Bank of Canada’s recently-released Canadian Survey of Consumer Expectations revealed a cautious Canadian consumer in mid-to-late May 2020

For retailers planning the “new normal,” the Bank of Canada report on Canadian Survey of Consumer Expectations snapshots consumers’ views on inflation, the labour market, household finances and COVID-19 precautions based on data gathered two months ago (May 11 to June 1, 2020).

In mid-to-late May 2020, consumers were worried about job losses and their spending tumbled. They reported significant levels of caution due the pandemic’s economic impact and the risk of catching COVID-19. A large share of consumers had changed their shopping habits by mid-May to shop less frequently, more by curbside pickup, more online, etc., with only 12.8% of respondents saying that their shopping habits had not changed.