April 23, 2009

Survey: Canadian consumer confidence up

A survey of Canadian consumers published in Toronto Thursday indicates confidence in the economy has increased more than 7 percent since last month.

The TNS Canadian Facts' Consumer Confidence Index, based on telephone interviews with 1,015 adults last week, rose from 83.7 to 90.5, the company release said.

Dr. Michael Antecol, director of the marketing research firm's monthly tracking study, said the survey's findings are in line with the Bank of Canada's statement this week that the recession is finite.

Clearly, one snapshot does not a trend make. But these results do suggest that despite the troubling economic news dominating headlines, average Canadians are sensing the end is in sight, Antecol said.

The TNS Buy Index, which gauges the degree to which people think the current period is a good time to make major purchases, rose to 103.9 from 95.3 from March, the release said. The last time that index was that high was in the second quarter of 2005.

Consumers are saying now is a good time to make that major purchase while at the same time having fairly positive expectations about the future, Antecol said. It looks more and more like the ingredients for a consumer-led recovery.

The survey had a 3.1 percent margin of error, the release said.