As prices for basic necessities have shot up, Canadians are buying and eating less and focusing more on basic needs
“Consumers are almost at this breaking point,” said Carman Allison, vice-president of thought leadership for North America with NielsenIQ. In April, the research firm surveyed roughly 10,000 Canadian households and found that, while the country is not technically in a recession 53 per cent of respondents think we are already there. And they do not anticipate relief any time soon: 55 per cent believe it will last for more than a year, hardly a soft landing.
“Anecdotally, the comments are, ‘I’ve got to make this last longer,’” chief executive officer Clint Mahlman says of customers bringing in items such as laptops and iPhones to be fixed. While the cost of everyday necessities has been rising for months, retailers across North America have noted further shifts lately.
The cumulative stress of interest rate increases is also taking a toll, Bank of Nova Scotia chief risk officer Phil Thomas said on a conference call Wednesday to discuss the bank’s quarterly earnings.
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