The Canadian Survey of Consumer Expectations was conducted through an online panel from January 29 to February 19, 2025. Follow-up phone interviews took place from February 20 to 25, 2025. This period was characterized by pervasive uncertainty created by the sudden and unpredictable shifts in US trade policy.

Overview

• Overall, results of the first-quarter 2025 survey show that the escalating trade conflict with the United States is damaging consumer sentiment.
• Confidence in the labour market has weakened sharply. This is because many consumers—notably those working in sectors that are highly dependent on trade—are worried about losing their job. In this context, consumers have also become more pessimistic about their financial health.
• Although consumption plans had been improving over several quarters, consumers now intend to spend more cautiously given the uncertainty around the trade conflict. In addition, elevated housing costs and the high prices of many goods and services continued to weigh on households’ spending plans.
• Consumers expect the trade conflict to lead to a higher cost of living. This is reflected in their short-term inflation expectations, which rose in the first quarter of 2025.

https://www.bankofcanada.ca/2025/04/canadian-survey-of-consumer-expectations-first-quarter-of-2025/