Consumer confidence hits three-year high

Consumer confidence in Canada climbed steadily throughout 2013 and reached its highest point since early 2011.

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The Investors Group-Harris Decima Index of Consumer Confidence stood at 77.6 in the first quarter of this year, moving to 79.7 in the second quarter, 81.2 in the third, and finally ending the year at 84.4 in the fourth quarter. This improvement is in contrast to 2012, when consumer confidence remained static for the final three quarters of the year.

In Atlantic Canada, consumer confidence began the year on a low note with the index standing at 68.6 in the first quarter. However, it surged to 80.5 in the second quarter and hold steady the remainder of the year. In the third quarter the index stood at 79.0, and ended the year at 81.5 in November.

In Quebec, the consumer confidence index stood at 77.8 in the first quarter, and moved up to 79.9 in the second quarter. It dipped slightly to 78.8 in the third quarter before ending the year at 80.3.

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Consumer confidence in Ontario stayed in line with the national average most of the year. It began the year at 78.1, remaining steady in the second quarter when it stood at 78.4. It moved to 80.9 in the third quarter and up to 85.0 in the fourth quarter.

Consumer confidence remained upbeat in Manitoba and Saskatchewan throughout 2013. The index began the year at 85.2 in the first quarter, and jumped to 90.8 in the second quarter. It dropped to 83.9 in the third quarter, before rebounding to 90.7 in the fourth.

Similarly, confidence was strong in Alberta throughout the year. The index began the year at 84.7 in Alberta, before dipping slightly to 81.9 in the second quarter. The index surged to 91.0 in the third quarter, rising again to 95.0 in November.

Confidence rose throughout 2013 in BC. After beginning the year at 70.5, the index jumped to 77.5 in May. The index ended the year at 79.7 in two consecutive quarters in August and November.

Read: Consumers end 2013 more confident

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.