The survey for the first quarter of 2021 was conducted from February 15 to March 4, 2021. This period coincides with news of temporary delays in COVID‑19 vaccinations in Canada and growing risks from new variants of the virus. The survey was completed before the most recent wave of infections and lockdowns in the largest provinces.
Consumers’ expectations for spending growth rose to a survey high, while expectations for household income growth were unchanged. This anticipated pickup in spending may reflect pent-up demand for some goods and services. The gap between expectations for spending growth and expectations for income growth has never been this wide. This gap suggests that consumers could become more confident in their spending once the pandemic has ended and might spend some of their accumulated savings.