Canada column published on Sunday, Nov. 27/11
THE CANADIAN REPORT
(c) By Jim Fox
The world economic upheaval won’t be the Grinch that steals all of Christmas for Canadians as consumer confidence has turned positive.
Economic uncertainty elsewhere “is not doing any more major damage to confidence” of Canadians, said Norman Baillie-David of TNS Canada.
The marketing and social research firm’s much-watched confidence index rose last month after six months of declines but it’s “not a good news story, at least yet,” he added.
While Canadians indicated that many aren’t ready to make major financial outlays right now, such as buying a car or major appliance, Christmas spending won’t be all that stifled.
The survey found 59 percent plan to spend about the same as before while those who are cutting back the most are 25 percent of those who spend the most – more than $2,000.
On average, Canadians will spend $776 this year for holiday gifts, down from $812 last year.
This indicates that Canadians are saying “things are maybe going crazy everywhere else but my own situation right now is still not that bad,” Baillie-David said.