Canadian consumers are planning to reduce spending or delay large purchases in 2023,
according to a new survey.
Rising interest rates and a potential recession have Canadians bracing themselves for an
economic downturn in 2023, said software company Dye & Durham, which conducted the
national survey.
The poll found that 30% of Canadians believe the country is already in an economic recession.
Another 53% of people believe Canada is about to enter a recession and are adjusting their
spending plans as a result.
Furthermore, nearly half of survey respondents (48%) said they do not believe the Bank of
Canada’s interest rate hikes are managing to dampen inflation that is running at a 30-year high.
Canadian consumers also plan to cutback on their savings in the coming year, with 30% of
people surveyed saying they’ve had to draw on their savings this year to manage cost of living
increases.
Another 17% of people said they have taken on new debt to pay their bills. And nearly 60% of
respondents said they plan to lessen their holiday spending this year.
The survey was conducted between October 19 and 21, and polled 1,515 people nationwide.
