Canadian spending more, but still cautious

Canadian optimism has remained steady during COVID-19, with most Canadians uncertain about an economic recovery, according to a report from McKinsey & Company.

Canadian consumers are uncertain about the economy and the duration of the COVID-19 crisis. Though more consumers have been increasing spending in recent weeks, Canadians still plan to cut back on spending across most categories.

Stay-at-home orders have prompted many Canadians to adopt new digital and low-touch activities, including curbside pickup, videoconferencing, remote learning, and grocery delivery, some of which they intend to continue using post-COVID-19.

Consumers have been leaving their homes mainly to shop and meet with family, and they expect to continue doing so in coming weeks. When deciding where to shop in-store, Canadians consider physical distancing measures to be the most important decision criterion. Most Canadians continue to believe that the impact of COVID-19 on their routines will last well beyond two months.

www.mckinsey.com