority of Canadians would like to improve their financial decision making

                                                                            • Category Review – In-home Food

                                                                              • Analyst perspective
                                                                                • Top takeaways
                                                                                  • Market overview
                                                                                    • Opportunities
                                                                                      • Lunch is a particularly important opportunity in the ‘next normal’
                                                                                        • Sustainability’s importance in food will continue to entrench as climate change’s impact becomes more apparent
                                                                                          • Inflation and an uncertain economy leads to an even more discerning consumer
                                                                                            • Challenges
                                                                                              • Be wary of cooking fatigue
                                                                                                • The pandemic has amplified foodservice delivery’s position as an alternative to cooking from home
                                                                                                  • Canada’s aging population means the consumer base at large may be slower to adopt new flavour and format innovation

                                                                                                  • Category Review – Alcoholic Beverages (at Home and On-premise)

                                                                                                    • Analyst perspective
                                                                                                      • Top takeaways
                                                                                                        • Market overview
                                                                                                          • Opportunities
                                                                                                            • Canadians have more selection than ever
                                                                                                              • Alcoholic beverages are the perfect accompaniment when ‘reconnecting’
                                                                                                                • Broad support for positioning around ‘local’ exists
                                                                                                                  • Challenges
                                                                                                                    • There is a desire to cut back among many Canadians
                                                                                                                      • Changing preferences will challenge certain categories (particularly beer)

                                                                                                                      • Category Review – Non-alcoholic Beverages (at Home)

                                                                                                                        • Analyst perspective
                                                                                                                          • Top takeaways
                                                                                                                            • Market overview
                                                                                                                              • Opportunities
                                                                                                                                • COVID-19 prompted greater demand for functionality in food and drink
                                                                                                                                  • Health is not just about the body, but the mind as well
                                                                                                                                    • Challenges
                                                                                                                                      • Consumers show clear demand for sustainable options – particularly around packaging
                                                                                                                                        • Concern over adverse health effects represents a barrier to the adoption of functional beverages

                                                                                                                                        • Category Review – Dining Out

                                                                                                                                          • Analyst perspective
                                                                                                                                            • Top takeaways
                                                                                                                                              • Market overview
                                                                                                                                                • Figure 18: Total Canadian consumer expenditure (millions): foodservice and food, at current prices, 2022
                                                                                                                                              • Opportunities
                                                                                                                                                • Restaurant demand is broad and stable
                                                                                                                                                  • A turning point for digital technology
                                                                                                                                                    • A gradual, but noticeable, return to normal
                                                                                                                                                      • Challenges
                                                                                                                                                        • Certain visit occasions will struggle to bounce back
                                                                                                                                                          • The landscape is becoming increasingly competitive
                                                                                                                                                            • Remote work trends eliminate the need for certain occasions

                                                                                                                                                            • Category Review – Beauty and Personal Care

                                                                                                                                                              • Analyst perspective
                                                                                                                                                                • Top takeaways
                                                                                                                                                                  • Market overview
                                                                                                                                                                    • Opportunities
                                                                                                                                                                      • BPC products are being incorporated into self-care and wellness routines
                                                                                                                                                                        • Figure 19: Keys Soulcare Instagram post, 2022
                                                                                                                                                                      • Transparency and a focus on ingredients affects BPC uniquely
                                                                                                                                                                        • BPC shoppers are receptive to sustainability initiatives
                                                                                                                                                                          • Challenges
                                                                                                                                                                            • Cost of living increases will put pressure on BPC consumers’ willingness to spend
                                                                                                                                                                              • The importance of BPC routines makes it difficult for brands to break through

                                                                                                                                                                              • Category Review – Technology and Communications

                                                                                                                                                                                • Analyst perspective
                                                                                                                                                                                  • Top takeaways
                                                                                                                                                                                    • Market overview
                                                                                                                                                                                      • Opportunities
                                                                                                                                                                                        • The pandemic has opened the tech market up to older consumers
                                                                                                                                                                                          • Leveraging digital tech familiarity to drive smart home device sales
                                                                                                                                                                                            • Sports media is highly valuable and adapting with consumer trends
                                                                                                                                                                                              • Challenges
                                                                                                                                                                                                • Environmental concerns place additional constraints on manufacturing
                                                                                                                                                                                                  • New innovations are seeing momentum slow

