Recession be damned: Consumer confidence comes roaring back in Q2 2020

Although the high unemployment rate and economic uncertainty are still present in our lives during the pandemic, Canadians have shown a strong consumer confidence rebound in the second quarter. It has not reached 2/3 of its level going back to before the lockdown measures. Obviously, the new data show that the consumers are still cautious, but the upward trend is very encouraging. This is important, because it captures the sentiment towards spending, and that sentiment, as shown by the stock market is a powerful economic growth driver.

Key Takeaways:

  • Canadian consumers are becoming more confident despite the pandemic and the dire states of other countries
  • While things are not yet back to normal, confidence is improving every month
  • Attitudes around employment and mortgages are becoming more optimistic as well

“Currently sitting at 80 (the baseline of 100 was established in 2014), the Index is a far cry from where it stood in February, when it reached 121.”

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