In Global Context Canadian Consumers Doing Well (Editorial Blog)

Today's edition of The Globe and Mail features a special report on the state of the global consumer. Jennifer Well's article, Canadians frugal, but less fretful, details the findings of the Boston Consulting Group's study of the buying intentions and consumer sentiments of 13,000+ people in 13 countries. Its conclusion? Canadian consumers are being thrifty but are less anxious than their counterparts in other countries.

Where do Canucks fall in this global analysis of "frayed economic nerves"? According to BCG, 46 percent of Canadian respondents said they were anxious. European Union consumers came in at 60 percent; U.S. consumers at 63 percent; Russian consumers are 71 percent; and Spanish consumers at 84 percent. In addition, only 39 percent of Canadians expect the economy to get worse in the next year compared with 60 percent in the EU and 56 percent in the U.S.

In the article, Wells talks to Cliff Grevler, partner and managing director of Boston Consulting in Toronto, who explains the study's findings. Here are a couple of the things he says:

"Canadians are actually doing very well. When I say they're doing very well, they're doing very well compared to two things. One, the trend line we established in the fourth quarter. And two, compared to all Western counterparts."

"We're much more optimistic about the timing of the recovery. We are extremely conservative last time. But I think after three months of reading about this Canadians are looking at themselves and saying 'I don't feel we're as badly off as others around the world."

Right or wrong, Wells' article on the study, which is being released later this month, makes interesting reading. In addition, the special report has four related articles worth checking out. They are: Households find ways to cut their budgets by David Ebner; Fatal flaws of managing through a downturn by Cliff Grevler; How Canadian shoppers buck global trends by Jennifer Wells; and How recession has changed green marketplace by Jennifer Wells.

This week's home page-enewsletter poll question: How do you think the economy will do in the next year? Better? Same? Worse? Let us know what you're thinking!

Editorial Blog

Commentary on retailing, shopping, consumers and the gifts and tablewares industry today by G&T editor Lori Smith

In Global Context Canadian Consumers Doing Well

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