                                                                                                                                                                                                  • Canadian Lifestyles – Fast Facts

                                                                                                                                                                                                    • Current Financial Concerns

                                                                                                                                                                                                      • Inflation is a concern for most Canadians, and is growing
                                                                                                                                                                                                        • The most common financial concerns today are broad and generic
                                                                                                                                                                                                          • Figure 20: Current financial concerns, 2022
                                                                                                                                                                                                        • Concerns about the economy and job prospects reflect different priorities
                                                                                                                                                                                                          • Figure 21: Current financial concerns: the economy and job prospects, by age, 2022
                                                                                                                                                                                                          • Figure 22: Current financial concerns: the economy and job prospects, by financial situation, 2022
                                                                                                                                                                                                        • Financial stability: Canadians’ past, present and future
                                                                                                                                                                                                          • Figure 23: Current financial concerns: debt, standard of living and retirement, by financial situation, 2022
                                                                                                                                                                                                        • Women are the most concerned about this financial stability
                                                                                                                                                                                                          • Figure 24: Current financial concerns: debt, standard of living and retirement, by age and gender, 2022
                                                                                                                                                                                                        • Retirement concerns are common among multicultural Canadians
                                                                                                                                                                                                          • Figure 25: Current financial concerns: saving enough for retirement, by race, 2022
                                                                                                                                                                                                        • A minority worry about affordability, but it is a major concern
                                                                                                                                                                                                          • Figure 26: Current financial concerns: ability to pay, by financial situation, 2022

                                                                                                                                                                                                      • Changes to Shopping Behaviours

                                                                                                                                                                                                        • One solution to rising prices is to put more effort into shopping
                                                                                                                                                                                                          • Figure 27: Shopping behaviour changes compared to a year ago: increased effort, 2022
                                                                                                                                                                                                        • Women are more likely than men to compare prices, look for coupons
                                                                                                                                                                                                          • Figure 28: Shopping behaviour changes compared to a year ago: increased effort, men vs women, 2022
                                                                                                                                                                                                          • Figure 29: Shopping behaviour changes compared to a year ago: increased effort, women by age, 2022
                                                                                                                                                                                                        • Consumers who are struggling with their finances are the most likely to increase effort
                                                                                                                                                                                                          • Figure 30: Shopping behaviour changes compared to a year ago: increased effort, by financial situation, 2022
                                                                                                                                                                                                        • Many shoppers are changing the way they purchase products
                                                                                                                                                                                                          • Figure 31: Shopping behaviour changes compared to a year ago: changing purchases, 2022
                                                                                                                                                                                                        • Stocking up is much easier for some shoppers than others
                                                                                                                                                                                                            • Figure 32: “I use a second fridge or freezer at home for extra storage” (% agree), by living location, 2022
                                                                                                                                                                                                          • Loyalty programs are a secondary focus
                                                                                                                                                                                                            • An opportunity for store brands
                                                                                                                                                                                                              • Figure 33: Switching to store brands, by financial situation, 2022
                                                                                                                                                                                                            • Cutting back on purchases is a threat for companies
                                                                                                                                                                                                              • Consumers will take a different approach to the market
                                                                                                                                                                                                                • Figure 34: Shopping behaviour changes compared to a year ago: changing market approach, 2022
                                                                                                                                                                                                              • Rising gas prices could spark greater online shopping demand
                                                                                                                                                                                                                • Figure 35: Avoiding driving, by work location, 2022
                                                                                                                                                                                                              • Stricter budgets could make impulse purchases more challenging
                                                                                                                                                                                                                • Inflation could be a catalyst for second-hand products
                                                                                                                                                                                                                    • Figure 36: Buying second-hand, by age, 2022

                                                                                                                                                                                                                • How Canadians Think About Brands

                                                                                                                                                                                                                  • Brand loyalty is real
                                                                                                                                                                                                                    • Loyalty is trailing among younger Canadians
                                                                                                                                                                                                                      • Figure 37: “I can think of at least one brand that I am very loyal to” (% agree), by age, 2022
                                                                                                                                                                                                                    • Store brands versus name brands
                                                                                                                                                                                                                      • Younger consumers should be a target for name brands
                                                                                                                                                                                                                        • Figure 38: Store brands versus name brands (% agree), by age, 2022
                                                                                                                                                                                                                      • Multicultural differences in brand opinions
                                                                                                                                                                                                                        • Figure 39: Store brands versus name brands (% agree), by race, 2022
                                                                                                                                                                                                                      • Dads prefer name brands
                                                                                                                                                                                                                        • Figure 40: Store brands versus name brands (% agree), by gender and parental status, 2022
                                                                                                                                                                                                                      • Local and sustainable brands can differentiate in a crowded market
                                                                                                                                                                                                                        • In Quebec, local and sustainable can work together
                                                                                                                                                                                                                          • Figure 41: Local and sustainable brands (% agree), by region, 2022
                                                                                                                                                                                                                        • Getting younger consumers to scrutinize product sourcing
                                                                                                                                                                                                                          • Figure 42: Local and sustainable brands (% agree), by age, 2022
                                                                                                                                                                                                                        • Current market conditions will be a hurdle for local, sustainable brands
                                                                                                                                                                                                                          • Figure 43: Local and sustainable brands (% agree), by financial situation, 2022
                                                                                                                                                                                                                          • Figure 44: Local and sustainable brands (% agree), by concern about rising prices, 2022

