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Report
https://www.angusreid.com/wp-content/uploads/2024/12/Consumer-Economic-Pulse-November-2024_Canada_compressed.pdf

Consumer Economic Pulse – November 2024

Mixed Financial Outlook with Rising Pessimism, Improved Stability, and Increased Charitable Giving

December 3, 2024

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Summary

In November 2024, Canadian consumers showed a mixed financial outlook.

While recession concerns led to a rise in pessimism about family finances, many Canadians reported improved financial stability, with more individuals able to cover their expenses and have money left over. This financial improvement coincided with a decline in brand switching, suggesting that fewer people felt the need to cut costs. Additionally, food insecurity remained a key concern, driving a significant portion of Canadians to plan charitable donations, particularly focused on addressing food insecurity and homelessness.

Key Insights

  • Rising Pessimism Amid Recession Fears: Canadians are increasingly concerned about a potential recession, leading to a more pessimistic outlook on family finances in November compared to September.
  • Easier Financial Management in November: More Canadians report being able to cover expenses and have money left over, indicating improved financial stability since July.
  • Decline in Brand Switching: Fewer Canadians are switching brands to save money, likely due to increased financial stability and a reduced need for cost-cutting.
  • Food Insecurity Drives Charitable Giving: One-third of Canadians plan to donate before year-end, with a focus on addressing food insecurity and homelessness

 

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