Deloitte has recently published its latest “State of the Consumer” Tracker which explores consumers priorities in a number of different areas, key highlights include:
•Concern over personal finances and the direction of the economy still loom large for many people. 33% of Canadians are feeling more anxious on a week-over-week basis
•Only 1 in 3 Canadians expect their financial situation to improve over the next 12 months, signaling a potential softening in consumer spending intent going forward
•The cost of everyday items (particularly groceries) remains elevated even as overall inflation begins to ease, leaving the majority of consumers concerned about their day-to-day finances.
•Spending on discretionary items represents less than a quarter of Canadian consumer purchasing intent over the next four weeks as people become increasingly focused on making ends meet
•Interest rate hikes may be working to slow the economy as nearly half of Canadians are thinking about delaying a large purchase in the face of deteriorating affordability
Explore Interactive Tracker here