                                                                                                                                                                                                                      • How Extra Money is Used

                                                                                                                                                                                                                        • Behaviours are consistent with last year
                                                                                                                                                                                                                          • Figure 45: How extra money is used, 2021 vs 2022
                                                                                                                                                                                                                        • Personal finances are a focus area for Canadians
                                                                                                                                                                                                                          • Financial priorities vary across cultures
                                                                                                                                                                                                                            • Figure 46: How extra money is used: personal finances, by race, 2022
                                                                                                                                                                                                                            • Figure 47: How extra money is used: personal finances, by language spoken at home, 2022
                                                                                                                                                                                                                          • Short- and long-term thinking is impacted by current finances
                                                                                                                                                                                                                            • Figure 48: How extra money is used: personal finances, by financial situation, 2022
                                                                                                                                                                                                                          • Spending habits are spread over a number of categories
                                                                                                                                                                                                                            • Dining out is an egalitarian expenditure, while travel is not
                                                                                                                                                                                                                              • Figure 49: How extra money is used: expenditures, by household income, 2022
                                                                                                                                                                                                                              • Figure 50: Boston Pizza Instagram post, July 2022
                                                                                                                                                                                                                            • Travel is not a priority for young Canadians
                                                                                                                                                                                                                              • Figure 51: How extra money is used: expenditures, by age, 2022
                                                                                                                                                                                                                            • Young adults who live with their parents should be a target for the entertainment industry
                                                                                                                                                                                                                              • Comparing Canada to the US
                                                                                                                                                                                                                                • Figure 52: How extra money is used, Canada vs US, 2022

                                                                                                                                                                                                                            • Perceptions of Self and Other Canadians

                                                                                                                                                                                                                              • Inflation has put Canadians in the same boat
                                                                                                                                                                                                                                • Figure 53: Descriptions of self and others, 2022
                                                                                                                                                                                                                              • Women and older Canadians have a more collective perspective
                                                                                                                                                                                                                                • Figure 54: Concerned about inflation, men vs women, 2022
                                                                                                                                                                                                                                • Figure 55: Concerned about inflation, by age, 2022
                                                                                                                                                                                                                              • Financial perspectives are indicative of broader attitudes and behaviours
                                                                                                                                                                                                                                • According to Canadians, “middle class” has a very broad definition
                                                                                                                                                                                                                                  • Figure 56: Considered “middle class”, by household income, 2022
                                                                                                                                                                                                                                • Opinions are shaped by individuals’ own realities
                                                                                                                                                                                                                                  • Figure 57: Describes most Canadians (NET), healthy vs struggling/in trouble finances, 2022
                                                                                                                                                                                                                                • Canadian perceptions are more collective than Americans
                                                                                                                                                                                                                                  • Figure 58: Describes me and most…, Canadians vs Americans, 2022
                                                                                                                                                                                                                                  • Figure 59: Describes most Canadians/Americans but not me, Canadians vs Americans, 2022

                                                                                                                                                                                                                              • Canada’s Political Landscape

                                                                                                                                                                                                                                • Canadians are more liberal than Americans
                                                                                                                                                                                                                                  • Figure 60: Political beliefs, Canada vs US, 2022
                                                                                                                                                                                                                                • How political beliefs vary across demographics
                                                                                                                                                                                                                                  • Age differences exist, but are subtle
                                                                                                                                                                                                                                    • Figure 61: Political beliefs, by age, 2022
                                                                                                                                                                                                                                  • Men are more conservative than women, while women are less likely to share an opinion
                                                                                                                                                                                                                                    • Figure 62: Political beliefs, men vs women, 2022
                                                                                                                                                                                                                                  • Racial differences are evident
                                                                                                                                                                                                                                    • Figure 63: Political beliefs, by race, 2022
                                                                                                                                                                                                                                  • Education, working situation and vaccination status all correlate to different political opinions
                                                                                                                                                                                                                                    • Figure 64: Political beliefs, by education level, 2022
                                                                                                                                                                                                                                    • Figure 65: Political beliefs, by current work situation, 2022
                                                                                                                                                                                                                                    • Figure 66: Political beliefs, by vaccination status, 2022

                                                                                                                                                                                                                                • Appendix – Data Sources and Abbreviations

                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                    • Consumer survey data
                                                                                                                                                                                                                                      • Mintel Trend Drivers
                                                                                                                                                                                                                                        • Abbreviations and terms
                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                            • Terms

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