Quebecers intend to spend with care in 2009
By CNW Group Ltd.
By CNW Group Ltd.
April 6, 2009 – The Conseil québécois du commerce de détail (CQCD)/Retail Council of Quebec released the results of a survey on Quebec consumers' spending intentions for the next 12 months and found that consumers are cutting back.
The Conseil québécois du commerce de détail (CQCD)/Retail Council of Quebec today released the results of a survey conducted by Altus Géocom on Quebec consumers' spending intentions for the next 12 months.
Quebec households' perception of their financial situation
The last 12 months
According to the survey, 74 per cent of Quebec households see their financial situation as having improved or remained stable over the last 12 months. This figure compares with 84 per cent in March 2008.
The other 26 per cent of households reported a deterioration in their financial situation over the last 12 months. Among the reasons mentioned were the rise in the cost of living (43 per cent), a deterioration in working conditions (21 per cent), a drop in the value of their investments (18 per cent vs. 3 per cent in 2008) and job loss (14 per cent).
It is interesting to note the increased importance placed on the decline in the value of investments as a cause for the worsening of households' financial situation over the past year.
The next 12 months
Quebec households remain relatively optimistic with regard to their financial situation for the next 12 months; in fact, 75 per cent (vs. 84 per cent in 2008) expect their financial situation to either remain the same (56 per cent) or improve (19 per cent).
On the other hand, 17 per cent of households expect their financial situation to worsen, with the majority of them (49 per cent vs. 69 per cent in 2008) indicating an increase in the cost of living as the cause of this deterioration. Other reasons mentioned include a deterioration in working conditions (25 per cent vs. 15 per cent in 2008), a drop in the value of their investments (10 per cent) and fear of job loss (10 per cent).
Quebec's financial situation
Quebecers are much more pessimistic concerning Quebec's financial situation for the next 12 months; in fact, 62 per cent expect it to deteriorate. This is a significantly higher proportion than last year, when 37 per cent of Quebecers were pessimistic in this regard.
"We can conclude that, in general, Quebecers are less optimistic than they were last year about Quebec's financial future but their confidence in their personal financial situation has not been shaken to the same extent," notes the CQCD's president Me Gaston Lafleur.
The survey reveals that 24 per cent (vs. 27 per cent in 2008) of households plan to make a major purchase in the next 12 months. The situation is stable.
Once again, automobiles top the list of big-ticket purchases planned (10 per cent of households); they are followed by household appliances, furniture, household articles, and computer equipment, at 4 per cent each.
With regard to everyday purchases, Quebecers expect to spend less in the coming months.