The latest consumer confidence survey by TNS indicates that Canadians are feeling more confident about the economy.
The consumer confidence index sat at 98.8 in May, more than three points higher than the 95.4 posted in April. Consumer confidence has been flat since the beginning of the year, but Norman Baillie-David, vice-president of TNS in Canada and director of the company’s monthly tracking study, said the May results bode well for the summer.
The TNS Present Situation Index, which tracks how people are feeling about the economy right now, also rose significantly in May, to 99.2 – the highest it has been since July 2011.
Elsewhere, the Expectations Index, which measures people’s outlook for the economy six months from now, rose almost four points from 99.9 in April to 102.7. Surpassing the 100 mark means that the Expectations Index rose above the long-term average.
“Canadians are feeling better about money issues today, in fact, better than they have for almost a year” said Baillie-David.
The Buy Index, which tracks the extent to which Canadians feel that right now is a good time to purchase a big-ticket item such as a car or household appliance, also rose to 94.2 to 93.6. TNS considers this among the most important indices, reasoning that if people feel now is a good time to buy, they may act on their impulse – providing real economic stimulus.
The results are based on telephone interviews with 1,207 adults across the country, conducted between May 14-17 and are considered accurate to within plus or minus 3.1% 19 times out of 20.
