Consumer Sentiment Reaches Record in Canada on Vaccine Progress

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Consumer confidence is picking up in Canada as the accelerating rollout of Covid-19 vaccines fuels optimism about the recovery.

Almost 45% of Canadians say they think the economy will be stronger in the next six months, according to polling by Nanos Research Group for Bloomberg News. That’s the highest reading since 2009, lifting the overall confidence index to a record of 64.6.

Consumer Sentiment Reaches Record in Canada on Vaccine Progress

Though large portions of the country remain under Covid-19 restrictions, views on the economic outlook have improved in May as more Canadians get inoculated against the virus. The broad reopening of the U.S. economy is another source of optimism in Canada.

Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for both the economy and real estate prices. The confidence index represents a rolling four-week average of about 1,000 responses.

Sentiment on job security was largely unchanged with almost 70% of respondents saying their employment is at least somewhat secure. Confidence improved in all geographic locations except Quebec, which reported a slight decline.

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