Canadian Survey of Consumer Expectations—Third Quarter 2022 | So Good News

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Consumers think the economy is getting worse

Consumer confidence is based on their views on a variety of economic factors, from their expectations of the general economy to their employment and income, household income and debt. Chart 6 summarizes consumer confidence based on the results of the survey questions related to these areas.

As in the previous quarter, consumer confidence is weaker than expected in real wages, credit conditions and household income. In terms of credit, this weakness reflects higher interest rates, a greater likelihood of default, and difficulty in obtaining credit. In the domestic economy, it is because of the expectation that income will not keep pace with inflation.

In contrast, consumer confidence in the labor market is stronger than ever – including both personal and financial assets. The probability of voluntary change to a new job is very high, and the probability of workers being fired is still very low.

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