Description

Rising interest rates have been felt by consumers, forcing cutbacks in spend and a focus on debt. Optimistic outlooks persist, sustaining hope for growth in 2024.

Patrick Rahlfs, Senior Research Analyst

Table of Contents

    • Key issues covered in this Report
  1. EXECUTIVE SUMMARY

    • Consumer trends: key takeaways
    • Graph 1: changes in managing finances due to inflation, 2023
    • Graph 2: financial outlook for next 12 months, 2023
    • Graph 3: use of extra money to pay off debt, by age, 2023
    • Opportunities
  2. Consumer Insights

    • Effects of inflation on finances
    • Graph 4: changes in managing finances due to inflation, 2023
    • Graph 5: changes in managing finances due to inflation, by household income, 2023
    • Graph 6: changes in managing finances due to inflation, by age, 2023
    • Graph 7: changes in managing finances due to inflation, by new Canadians, 2023
    • Graph 8: changes in managing finances due to inflation, by race, 2023
    • Spending behaviors
    • Graph 9: savings and spending behaviors and plans, 2023
    • Graph 10: travel and large purchase behaviors and plans, 2023
    • Graph 11: putting more money into investments, by age, 2023
    • Graph 12: putting more money into investments, by household income, 2023
    • Graph 13: cutting back on my overall spending, by age, 2023
    • Graph 14: plans to add more to savings and investments, by new Canadians, 2023
    • Graph 15: reducing non-mortgage debts, by financial situation, 2023
    • Use of extra money
    • Graph 16: use of extra money, 2023
    • Graph 17: use of extra money, by age, 2023
    • Graph 18: use of extra money to pay off debt, by age, 2023
    • Graph 19: use of extra money toward travel and investments, by household income, 2023
    • Past and future financial outlook
    • Graph 20: financial situation now vs a year ago, 2023
    • Graph 21: financial situation now vs a year ago, by age, 2023
    • Graph 22: rising prices as top-three concern for next 6 months, 2022-23
    • Graph 23: effects of inflation, 2023
    • Graph 24: financial outlook for next 12 months, by age, 2023
  3. State of the economy

    • Graph 25: quarterly real GDP growth, 2021-23
    • Graph 26: policy interest rate, by month, 2020-24
    • Graph 27: CPI change over last 12 months, 2020-23
    • Graph 28: average purchase regular APR in credit card acquisition direct mail, 2020-23
    • Graph 29: unemployment rate, 2020-23
  4. Appendix

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

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