Canadian consumer confidence retreats to 1982 level
Canadian consumer confidence this month fell to levels not seen since 1982, when the country was in recession, the Conference Board of Canada reported Friday.
Based on a poll of 2,000 people between Oct. 2 and 8, the conference board said its index of consumer sentiment fell 11.9 points to a reading of 73.9. That was the weakest point since the third quarter of 1982.
"The global credit crunch and major stock market declines clearly had an effect on consumer confidence in October," said Pedro Antunes, director of the conference board's national and provincial forecast.
"In addition, consumers felt that they would be worse off in six months, indicating concerns that the financial crisis would not be resolved quickly," Antunes said.
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'Consumer confidence is shaken because most people have never experienced anything but growth and did not prepare for any economic troubles.'
— Bill Kimber
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Consumer sentiment took a battering in Ontario, where the Conference Board said its index retreated from 84.5 points in September to 67.9 in October. That was the largest monthly decrease on record for the province.
The index also fell in:
- Quebec, by 10.2 per cent (a seventh drop in eight months).
- B.C., by 12.5 points.
- The Prairies, by 6.1 points.
- Atlantic Canada, by 4.9 points.