While Canadian consumer confidence has not yet regained the level it was at in 2013, it is holding steady.
For the second quarter of 2014, the Index of Consumer Confidence published by Nielsen Consumer Insights and Investors Group was 80.6, which is still down from the 81.2 recorded in the first quarter of 2014 and the 84.4 posted in the last quarter of 2013.
However, many Canadians were optimistic about the long-term outlook for the economy with 45% of those surveyed predicting good times for the next five years. On the other hand, 39% of respondents said they think the next five years will bring unemployment and recession. A comparison with second quarter of 2013 indicates that the positive sentiment has not changed at all while the negative sentiment declined by one percentage point during the last year.
The survey also revealed that 24% of Canadians have a positive outlook about their own financial well being and that of their family for the next twelve months, which is one percentage point higher than in the second quarter of 2013. On the other hand, just 17% of those surveyed indicated that they were better off financially compared to a year ago, while 22% say they are worse off. In the second quarter of 2013, this positive - negative split was at 18% to 20%.