Persistently high inflation is prompting more Canadians to hold off on buying big\u002Dticket items, a new poll finds. Read more.
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Over a third of Canadians say they’ve cancelled a major purchase because of higher prices, according to a survey by Nanos Research Group for Bloomberg News. That’s up from 23 per cent last May.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“This adds up to an emerging consumer spending chill,” Nik Nanos, founder of the polling firm, said by email. “Consumers are buckling up for an economic downturn in 2023.” Price pressures are hitting younger consumers the hardest, the survey shows, with 50 per cent of respondents aged 18 to 34 saying they’ve canceled a major purchase, compared with 23 per cent for those 55 and older.Article content
Households in Canada already have relatively high debt levels compared with many other developed countries — that’s a big reason why the economy is expected to slow more quickly than the United States in response to higher borrowing costs.
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